In the world of credit reporting, there are a plethora of different codes that are used to convey multiple different messages, with each serving a specific purpose. It is helpful to know a little about what some of these codes are and what they accomplish. For example, when a data furnisher (creditor) signs a contract … Read more
We all start a new year with new goals, new dreams, and new hopes. For some people, those goals involve getting their credit in order so they might buy a new home, possibly their first home. Most people understand the basics of obtaining and keeping a good credit score – Paying bills on time, not … Read more
In the fall of 2022, the Federal Housing Finance Authority (FHFA) unveiled the Enterprise Credit Score and Credit Reports Initiative. This dual-phase plan aims to shift from requiring three credit reports for borrowers to just two reports, termed a ‘bi-merge.’ Additionally, it intends to transition from current scoring models to FICO 10T and Vantage 4.0. … Read more
In October 2022 the Federal Housing Finance Authority (FHFA) announced approval for the use of the FICO 10T (released in 2020) and Vantage 4.0 (released in 2017) scoring models. Once rolled out these scoring models will replace the older scoring models currently used by the Government Sponsored Enterprises (GSEs) for mortgages. The FHFA believes the … Read more
In the world of credit reporting there are two major scoring models, the FICO and Vantage scoring models. FICO has been around since 1989, and while Vantage Score has only been available since 2006, it has become a major player in the credit industry. FICO was developed by the Fair Isaac Corporation and the Vantage … Read more
A lot of questions have been circulating through the industry around the proposed changes to Credit Score Models that were announced by the Federal Housing Finance Agency (FHFA) in October 2022. In March, Fannie Mae created a “Partner Playbook” that covers a lot of detail regarding the upcoming changes. The Playbook was just revised in … Read more
In this sometimes frustrating and crazy world of credit, we are always asking what we can do to help our credit score. There are a lot of actions that people take thinking it will help their credit score, when, in fact those actions can have just the opposite effect. Let’s look at a few things … Read more
On July 1, 2022, some positive changes took effect regarding medical collection practices. First, all paid medical collections started falling off credit reports, and second, collection agencies were required to wait one year before reporting a medical debt to the credit bureaus. This was to give the consumer a chance to pay the debt before … Read more
Thinking about co-signing a loan for someone or being a co-borrower on a loan with someone? There are several things to consider before undertaking either of these as each has different responsibilities attached to them and both can have adverse effects on a credit score if the loan is not handled correctly by the primary … Read more
Evergreen, Colo., December 15, 2022 – To celebrate the 10th anniversary of making charitable donations on behalf of their customers during the holiday season, Advantage Credit donated to a charity each quarter in 2022. In honor of their customers Advantage Credit donated to: The Elevations Foundation, Fairway Cares and Southwest Funding Hearts to Homes Foundation. … Read more