Data Facts Lending Solutions Blog

Must Know Tips To Protect Your Credit During A Divorce

Posted by Jennifer Hamby

Aug 20, 2015 9:47:51 AM

In the unfortunate event that you get a divorce, worrying about your credit score may be the last thing on your mind. However, even during the most trying times of our lives, 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. 

Below are some helpful tips on how to get thru a divorce without damaging your credit.

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Topics: credit reports, divorce, Credit Score, credit cards, Credit Bureau

Are Millennials "Credit-Invisible"?

Posted by Jennifer Hamby

Jul 30, 2015 11:27:42 AM

Millennials are one of the largest demographic groups in the U.S. It is estimated that by 2020, one in three adults will be millennials. Yet, unlike past generations, this group appears to be less active in traditional credit and financial markets. With 33% being under–banked and 63% not have having credit cards.  

Millenials do in fact apply for credit, but are denied at a much higher rate than their generational counterparts.  Why? 

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Topics: Millennials, Credit Score, FICO

6 WAYS TO CLOSE LOANS FASTER AND STAY IN COMPLIANCE

Posted by Johnna Leeds

Jul 15, 2015 10:05:00 AM

In today’s financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.

Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.

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Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, mortgage news

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

Does Your Credit Score Affect Homeowner's Insurance?

Posted by Jennifer Hamby

Jan 14, 2015 2:16:00 PM

Yes!  Did you know Insurance companies use information in your credit report to calculate an insurance score?  Similar to a credit score, insurance companies use insurance scores to help them predict losses by determining which consumers are more likely to file claims, these findings help determine your premiums.

Insurance scores can have a big impact on the amount of premium that you pay for your coverage.  In this regard, a higher insurance credit score will result in you paying a lower amount of premium, and conversely, a lower insurance score will likely result in you being charged a higher amount for coverage

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Topics: Credit Score

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.

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

Close More Loans with the Expedited Rescore Program

Posted by Jennifer Hamby

Jul 7, 2014 7:30:00 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.  

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Topics: Mortgage loan, Credit Score, Improve Credit Score, Mortgage Lending

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

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