Data Facts Lending Solutions Blog

What You Need To Know About FICO 9.0

Posted by Jennifer Hamby

Mar 20, 2015 1:04:00 PM

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

The Importance of Good Credit

Posted by Jennifer Hamby

Feb 25, 2015 10:00:00 AM

Want to save thousands of dollars on all your biggest purchases?  Then there’s only one thing you need to do: MAINTAIN GOOD CREDIT

Today's economy runs on credit. If you want to get a mortgage loan for a house, or a student loan to pay for college, or if you simply want to purchase lunch, or gas on a credit card, somewhere a company is extending credit to you based on your creditworthiness.  Your “creditworthiness” is defined by your three-digit credit score and is the key to your financial life.  

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Topics: credit reports, Credit Score, Improve Credit Score, credit cards, credit history

Do You Want To Close More Loans in 2015?

Posted by Jennifer Hamby

Jan 29, 2015 8:23:00 AM

A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all. In the current state of matters, letting a loan “die on the vine” is not acceptable.  You must explore every avenue possible to drive that loan to the closing table.   While time is of the essence, you also know that dealing with less than reputable “credit repair” companies is not the direction you want to take.  

Expedited Rescoring, a practice employed by mortgage lenders and brokers to help lift clients' scores to qualify for better loans, allows borrowers to get accurate information updated into credit files within a few days, rather than waiting weeks or months for the credit bureaus to do it on their own. 

That faster timetable could save thousands of dollars on the mortgage loan for borrowers, and increase loan closing ratios. 

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Topics: credit reports, Mortgage loan, Credit Score, Mortgage Lending

5 Ways To Protect Your Credit During a Divorce

Posted by Jennifer Hamby

Sep 15, 2014 1:14:00 PM

Confucius say: Beware scorned spouse with shared credit.

Maybe the Chinese thinker and philosopher didn't actually say those lines, but he should have. Your credit sits on dangerous ground when you and your spouse decide to split up.

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Topics: Identity theft, credit reports, divorce, credit history

FICO 9.0 - Great New Features, but Currently Not Available For Mortgage Lending

Posted by Jennifer Hamby

Aug 19, 2014 8:13:00 AM

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.

Read More

Topics: credit reports, Credit Score, Collections, FICO, Understanding Credit Scores

SSN Mortgage Fraud-What You Need To Know

Posted by Jennifer Hamby

Jul 23, 2014 2:16:00 PM

 

The social security card looks like an innocent little thing. However, its 9 digit number packs a powerful wallop during the mortgage process. People who commit mortgage fraud often attempt to utilize other people’s socials to acquire mortgage loans.

According to a recent Fannie Mae Fraud Report, mortgage fraud involving social security number misrepresentations is up almost 10%! 

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Topics: Identity theft, credit reports, mortgage fraud

5 Common Credit Mistakes That Could Be Lowering Your Score

Posted by Jennifer Hamby

Jun 5, 2014 7:25:00 AM

Given all the myths surrounding credit scores, from the (false) belief that married couples share a single score to the notion that each person only has one, it’s no wonder there’s also some confusion about just what can help or hurt a score. In fact, some people unintentionally lower their scores, which can lead to higher loan payments or even loan denials, through behaviors they could change.

Here are five common mistakes that can accidentally hurt your credit score:

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Topics: credit reports, Credit Score, FICO

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

8 Ways to Build a GREAT Credit Score

Posted by datafactssolutions

Feb 6, 2014 10:55:00 AM

Establishing a good credit history has never been as important as it is today. It's not just that you'll need good credit to get decent rates when you're ready to buy a home or a car. Your credit history can determine whether you get a good job, a decent apartment or reasonable rates on insurance. One seemingly minor misstep -- a late payment, maxing out your credit cards, applying for too much credit at once -- can haunt you for years. If you're just starting out, you have a once-in-a-lifetime opportunity to build a credit history the right way. Here's what to do, and what to avoid.

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Topics: credit checks, credit reports, Credit Score, credit cards, credit history, Credit Bureau, FICO

Pay off your credit card every month? Your credit report may still show a balance

Posted by datafactssolutions

Oct 13, 2011 8:45:00 AM

To all you consumers who pay your credit card balances in full every month; good for you!

Not carrying a balance on a credit card is one of the best financial maneuvers you can make for yourself. This ensures that you won’t rack up expensive finance charges, nor will you find yourself deep in credit card debt.

However...

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Topics: credit checks, credit reports, Credit Score, Improve Credit Score, credit cards, credit history, Credit Bureau, Understanding Credit Scores

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