Over the past year, several promising advancements were proposed for the credit industry, including the removal of medical debt from credit reports, adjustments to trigger leads (credit offers based on consumer inquiries), and the development of the FHFA Credit Score Initiative aimed at improving credit scoring fairness. However, these initiatives are currently on hold due … Read more
On January 7, 2025, the Consumer Financial Protection Bureau (CFPB) finalized a ruling to remove all medical debt from credit reports. This change means that both paid and unpaid medical collections will no longer be reported to credit bureaus. In 2023, it was announced that paid medical collections and outstanding medical debts under $500 would … Read more
So, you’re ready to buy your first home. You check your credit on your own, review your scores, and everything seems fine. While you don’t have much credit history, you have a few credit cards and a paid-off car loan. Confident, you tell your lender you’re set to go. But when the lender pulls your … Read more
Most consumers are now familiar with Buy Now, Pay Later (BNPL) or have at least heard of it. Similar to a Layaway plan, BNPL allows you to receive your items upfront and pay for them over time, rather than paying in full before receiving the items. Unlike Layaway, which typically involves longer payment periods, BNPL … Read more
Statistics indicate that roughly one in ten consumers is considered “credit invisible,” meaning they lack any credit history recognized by major credit bureaus like Equifax, TransUnion, and Experian. While it was once believed that having no debt was advantageous, this perspective has changed. Credit Invisible vs. Credit Unscoreable It’s important to differentiate between being credit … Read more
There comes a time in life when the hard work is done… you’ve paid off your home, cleared your auto loans, and are free of credit card debt. It’s a time to just time to sit back, reflect and enjoy. With no intention of taking on another mortgage, car loan or relying on credit cards, … Read more
Evergreen, Colo., August 22, 2024 – Advantage Credit Inc., a leading provider of credit reporting services, is thrilled to announce its integration with ScoreNavigator, a move that will provide another option for lenders to help their borrowers optimize their credit worthiness. “We’re thrilled to offer our customers the opportunity to use ScoreNavigator tools, which will … Read more
On July 11, 2024, Fannie Mae and Freddie Mac released the latest update on the FHFA Credit Score Initiative Playbook. Included in this is an updated timeline which has not changed much from the timeline from the last update. At this point they are still targeting Q4 2025 for the full implementation of the new … Read more
The IRS began issuing Individual Tax Identification Number (ITIN’s) in 1996 for individuals who are not eligible for a social security number. Initially, they were issued solely for tax purposes. According to the IRS, “ITIN’s do not provide identity outside the Federal Tax System and should not be offered or accepted as identification for non-tax … Read more
According to the Administrative Office of the US Courts, Bankruptcy filings increased by 16.8% in 2023, encompassing both business and individual filings. Bankruptcies are now the sole public records appearing on credit reports, as the credit bureaus (Experian, Trans Union, Equifax) stopped reporting liens and judgments a few years ago. A common question we receive … Read more