Data Facts Lending Solutions Blog

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

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

New FICO Changes- The Winners and Losers

Posted by Matt Holmes

Feb 5, 2020 9:02:00 AM

In January, Fair Isaac announced it would once again make changes to the criteria that determines your FICO score. Historically, scoring changes have led to various consumer outcomes, and this update is shaping up to have its own share of winners and losers. So who are they, and what can you expect? 

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Topics: Credit Score, credit history, Credit Report

What Football Teaches us about Mortgage Credit Reporting

Posted by Matt Holmes

Jan 27, 2020 9:02:00 AM

It’s January, and that means a lot of us just simply have football on our brains. Whether it’s researching French onion dip recipes for the big game or placing bets on the final score, we’re hyped for the game. And to some of us, if we thought about mortgages like we thought about football, we’d be a lot better at our jobs. That got us thinking.

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

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

Trick or Treat? Avoid these Mistakes During the Home Buying Process

Posted by Susan McCullah

Oct 31, 2017 1:11:40 PM

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?

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Topics: Credit Score, Mortgage Lending, mortgage process

New Rule Makes It Harder for Medical Bills to Mess up Your Credit

Posted by MIchelle Andrews

Sep 29, 2017 1:03:33 PM

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.

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

Worried About Your Credit Score? 4 Tips for Reviewing Your Credit Report

Posted by Susan McCullah

Sep 13, 2017 10:36:52 AM

 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:

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

Mortgage Lenders' Challenge: Find New Sources For Lien And Judgment Data

Posted by Ann Fulmer

May 31, 2017 2:40:01 PM

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.

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

Credit Report Changes May Result in Credit Score Increases for Many Consumers

Posted by Susan McCullah

Mar 20, 2017 3:07:27 PM

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. 

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

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