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 ...

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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, ...

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trended-data-use-credit-hisory

Trended Credit Data is the new “trend” in Fannie Mae underwriting

There is a new “trend” in mortgage loan underwriting, but thankfully, it’s not Pokémon Go, skinny jeans, or wearing a smart watch. Instead, the Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, announced that they will soon require all lenders to use “Trended Credit Data” when underwriting single-family homes for mortgage loans.

In case you’re not up on the latest “trends” (if you see hundreds of young people walking around like zombies at your local park staring at ...

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pefect credit-score-possible-fico

Is it possible to have a perfect credit score?

When you think of “perfection,” what comes to mind? Does perfection mean setting a new World Record on your way to a Gold Medal at the Olympics? How about achieving a perfect score on the SATs? Or “perfect” to you might just mean a quiet day at home without the kids and nothing on your To Do list!

But no matter your definition of perfection, there is one objective standard that is perfectly difficult to achieve: getting a perfect credit score.

While ...

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Myth-busters-about-credit-scores

Myth Busters takes on credit scores

One of the most popular shows on television for 14 seasons since its debut in 2003, Myth Busters has been getting to the bottom of urban legends, unraveling paradox, and frankly, blowing a lot of stuff up along the way. After filming 282 episodes before the show was cancelled in March of 2016, Myth Busters has almost single handedly made science, physics, and engineering cool again with its brand of “science entertainment” with colorful hosts Adam Savage and Jamie Hyneman.

While ...

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Comparing different FICO scores for mortgage, credit card, and auto lending

Or, more accurately, I should ask you if you know your FICO scores (plural) because the credit scoring giant calculates several versions of your credit worthiness number, based on which lender is looking.

When lenders come to FICO to access your credit score, there could be wild variations in the number they received, depending on what kind of loan you’re applying for. It’s estimated that FICO (originally The Fair Isaacs Corporation), the preeminent scoring model in the industry, generates up to ...

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20 Surprising Facts About Your Credit Score (Part 2)

Do you fully understand how your credit score it calculated and reported? You probably know that you should always pay your bills on time, not max out credit cards, and keep up to date on your mortgage, but if you’re still a little shaky on how the rest of it works, you’re not alone. However, there’s a whole lot beyond the basics of credit score and sound financial practices that the vast majority of Americans have no clue about!

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credit-scores-and-presidential-candidates

Kanye West, late night TV, and favorite presidential candidates are just some of the wild factors that predict our credit score.

Your credit score is based on a lot of factors, like how much debt you hold, your history of paying on time, and the length of time you’ve held positive credit accounts.

But is it possible that what kind of music you like, what you watch on late-night TV, and even what kind of phone you use is a telltale sign of if you have excellent or poor credit?

WalletHub.com did an extensive survey of 1,000 individuals, and then normalized the ...

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when-your-credit-balances-are-reported-to-bureaus

​Can you determine when your credit balances are reported to the credit bureaus?

Your credit card bill, mortgage, or auto loan statement may have a Due Date prominently displayed, but when do those lenders actually report your balance – or if your payment is late – to the credit bureaus?

Knowing when each of your credit accounts reports can serve as a valuable aid in managing your credit score and finances. For instance, if you purposely pay down a credit card balance by this date – not just the due date – your credit ...

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