Tag Archives: FICO

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

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 This Essay will deal with the basics of the Credit Report Personal Information category.  My purpose is to help

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.

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

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

HIPAA and Medical Debt Collection

  HIPAA and Medical Debt Collection UPDATE, AUGUST 2014….   FICO 9 will not count paid medical debt against consumer credit scores and unpaid medical debt will do less damage.  This major change will affect many people’s credit scores for the better.  But many mortgage providers are slow to adopt new changes.  Some mortgage providers use

Consumer Financial Protection Bureau Report Card

Consumer Financial Protection Bureau Report Card UPDATE  Since the CFPB started investigating credit card practices in July of 2011 new categories that have been added include mortgages, bank accounts and services, private student loans, auto and other consumer loans, credit reporting, debt collecting, payday loans and money transfer services.  The CFPB has recently announced even

Educational Credit Scores Examination

  Educational Credit Scores Confuse Many FICO rules the credit scoring world.  Despite the best efforts of competitors it is used by over 90 percent of lenders. Educational credit scores are those scores produced by credit reporting agencies and others that are little used by banks and credit card companies.  FICO still commands over 90

Credit Scoring Measures Borrower’s Trustworthiness

What is Credit Scoring? Everyone knows there is such a thing as credit scoring.  What is credit scoring?  Who decides what it is?  How is credit scoring Measured?  How often does credit scoring change?  What information is in it?  What information is not in it?  Can I manipulate it?  Why is credit scoring important? Let’s

First Credit Card Enables Early High FICO Credit Score

 First Credit Card Big Opportunity Life has it’s benchmarks.  Turning 7 is the classical entry into the “Age of Reason” in some religions.  Now it is possible to commit a sin!  The first credit card makes it possible to commit financial sins that can lower your credit score for many years to come.  Those who

Charge Offs, Judgments and Liens on Your Credit Report

Charge Offs, Judgments, Liens Charge Offs, Judgments, Liens are among the most difficult problems facing the consumer who is trying to turn his credit score around.  Many people do not really understand just what  “charge offs” are and what can be done about them. What are Charge Offs of a debt? A creditor charges off

FICO Score Variations Tailored 49 Ways

FICO Score Variations Total 49 FICO Score Variations go beyond the blunt instrument many people think they are.  Many people are aware that there is a FICO Auto score available for car dealers that specifically measures things of particular importance to the Vehicle lending industry.  By this I mean that auto lenders are more concerned

Credit Score Coding Explained

Negative Entries on High Credit Scorers Credit Scores of 760 and beyond frequently have notations of a negative nature.  Yes, even the well off have problems.  We have all read stories about lottery winners who have found misery with their winnings instead of the happiness they imagined such a windfall would bring.  Needy relatives, alcoholism,

Credit Scoring Woes Ruining Romance

  Credit Scoring Woes Ruining Romance Are credit scoring woes ruining romance for you?  Occasionally reporters like to seize on anecdotal evidence and try to turn it into a trend for the sake of a story.  It may be caused by a slow news day or there may really be something to it. Recently the