In light of the Equifax security breach, consumers are concerned about their credit report. Advice is everywhere on how to handle this issue. Regardless of whether or not you decide to freeze your credit, you need to CHECK YOUR CREDIT REPORT!
So, what do we mean by that? What are you supposed to be checking?
As a leading mortgage lending services provider, here are our suggestions:
While pulling your credit report at least once a year is very good advice, a person needs to know what to look for when reviewing their information.
You can actually check your credit 3 times a year at no charge.
Goto www.annualcreditreport.com which is a website sponsored by the three credit bureaus. You can pull one bureau once a year for free. Simply enter your information and order a one-bureau credit file.
Then what?
Start with these tips to make certain you understand the information on your credit report:
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Data Facts blog,
wordpress blog,
Data Facts,
Credit Score,
Collection accounts,
Collections,
credit cards,
credit history,
mortgage lending services
FICO, the nation’s most popular credit-scoring system, released news about its latest credit scoring model, FICO®9.0. While the media was all a-buzz with the potential “improvements” associated with the expected changes to the new scoring model, it is important to note that this will take time for mortgage consumers to experience its impact.
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Topics:
credit reports,
Credit Score,
Collections,
FICO,
Understanding Credit Scores
Last week, FICO, the nation’s most popular credit-scoring system, released the news about its latest credit scoring model, FICO®9.0. While the media was all a-buzz with the potential “improvements” associated with the expected changes to the new scoring model, it is important to note that this will take time for mortgage consumers to experience its impact.
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Topics:
credit reports,
Credit Score,
Collections,
FICO,
Understanding Credit Scores
Medical Debt Responsibility Act helps consumers whose credit scores have been damaged by medical emergencies
WASHINGTON, DC – January 28: Oregon’s Senator Jeff Merkley introduced legislation to prohibit companies from using paid off or settled medical debt in assessing consumer credit scores. The Medical Debt Responsibility Act, which is cosponsored by Senators Dick Durbin (D-IL), Chuck Schumer (D-NY), Tom Harkin (D-IA), Sherrod Brown (D-OH), Robert Menendez (D-NJ) and Richard Blumenthal (D-CT), could help as many as 75 million Americans.
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Data Facts blog,
wordpress blog,
Credit Score,
Collection accounts,
Collections,
credit history,
mortgage news
You have probably read the advice everywhere: CHECK YOUR CREDIT REPORT! However, what does that really mean? What are you supposed to be checking?
While pulling your credit report at least once a year is very good advice, a person needs to know what to look for when reviewing their information. Start with these tips to make certain you are making the most out of the credit report:
Read More
Topics:
Data Facts blog,
wordpress blog,
Data Facts,
Credit Score,
Collection accounts,
Collections,
credit cards,
credit history
We all hope it never happens to us. The “D” word. Divorce.
It's a sad fact that lots of marriages end in divorce, and sometimes the relationship is contentious and hostile. If you are facing divorce, protect yourself and your finances with these simple tips:
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Data Facts blog,
wordpress blog,
Mortgage loan,
Mortgage,
divorce,
Credit Score,
Collection accounts,
Collections,
finances,
credit cards,
credit history,
Strong password,
7 steps,
Password protection
Collection accounts can be a huge headache for consumers, and can wreak havoc on a credit score.
Debt collection in the United States is estimated to be a 12 billion dollar industry. The way it works, in a nutshell, is when an account becomes overdue to the point the creditor does not think they will get their money, they sell the debt to collection agencies for pennies on the dollar. The collection agency then attempts to recover what is owed.
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Topics:
Data Facts blog,
wordpress blog,
Data Facts,
Fair Debt Collection Act,
collection agency,
Credit Score,
Collection accounts,
Collections,
credit history
A high credit score is like a homemade meal; it takes time, patience, and cannot be whipped up instantly. Let’s look at the recipe to build a great credit score from scratch:
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Data Facts blog,
wordpress blog,
Data Facts,
Mortgage loan,
Mortgage,
Credit Score,
Collection accounts,
Collections,
Improve Credit Score,
credit cards,
credit history
FHA had decided to implement a new rule that would not provide home loans to applicants with collections of over $1000, unless those balances were paid off before closing.
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Topics:
Data Facts blog,
wordpress blog,
Data Facts,
Mortgage loan,
Mortgage,
Credit Score,
Collection accounts,
Collections,
credit history,
FHA
