Credit Scores

Thursday, August 22, 2019

There are no “quick fixes” to clean up your credit


If you’re trying to clean up your credit, you’ll come across plenty of companies offering an easy fix. But any company promising instant results for a price is likely a scam.

Read more . . .


Wednesday, August 14, 2019

How do Credit Bureaus Get Your Information?


The top three credit bureaus (also known as credit reporting agencies) are Experian, Equifax and TransUnion. When you’re applying for credit, lenders depend on the data provided by these bureaus to make their decision whether or not to lend you money. So where does this data come from in the first place?

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Read more . . .


Tuesday, March 19, 2019

New federal law allows consumers to freeze credit


If you have accounts on your credit reports that you do not recognize, learn more at nyconsumerlaw.
Read more . . .


Wednesday, March 13, 2019

How to Monitor Your Credit Without Hurting Your Credit Score


There are two primary credit scoring models that lenders use to determine your risk. They are:

  • FICO® Score
  • VantageScore

Even though each model uses the same credit reports, Read more . . .


Friday, March 8, 2019

Getting Into the 800 Credit Score Club Is Tough—Staying in Is Tougher


Every couple of days, Mr. Quion eyeballs his score through the Bank of America app on his phone. He pays his credit-card bill weekly to goose his score, recently a respectable and creditworthy 746. 

Read more . . .


Thursday, February 28, 2019

Maxine Waters proposes consumer-friendly overhaul of credit reporting industry


The heads of the three leading credit reporting companies heard bipartisan criticism as Waters, the veteran Los Angeles Democrat, launched her first major legislative initiative as Read more . . .


Thursday, February 7, 2019

To Raise Your Credit Score, Start by Understanding It


The nuance in credit scores comes from the elements beyond simply paying what you owe on time, although there is less transparency with these other factors influencing your score. The second-largest part of your score’s makeup belongs to how much you owe.

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Read more . . .


Thursday, December 6, 2018

Will a lender getting a copy of my credit report affect my score?


Answer:

A single credit inquiry from a lender will have little impact on your credit score.

Credit scoring models also take into account when a consumer is shopping for the best rate on a student loan, auto loan, or mortgage and do not penalize them for this comparison shopping.

For these types of loans, scoring models generally count multiple inquiries as one inquiry if they occur within a reasonably short period of time.

In general, credit inquiries for the same type of loan made within a 14-day period will be treated as no more than a single inquiry.
Read more . . .


Wednesday, October 24, 2018

How More Americans Are Getting a Perfect Credit Score


Members of the 850 Club can be broken into two groups. There are the super-knowledgeable tacticians trying to crack scoring algorithms, and the naturally prudent. Some are prepping for a loan. Others are just credit-score hobbyists.
Read more . . .


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