Data Facts Lending Solutions Blog

Credit Supplements and Rescores: What's the Difference?

Posted by Matt Holmes

Sep 21, 2020 9:02:00 AM

When a consumer makes spending choices that affect their credit report, the bureaus don’t update this information right away. In fact, it can take a month for new information to appear on a credit report. This is why it’s often necessary for lenders to append additional information to the borrower’s file before closing. This is where credit supplements and rescores come in. Oftentimes, these two terms are mentioned in similar contexts, so it’s only appropriate that we distinguish them from each other. So what’s the difference between a supplement and a rescore?

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Topics: Credit Score, Credit Report, Rescores, Supplements

Can Credit Boosters Help Your Score?

Posted by Matt Holmes

Sep 8, 2020 9:02:00 AM

You may have heard the buzz surrounding credit booster programs. Experian Boost and UltraFICO are two programs designed to give a facelift to the credit profiles- and the credit scores- of many. But they’re not for everyone. Here’s how to determine whether a credit booster program is right for you.

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Topics: Credit Score, Improve Credit Score, Credit Report

Forbearance Codes: Tips for Servicers and Originators

Posted by Matt Holmes

Jun 29, 2020 10:09:18 AM

As the pandemic continues to shape the ways lenders and servicers do business, it’s important to know how to stay in compliance with FCRA regulations, as well as the impacts of the CARES Act on these regulations. A major part of these new regulations is the use of forbearance codes on a consumer’s credit report. Here’s a few tips that can help mortgage servicers and originators navigate the use of these codes:

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Topics: Credit Report, Forbearance

Credit Utilization: Should You Follow The 30% Rule?

Posted by Matt Holmes

Jun 22, 2020 9:02:00 AM

There’s a lot of myths and misconceptions in the credit universe (See our recent blog on charge-offs and collections), and we’re always here to help quash the controversy. Today’s misconception we’d like to address: The oft-cited “30% Rule” of credit utilization.

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Topics: Credit Score, credit history, Credit Report

4 Tips for Credit Responsibility During COVID-19

Posted by Matt Holmes

Jun 1, 2020 9:02:00 AM

The number of issues to contend with during these unprecedented times might feel exhausting. It’s important to recognize that you aren’t in this alone though, and that there are a number of resources available to help consumers with credit reporting questions or concerns resulting from the COVID-19 Pandemic. Here are 4 ways you can stay smart with your credit during these unforeseen circumstances:

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Topics: Credit Freeze, Credit Report, Forbearance, disputes

How the “Scorecard” You’re on Could Impact Your Credit Score

Posted by Matt Holmes

May 26, 2020 9:54:04 AM

More than a half century ago, Bill Fair and Earl Isaac- the statisticians behind the original credit scoring formulation- reviewed a set of over 1 million consumers who opened loans at the same time. The credit profiles of these consumers, particularly those who defaulted on the loans, were examined to identify common variables they exhibited at the time they applied for the loan.

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Topics: Credit Report, Scorecards

Here’s How to Get Your Free Weekly Credit Report

Posted by Matt Holmes

Apr 27, 2020 9:02:00 AM

Normally, each of the three credit bureaus (Equifax, Transunion and Experian) allow consumers to order one free credit report per year. Of course, the past 2 months have been anything but normal.

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Topics: Credit Report

It's Financial Literacy Month! Numbers and Websites You Should Know

Posted by Matt Holmes

Apr 20, 2020 9:02:00 AM

With uncertainty all around us, we have to remind ourselves that there are still ways to take control of our finances. And what better way to do that than by celebrating Financial Literacy Month during the month of April. In recognition of the ways you can improve your financial wellbeing, we’ve put together a list of important numbers and websites for consumers to add to their financial information library.

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Topics: Financial literacy month, Credit Report

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

FICO Scores Hit Record High

Posted by Matt Holmes

Mar 9, 2020 9:02:00 AM

According to a new study from Experian, the average American FICO® score hit a record high of 703 in 2019.

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Topics: Credit Score, credit history, Credit Report

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