Historically, adding a family member as an authorized user to an existing credit card with good credit history was a great way to help or improve the family member’s credit. This much utilized (sometimes over-utilized) practice can improve an authorized user’s credit, but it may not help the family member secure a mortgage loan. Some … Read more
UPDATE: This bill has been re-introduced to the House of Representatives in June 2011 for approval that will exclude paid medical charge offs and collections from the credit report.According to statistics 41% of American households have carried some kind of medical debt since 2007. Once that medical debt hits your credit report it can wreak … Read more
Until recently a tax lien, paid or unpaid, could haunt your credit report for a long time.Depending on what state you live in, a paid tax lien could stay on your credit report for 7-10 years and an unpaid lien could stay on indefinitely. In February 2011, the IRS announced a plan to give consumers … Read more
If you are a renter you might see some changes on your credit report. Experian acquired RentBureau in June 2010, which is a rental payment database credit bureau. RentBureau receives rental payment histories on a daily basis from a national network of apartment managers and owners. In December 2010, Experian began adding these histories to … Read more
Unfortunately Credit 101 is not a class they offer in high school or college,although in this day and age it should be. So what should a college student know before they embark on a journey of establishing credit? If they stick by the basics and practice a little discipline it should be enough to keep … Read more
Beginning July 1st 2010, new guidelines will be in place that could dramatically help borrowers. The Federal Trade Commission (FTC) has amended Section 312 of the Fair and Accurate Transactions Act of 2003 (FACT Act), which will tightly govern the way creditors report information to the bureaus. Did you know that 70% of credit reports … Read more
There are two new words floating around the mortgage industry that we are hearing a lot about. Both fall under the umbrella of loan modifications and while they may sound enticing, any type of modification requires a little caution. What exactly do these words mean? Forgiveness is basically a principal reduction. The mortgage company agrees … Read more
So, you’ve exercised your rights as dictated by the FCRA and disputed some inaccurate information on your credit report. Statistics show that 80% of credit reports contain inaccurate information. Disputing these inaccuracies is your legal right and is encouraged by the Federal Trade Commission and consumer groups. But now you’ve applied for a mortgage and … Read more
How much? This is one of the biggest questions we get as a credit reporting agency. How much does a late payment affect a score? What about a maxed out credit card? We all know a bankruptcy is a big hit to your score, but how much of a hit? Until now, we’ve only been … Read more
One of the biggest questions we get in this industry is how long certain items remain on a credit report. A Chapter 13 bankruptcy will remain for 7 years from the filing date and a Chapter 7 bankruptcy will remain for 10 years from the filing date. Once a bankruptcy is discharged the hope is … Read more