Data Facts Lending Solutions Blog

The COVID-19 Relief Act: New Implications for Lenders

Posted by Matt Holmes

Apr 6, 2020 9:02:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27th, 2020. This monumental stimulus bill, which provides sweeping relief measures for Americans impacted by the COVID-19 outbreak, lays out additional rules for members of the credit reporting community.

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Topics: FCRA, Credit Bureau, Credit Report, Coronavirus, COVID-19

5 Tricks That Can Improve Your Applicant’s Credit Score

Posted by Matt Holmes

Mar 2, 2020 9:02:00 AM

As a loan originator, you’re exposed to many different credit profiles. You’ve run the gamut, and you’ve seen the good, the bad, and the ugly. But nothing can compare to denying a mortgage to someone on the basis of their credit risk. Not only is it frustrating to lose business, but having to break the bad news to a mortgage applicant can be crushing.

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Topics: Credit Score, Improve Credit Score, credit cards, Credit Bureau

Credit Freezes and Credit Locks: How They Can Protect You

Posted by Matt Holmes

Feb 24, 2020 9:02:00 AM

Earlier this month, we learned that four members of the Chinese military were charged with hacking into Equifax’s computer system in 2017, causing the breach that shocked the world. With this type of headline back in the news cycle, it serves as a great reminder as to why it’s important to protect your data with credit freezes and credit locks.

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Topics: credit reports, Credit Freeze, Credit Bureau, Frozen Credit

The Differences Between FICO and VantageScore

Posted by Matt Holmes

Dec 5, 2019 1:00:00 PM

FICO and VantageScore Differences

FICO® and VantageScore® are the two biggest credit-scoring models in the business, so it’s important that mortgage applicants (and lenders) understand the similarities and differences between each. Here’s what you should know about the two.

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Topics: Credit Score, credit history, Credit Bureau, FICO, Credit Report, VantageScore

CFPB Announces $700M Settlement in Equifax Data Breach

Posted by Phil Hall

Jul 24, 2019 9:27:00 AM

Data Facts wants to be your resource for important industry information, which is why we periodically share breaking news in addition to our regular blog posts. This article originally appeared on the National Professional Mortgage Magazine website and was written by Phil Hall. 
The Consumer Financial Protection Bureau (CFPB) and a coalition of attorneys general from 48 states, the District of Columbia, and the Commonwealth of Puerto Rico has reached   a $700 million settlement with Equifax stemming from the 2017 data breach of the Atlanta-headquartered consumer credit reporting company.
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Topics: Data Facts blog, Data Breach, Credit Bureau, CFPB, Mortgage lenders, Credit Report

Credit Bureaus Selling Borrower's Info? YES! But, Data Facts Can Help

Posted by datafactssolutions

Dec 3, 2015 9:02:30 AM

Mortgage Trigger Data is created when a borrower fills out a 1003 (mortgage application), and has their credit report pulled. This creates a credit inquiry event which is flagged on the borrower’s credit record.

The credit bureaus aggregate all of the flagged records on a daily basis and make the information available to paying marketers as a “trigger” file within 24-48 hours of the original mortgage application.  YIKES!  And yes, in case you are wondering, this is a totally legal practice.

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Topics: credit reports, Credit Freeze, Mortgage triggering, Opt Out PreScreen, Credit Bureau

Why Are My FICO Credit Scores Different?

Posted by Jennifer Hamby

Sep 8, 2015 8:00:00 AM

If you’ve recently checked your FICO credit scores (Equifax, Experian and Transunion), you may have noticed that your credit score varies between the three. After thoroughly reviewing your credit report, you may be asking yourself, “Why are my 3 FICO credit scores different?”

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Topics: credit reports, Mortgage loan, Credit Score, Credit Bureau, FICO, Understanding Credit Scores

Must Know Tips To Protect Your Credit During A Divorce

Posted by Jennifer Hamby

Aug 20, 2015 9:47:51 AM

In the unfortunate event that you get a divorce, worrying about your credit score may be the last thing on your mind. However, even during the most trying times of our lives, the world keeps spinning and the fact is, divorce can greatly impact your finances and credit history.  With close to 50% of all marriages ending in divorce, and divorce finalization taking close to 1 year to complete, protecting your credit along the way is critical to your financial future. 

Below are some helpful tips on how to get thru a divorce without damaging your credit.

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Topics: credit reports, divorce, Credit Score, credit cards, Credit Bureau

What Millennials NEED to know about Mortgages

Posted by Jennifer Hamby

May 20, 2014 10:25:00 PM

A recent study conducted by the Consumer Federation of America and VantageScore Solutions found that 18-34 year-olds are far less informed than all other adult Americans on credit knowledge and understanding.  Only 6% could accurately pick out the factors that actually impact a credit score, and less than half of all millennials have ever even bothered to order a copy of their free credit report.

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Topics: credit checks, credit reports, Millennials, Mortgage, Credit Score, Improve Credit Score, credit cards, credit history, Credit Bureau

STOP! Don't Mess Up Your Home Mortgage!

Posted by datafactssolutions

Feb 26, 2014 10:25:00 AM

You’ve gone to your lender and been approved for a home mortgage. You’ve found the home of your dreams. But just when you are about to close, the lender says you are no longer approved. What happened?

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Topics: Data Facts blog, wordpress blog, Data Facts, Mortgage, lending solutions, Credit Score, Mortgage compliance, finances, credit cards, credit history, Compliance, Credit Bureau, mortgage news, FICO

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