Data Facts Lending Solutions Blog

Is it what you hope is the last Halloween before you move into a new home? Are you dreaming of passing out candy to hungry zombies and beautiful princesses?

Topics: Credit Score, Mortgage Lending, mortgage process

The three bureaus added regulations on when medical bills can be reported on consumer credit reports.

This article was originally published on npr.org by Michelle Andrews.

Millions of Americans have medical debt that's hurting their credit. The Consumer Financial Protection Bureau estimated it's as many as 43 million people, according to data released in late 2014.

Topics: Credit Score, CFPB, Understanding Credit Scores, medical debt

 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:

Topics: Data Facts blog, wordpress blog, Data Facts, Credit Score, Collection accounts, Collections, credit cards, credit history, mortgage lending services

This article was originally posted on MortgageOrb, written by Ann Fulmer.

In less than a month, the nation’s top credit-reporting agencies (CRAs) will drop most civil judgment and tax lien data from consumer credit reports. It’s a change that will boost millions of consumers’ credit scores – and one that raises major concerns for employers, landlords, mortgage bankers, and other lenders and mortgage lending services providers that use FICO scores as a primary means of determining consumer creditworthiness.

Topics: Credit Score, credit reports, Liens and judgment data, mortgage changes, mortgage lending services

The three credit bureaus, Equifax, Experian, and Transunion, will be making changes to two types of information currently reported on credit reports. These alterations could show credit score increases for an estimated 1 in 12 consumers. 

Tax liens and civil judgments are the two pieces of information on the hotseat. The change is scheduled for July 1, 2017. It's estimated that up to half of civil judgment information and most of tax lien data will be removed. 

Topics: credit reports, Credit Score, Mortgage lenders, mortgage news

Singin' the blues over more changes heading your way?

If you are not sure about the addition of trended data on mortgage credit reports, how it affects you, and how to deal with it, take heart! The reality is that mortgage credit trended data is a shockwave to the industry, and is causing even more changes for mortgage originators who have already been handed their fair share (TRID, anyone?).

We have scoured our mortgage lending services sources to answer some of the biggest, most common questions about trended data information...

Topics: trended credit data, mortgage trended data, Credit Score, Data Facts, credit reports, mortgage lending services

Being able to predict whether or not a consumer will pay his or her mortgage loan on time and in full is the concept behind credit scoring. The Fannie Mae announcement about trended data being added to mortgage credit reports for the underwriting process is causing a shift in the entire industry.

Topics: Mortgage, Credit Score, FICO, mortgage trended data, trended credit data

The new year is upon us, and most of us set goals that we want to accomplish. Many of these relate to money. If you are a mortgage professional who could handle more bucks in your bank account, employ these six New Year's resolutions to help you close more loans in 2016. 

#1: I will educate myself on all mortgage aspects. Consumers have lots of questions during the mortgage process, and it pays to be able to answer them in a concise, understandable manner. Mortgage professionals who "don't have time" to give their customers the 411, or who aren't prepared for the barrage of questions will most likely end up with big, gaping holes in their schedule. 

Resolve to: read industry blogs, attend training webinars, and in-person presentations about current

Topics: Mortgage, lending solutions, Credit Score, Understanding Credit Scores, Third Party Vendor Management

December is a time for families and friends to come together over the holidays. However, the last month of the year can also be a big budget buster that can leave you broke and in debt if you aren’t careful.

We have created a breakdown of mistakes smart people make over the holidays that result in January being hard to bear. Avoiding these actions can help you make certain you roll into January with some money left in your pocket and your credit score intact.

Topics: Data Facts blog, wordpress blog, Credit Score, finances, credit cards, Holiday tips, credit history, Budget

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?”

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