Advance Notice of Rate Increase and Other Changes Credit card issuers must notify you of a rate increase — or any other significant change in terms to your credit card account — at least 45 days in advance of the effective date. (The Board will develop rules that address what a “significant change” means.) This … Read more
NOTE: Colorado will begin accepting submissions through NMLS on January 4, 2010. However, current licensees and applicants can obtain access and complete all necessary MU Forms prior to that date. Current Mortgage Loan Originators Mortgage Loan Originators in Colorado have until July 31, 2010 to complete and submit Form MU4 through the NMLS, but are … Read more
What exactly is a “loan modification”? It is a temporary modification of your loan terms. The interest rate is adjusted to create a more affordable, lower payment amount for a set period of time, and extends the life of the loan. It does not reduce any of the principal, and the lender is not forgiving … Read more
The heat of the summer sun is probably not the only thing that is making you boil these days. Credit card issuers who are also feeling the pinch of the credit crisis are making their own changes and those changes can mean trouble for consumers. There has never been a worse time to have credit … Read more
It appears Fair Isaac’s new version of the FICO scoring model is about to become a reality.The release of FICO 08 has been delayed for over a year due to public outcry and lawsuits over some of the changes surrounding the new model. All appears to be settled now and its release by all three … Read more
What is Rescoring? Rescoring is the process of correcting incorrect information at the bureau level. With the proper documentation, the correct information will be sent to the bureaus. The bureaus will verify the document and update the account. The update will take about 3 business days after being submitted to the bureaus. Rescore Express is … Read more
Adding a child or spouse onto an existing credit card has always been a great way to help that person build credit history. However, over the last few years there are companies that now exploit this practice, and according to some government officials and lenders, to the point of fraud. They don’t call themselves “credit … Read more
What does “short sale” mean? “A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.” In this time of option-arms coming due we will see more and more borrowers trying to negotiate short sales as opposed to going into foreclosure. … Read more
You can further protect yourself from identity theft by “freezing” your credit report.When a security freeze is added to your credit report, all third parties whose access is not exempt under law will not be able to access your credit report without your consent. If you have been a victim of identity theft this service … Read more
You can now order Business Credit Reports directly from Experian through Advantage Credit Inc.! Click on the link below to directly access Experian’s Business Report page. You can order a business report from Experian using your credit card. It’s that easy! www.smartbusinessreports.com If you have questions please email mindy@advcredit.com or call us at 800-670-7993.