The “Little” Things in Credit Reporting

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

Bi-Merge vs. Tri-Merge Credit Report

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

Trended Data: A Look into Credit History

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

Enterprise Credit Score and Credit Reports Initiative Update

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

Medical Collections

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

Co-Borrower Vs. Co-Signer

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

Advantage Credit Celebrates 10 Years of Charitable Donations in Honor of Their Customers

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

Scoring Model Changes Are Coming

Last week the Federal Housing Finance Agency (FHFA) announced approval of FICO 10T (released January 2020) and Vantage 4.0 (released fall 2017) scoring models.  Once rolled out, these will replace the older scoring models used today and that have been used for the last 20 years. According to the FHFA these new models will make … Read more