Fight! Fight! FICO and Vantage Score duke it out over which scoring system will be used for mortgage lending.

Fight! Fight!

A brawl has erupted, and everyone’s circling around to watch. But instead of being schoolyard fisticuffs, this imbroglio is over which credit score lenders will use for home loans.

For as long as we can remember, lenders used FICO scores to decide whether a borrower qualified for a mortgage loan, which was then sold to the credit giants Fannie Mae or Freddie Mac.

But a rising tide ...

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Your top 10 Blue Water Credit blog posts of 2017

When it comes to credit score, debt, and personal finance, 2017 was one of the most tumultuous and polarizing years on record. We saw the stock market surge, the real estate market come roaring back to pre-2007 levels, and the nation’s average credit score reach 700 for the first time ever.

But we also experienced surging credit card and debt levels, the Equifax hack and other mass data thefts that compromised the records of almost 200 million Americans, and skyrocketing rents ...

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How often should you check your credit?

When was the last time you checked your credit? Was it six months ago? The last time you refinanced or purchased your home? Or even years ago, so far back you’re not even sure?

Well, just like getting your teeth cleaned at the dentist, getting your oil changed, and filing your taxes, you should be checking your credit report carefully at regular periods.

However, studies show that ...

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Why that “free” credit score you just got is probably useless

Navigating the credit score landscape is sometimes treacherous for consumers, with so much confusing and seemingly contradicting information about scoring models, multiple credit bureaus, reporting guidelines, and plenty of websites offering “free” credit scores.
In fact, when someone clicks on one of those offers to view their credit score, they will quickly find out that the free offer:

1) Isn’t free, and

2) Also may not be ...

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Cue the band, roll out the red carpet and drop the confetti…America’s average credit score just hit 700!

Cue the band, roll out the red carpet, and drop the confetti, because America just got some great (credit score) news: the average U.S. FICO score has reached 700.

FICO, which is one of several credit scoring models but also the most widely used one by lenders, including mortgage lenders, reported that the average score hit 700 for the first time ever. FICO scores are based on a 300-850, and lenders and creditors usually consider above 740 as “prime” credit, giving ...

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What credit score do you need to buy a home?

 

If you’re thinking of buying a home for the first time, or maybe haven’t owned since the real estate collapse starting in 2008, you may be wondering what credit score you need to get a mortgage. 

In fact, before the housing market crashed, it was far easier for the average person to get a loan since credit standards were very low (or nonexistent!) and the subprime ...

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TransUnion and Equifax Forced to Pay For Deceiving Consumers About Paying for Credit Scores and Services

When TransUnion and Equifax got caught for defrauding consumers by urging them to unnecessarily pay for credit scores and products, the Consumer Financial Protection Bureau (CFPB) stepped in to make things right. Now, the CFPB has taken strong action against the credit reporting agencies, forcing them to pay stiff fines as restitution to those they deceived.

In fact, TransUnion and Equifax have been ordered to pay ...

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Mortgage brokers and loan officers: here are 10 ways you can increase a borrower’s credit score in short order (Part 2)

Loan officers and mortgage brokers often see potential home buyers fall a few points short of qualifying when it comes to credit score, but that doesn’t mean they need to be turned away. In fact, there are strategies we can employ to increase a borrower’s credit score by 5, 10, or even 25 points in a short period, allowing ...

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