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?

Topics: Credit Score, Credit Report, Rescores, Supplements

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.

Topics: Credit Score, Improve Credit Score, Credit Report

If you’re new to this whole credit thing, it can be difficult to get on the scoreboard as a responsible credit user. So what can you do to jump-start your credit history? A popular suggestion is to become an authorized user on someone else’s account. But does this tactic really work?

Topics: credit reports, Credit Score, authorized user

Credit, as we know it, has been around for a long time. Thus, the modern consumer credit system has given birth to a lot of information (and a lot of misinformation). Here are 5 myths about credit usage that have developed over time, and that you should know about.

Topics: credit reports, Credit Score, credit history, Understanding Credit Scores

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.

Topics: Credit Score, credit history, Credit Report

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

Topics: Credit Score, credit history, Credit Report

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.

Topics: Credit Score, Improve Credit Score, credit cards, Credit Bureau

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? 

Topics: Credit Score, credit history, Credit Report

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.

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

Topics: Credit Score, credit history, Credit Bureau, FICO, Credit Report, VantageScore