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
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
As the result of a report issued at the beginning of March 2022 by the Consumer Financial Protection Bureau (CFPB), starting in July 2022 there will be some major changes to credit reports. These changes will impact approximately 20% of consumers in a very positive way. Beginning July 1, 2022, all paid medical collections will … Read more
In 2020 the House passed two bills that could have a dramatic impact on credit reports. The Comprehensive Credit Act and the Protecting Your Credit Score Act of 2020(21). Both are similar and provide pretty extreme changes to what some consider to be a very unfair credit reporting system. To summarize, there are five main … Read more
Thanks to a 2015 settlement agreement between the New York Attorney General and the three credit reporting agencies, some important changes are on the way in regards to credit reporting. An additional agreement between the credit reporting agencies and another 31 state attorney generals ensure that the change will be nationwide. The changes are being … Read more
Credit reports can be very confusing to read at times. There is a lot of information to decipher, codes that may not always make sense, etc. There are some basic things to know that may help when you are looking at a credit report. While there are several different scoring models available for each bureau, … Read more
Revolving balances play an important role in your credit score calculation. The total of your revolving debt makes up about 30% of your credit score. Balances on installment loans don’t have any where near the impact on credit scores as revolving balances do. While having a revolving balance or two can help your credit scores, … Read more
The Federal Housing Finance Agency (FHFA), the agency that oversees mortgage investors Fannie Mae and Freddie Mac, have ordered the companies to make plans to utilize alternate and/or updated scoring models in 2016 and to move forward in implementing them. This change would have a major impact on credit reports once they are implemented. Right … Read more