Maintaining a strong credit score is crucial, especially for individuals seeking a mortgage or considering refinancing. Discovering discrepancies on your credit report can be frustrating, often leading to a desire for a quick fix. However, attempting to resolve these issues hastily can sometimes lead to further complications—or even legal trouble. Understanding what to avoid is … Read more
According to the Administrative Office of the US Courts, Bankruptcy filings increased by 16.8% in 2023, encompassing both business and individual filings. Bankruptcies are now the sole public records appearing on credit reports, as the credit bureaus (Experian, Trans Union, Equifax) stopped reporting liens and judgments a few years ago. A common question we receive … Read more
In the world of credit reporting, there are a plethora of different codes that are used to convey multiple different messages, with each serving a specific purpose. It is helpful to know a little about what some of these codes are and what they accomplish. For example, when a data furnisher (creditor) signs a contract … Read more
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
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
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
Inaccuracies on credit reports are an ongoing problem and a source of great frustration for consumers. Many of the inaccuracies are accounts those consumers believe belong to another person, or that they may have been a victim of identity theft. A lot of consumers feel they don’t have the time or fortitude to address the … Read more
Under the CARES ACT thousands of consumers took advantage of the mortgage loan forbearance option. During that time no late payments were supposed to be reported to the credit bureaus, as no payments were being made during that time. Unfortunately, this was not always the case. The largest number of late payments that seem to … Read more