Data Facts Lending Solutions Blog

Are You Credit Invisible? 4 Tips to Establish Credit History

Posted by Matt Holmes

Nov 23, 2020 9:02:00 AM

In 2015, the Consumer Financial Protection Bureau published a study finding that 26 million Americans were “credit invisible”- in other words, about 1 in every 10 Americans has no documented credit profile with the 3 major credit bureaus.

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Topics: Credit Score, credit history, Credit Report

How Long Should You Rate-Shop for Mortgages?

Posted by Matt Holmes

Nov 2, 2020 9:02:00 AM

The credit bureaus always want to demonstrate whether you’re opening credit accounts responsibly. When you apply for a mortgage, your lender will pull your credit, and a notation will be placed on your report indicating that it has been viewed. This is called an inquiry. Inquiries for car loans, mortgages and student loans are all regarded as inquiries and will typically lower your credit score.

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Topics: Credit Score, Mortgage Lending, Credit Report

Why Having the Right Mix of Credit Matters

Posted by Matt Holmes

Oct 26, 2020 9:02:00 AM

Often overlooked, having the right mix of credit can really have an impact on your credit score. Think about your financial investments- how many times have you been told about the merits of “diversifying your portfolio”? Similarly, in the world of credit, the bureaus want to see a diverse buildup of credit use. In other words, they want to see that you aren’t putting all your eggs in one basket.

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Topics: Credit Score, Credit Report

Protecting Your Credit During a Divorce

Posted by Matt Holmes

Oct 13, 2020 9:02:00 AM

Going through a divorce can be one of the most stressful experiences in life, and if it happens to you, your credit score might be one of the last things on your mind. However, even during these difficult times, 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.

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Topics: divorce, finances, Credit Report

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

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