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
Evergreen, Colo., September 15, 2022 – For the last nine years, as a way to say “Thank you” to their customers, Advantage Credit has made an end-of-year donation to a charity on behalf of their customer partners. To celebrate the 10th anniversary of this program, Advantage Credit is donating to a charity each quarter of … Read more
A “Rescore” is updating information on a credit report at the bureau level in an expedited manner. It is not credit repair, and it is not something the borrower can do on their own. The changes made through a rescore would eventually organically update at the bureau level but that can take 30+ days or … Read more