Author Archives: Edward St. Onge

FICO “Balance and Burden” Key

FICO “Balance and Burden” Key This Essay is aimed at the more advanced Student of Credit Repair In the familiar pie chart that breaks down the importance and weight of the various components of your FICO credit score the second most important category after timely payments is called “Capacity Used” or sometimes “Credit Utilization”.  Many

FICO Scorecards Analysis

FICO Scorecards Very Sophisticated This Essay is for the more advanced student of credit repair.  Some good background and study of credit repair on the part of the reader is expected for this one.  I like to look under the hood for accurate answers to credit repair questions.  I check the actual laws and internal

Mandatory Credit Card Arbitration

Mandatory Credit Card Arbitration Fine Print Mandatory Credit Card Arbitration of  any claim a consumer may have against the issuer of the card is required by the contract the consumer entered into.  This contract containing mandatory credit card arbitration was drawn up by the issuer of the card.  It is reasonable to expect that the

Credit Scoring Rules New Amendments

Credit Scoring Rules Amendments Include More Information Equifax, Experian and Trans Union, the nation’s 3 credit reporting giants have agreed to some key policy changes.  Under pressure from New York Attorney General Eric Snederman’s lawsuit the credit reporting agencies have agreed to a number of important changes to be implemented nation wide over the next

American Credit Cards in Europe

Best Practices for American Credit Cards in Europe With the American dollar flying high for exchange with Euros and most other currencies many Americans are concluding that this is the time for that dream foreign vacation.  What are the best strategies to employ to take full advantage of the favorable currency situation?  What amount of

Business Credit Basics Primer

Business Credit Basics Firewall with Personal Credit Business owners typically operate as a d/b/a (doing business as) status in the beginning.  It may be “Joe’s Dry Goods” on the sign outside but the legal status is “Joe Smith d/b/a Joe’s Dry Goods.”  It’s the same with “Jane’s Bakery”, “Phil’s Pizza” or “Gina’s Beauty Parlor.” This

Cash Home Buying

Cash Home Buying Trumps All Cash home buying does not refer to buying a home with a suitcase full of Benjamins spread out on a conference table in some hush hush location after dark.  Most  home buying offers are made with a contingency clause requiring successful approval of mortgage financing.  Typically there is a 10

Credit Scoring Reform Radical Proposals

Credit Scoring Reform Wholesale Proposals Do you think that Credit Scoring is unfair from soup to nuts?  Would you like to see reforms mandated that achieve sweeping changes?  After all Sweden’s credit reporting system only keeps negative credit information for 3 years; Germany keeps it for 4 years.  Isn’t 7 years for most negative entries

CoreLogic Consumer Finance Solutions

CoreLogic Consumer Finance Solutions Provides Different Credit Data Consumers with a real interest in the credit scoring system are aware of the kinds of data contained in their Equifax, Experian and Trans Union credit reports.  They know that timeliness of payments on their monthly bills is meticulously recorded along with negative information such as judgments

Debt Collector Legal Registration

  Debt Collector Legal Registration Requirement Did you know that a debt collector must register with your local State Department of Business Regulation in order to report, confirm, verify or try to collect an alleged debt?  Do you know why debt collector legal registration may be of critical importance to you?  Let me tell you

Credit Report Personal Information: A Deep Dive

Credit Report Personal Information Category Your credit reports from Equifax, Experian or Trans Union each have five different categories: Personal Information, also referred to as Personal Identification Information by Equifax Historical Account Information Inquiries Public Records Collections This Essay will deal with the basics of the Credit Report Personal Information category.  My purpose is to

Credit Reporting Errors Legal Damage Claims

Credit Reporting Errors Legal Damage Claims Can be Measured There are legal avenues to be taken for reparations when your credit standing has been injured by carelessness, negligence or even willful conduct.  Who would you sue?  How many potential defendants bear legal responsibility? How high will the judgment be if you win?  How would the

Experian Lawsuit Alleges Careless Numerous Errors

  Experian Lawsuit Filed by Mississippi Attorney General An Experian Lawsuit has been filed against the credit reporting giant by Mississippi Attorney General Jim Hood’s office. “Experian has turned its failure to maintain accurate credit reports and its refusal to investigate consumer’s disputes into a business opportunity” according to Mr. Hood.  “Experian has for more

Low Credit Credit Cards Examined

Low Credit Credit Cards Defined Low credit credit cards, known in the industry as “fee harvester” cards are starter credit cards for those trying to establish new credit or re-establish a better credit picture from a low score caused by a damaged track record. For most analysts anyone with a FICO score below 660 is

Peer-to-Peer Lending Giants Lending Club and Prosper

Peer to Peer Lending Peer-to-Peer lending refers to a trending method of borrowing money that eliminates banks from the process completely.  Private Investors provide the capital to qualified borrowers at rates that are actually quite reasonable if they have good credit. Lending Club, an industry leader,  is said to reject 90 per cent of applicants.