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
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
Starting this month consumers with student loans can start applying for the Student Loan Forgiveness Program. This program is for federally held student loans only and does not include private student loans. Individuals who make less than $125,000 and married couples making under $250,000 are eligible for up to $10,000 in forgiveness. If the individual … Read more
One of the more frustrating aspects regarding credit reports is finding what one believes to be duplicate accounts. If the same account is reporting to all three bureaus (Equifax, Experian, Trans Union) more than once then that can mean the credit scores are taking a double hit. If the account in question is derogatory in … Read more