One of the most misunderstood facts about FICO scores is that most consumers think they only have 3…one for each bureau. The fact is that a consumer actually has dozens of FICO scores. With the rollout of FICO 09 a consumer now has approximately 65 different FICO scores. That can sound a bit overwhelming but … Read more
Representative Maxine Waters, the top Democrat on the House Financial Services Committee has proposed a new bill titled “Fair Credit Reporting Improvement Act of 2014”. The Fair Credit Reporting Act (FCRA) has been in existence for 44 years with the last changes to it happening in 2003. If passed, this bill could have an overwhelming … Read more
Fair Isaac, the creator of the FICO scoring models has announced that this fall it will be releasing a new version of its scoring model – FICO 09. An exact release date has not been set. There are some major changes in this new model that could help more borrowers get into home loans. In … Read more