Mindy Leisure Director of Rescoring Services Trigger Leads are something that seems to be more prevalent and worrisome over the last few years. It would be common for Advantage Credit to get calls and/or emails once or twice a month regarding this practice but lately it has been several times a week. So, what is a mortgage trigger lead? When a … Read more
As the result of a report issued at the beginning of March 2022 by the Consumer Financial Protection Bureau (CFPB), starting in July 2022 there will be some major changes to credit reports. These changes will impact approximately 20% of consumers in a very positive way. Beginning July 1, 2022, all paid medical collections will … Read more
Experian Boost™ and UltraFICO™ are two products offered by Experian® to help boost a borrower’s credit score. Please be aware that these products are only available with Experian so utilizing them will have no impact on a consumer’s TransUnion® or Equifax® scores. Experian Boost allows a consumer to add payment history from accounts that do … Read more
Inaccuracies on credit reports are an ongoing problem and a source of great frustration for consumers. Many of the inaccuracies are accounts those consumers believe belong to another person, or that they may have been a victim of identity theft. A lot of consumers feel they don’t have the time or fortitude to address the … Read more
We all know credit reports can be confusing at times to say the least. Some aspects of the data on credit reports just seem to make no sense, but some parts can be more confusing than others. To start off 2022, let us touch on some of the biggest issues asked about in 2021. 1. … Read more
Due to an advisory opinion recently released by the Consumer Financial Protection Bureau (CFPB), all consumer reporting agencies must cease in providing any information on a credit report that is based only on a consumer’s first and last name and excludes any other personally identifiable information (PII) such as Social Security Number (SSN), address and … Read more
The ins and outs of credit are unfortunately not something taught in most schools these days. So, by the time a person graduates from high school and enters college or the work force, they have no idea where to begin to start establishing credit. While credit can be intimidating, it does not need to be … Read more
Fannie Mae announced last week that beginning September 18, 2021, they are going to start including rental payments in their credit evaluation process. This will be a new feature added to their Desktop Underwriter (DU). The information will be taken from the consumer’s bank statements and input into their system and it will recognize all … Read more
In 2020 the House passed two bills that could have a dramatic impact on credit reports. The Comprehensive Credit Act and the Protecting Your Credit Score Act of 2020(21). Both are similar and provide pretty extreme changes to what some consider to be a very unfair credit reporting system. To summarize, there are five main … Read more
Under the CARES ACT thousands of consumers took advantage of the mortgage loan forbearance option. During that time no late payments were supposed to be reported to the credit bureaus, as no payments were being made during that time. Unfortunately, this was not always the case. The largest number of late payments that seem to … Read more