Tag Archives: Credit history

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 charge

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

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

Piggybacking Authorized User Helps

  Piggybacking Authorized User is Legal and Useful for Some A piggybacking authorized user is any person who can use another person’s or company credit line without being legally liable.  The Federal Reserve’s Regulation “B” of 1975 implementing the 1974 Equal Credit Opportunity Act actually required that the reporting “benefit or burden” of spousal Authorized users be considered

Credit File Fraud Alert Before Security Freeze

Credit File Fraud Alert Less Drastic than Credit File Security Freeze Credit file fraud is a concern that can be managed by vigilance coupled with regular monitoring of credit reports. Many consumers are confused about the pros and cons of a credit file fraud alert versus a credit file security freeze.  Let’s take a look

New FICO 9 Credit Scoring Model Imminent

  FICO 9 Credit Scoring Model Coming This Summer FICO  rolled out it’s next generation FICO 9 Credit Scoring model in August of 2014.  It had been 6 years since FICO 8 superseded previous versions of the widely used FICO credit scoring system.  Medical debt will have less negative influence if unpaid; no negative influence

Debt Collection Letter Action Plan

Debt Collection Letter May be Fake That debt collection letter that has you so upset may or may not be real.  Don’t let your fear of having a collection wind up on your credit reports make you pay first and ask questions later.  There are a lot of creative scammers out there dreaming up ways

Employment Credit Checks Under Congressional Attack

Employment Credit Checks Widespread Employment credit checks are justifiable when it comes to jobs that require being trusted with large amounts of money.  Jobs requiring security clearance might also be included in the category where employment credit checks are a necessity.  For the rest of us employment credit checks represent an annoying intrusion invading the

Craigslist Loan Co-Signer Borrower Desperation Move

Craigslist Loan Co-Signer Never a Good Move I’ve been hearing about this one for a while.  Would be borrowers with either no credit history or truly terrible credit have been advertising on Craigslist for co-signers.  It seems as though anyone stupid enough to fall for this scheme probably deserves what they get.  These requests are

Mortgage Lenders Detect Undisclosed Debt

Mortgage Lenders Detect Undisclosed Debt Incurred during the “Quiet Period” How do mortgage lenders detect undisclosed debt assumed during what is called the “Quiet Period?”  For those new to the mortgage lending game the phrase “quiet period” refers to the time frame elapsing between the original pulling of the credit reports and the actual closing. 

Credit Score Fundamentals Beginner’s Guide

  Always Pay Credit Cards and Loans on Time No credit score fundamentals beginner’s guide can start without emphasizing the importance of timely payments.  Recent late payments hurt your score in a big way.  You also incur penalties.  Make at least the minimum payment if you possibly can.  If you can’t do that call and

Equifax Loses Court Judgment Numbering $18.6 Million Dollars

Equifax Loses Court Judgment Numbering $18.6 Million Dollars Equifax loses Court judgment numbering $18.6 Million Dollars awarded by a Federal Court Jury in Oregon.  Evidence showed that plaintiff Julie Miller spent 2 years trying unsuccessfully to get Equifax to fix mistakes on her credit report. Ms Miller first realized that something was amiss in 2009

Credit Score Knowledge Gaps Large

  Credit Score Knowledge Needs to be Taught in Schools I’ve long been a proponent of teaching young adults how the credit scoring process works as part of their regular school curriculum.  A recent survey of adult’s credit scoring knowledge conducted jointly by the Consumer Federation of America and Vantage Credit Scoring shows just how

Credit Reporting Complaints Direct to Federal Watchdogs

Credit Reporting Complaints Direct to Federal Watchdogs Credit Reporting Complaints Direct to Federal Watchdog Individual level credit reporting complaints to Federal Watchdog Consumer Finance Protection Bureau can be made directly. “Credit reporting companies exert great influence over the lives of consumers.  They help determine eligibility for loans, housing and sometimes jobs” said director Richard Cordray. 

Credit Bureaus are Often Mistaken

Credit Bureaus are Often Mistaken The Credit Bureaus are often mistaken according to a study by the Consumer Financial Protection Bureau.  Researchers at the CFPB found that discrepancies happen to at least 1 in 5 people according to a study based on random sampling of 200,000 credit files kept by the 3 major credit reporting agencies.