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June 2015
Rental Payments and Credit Reporting
Credit history, scores may improve with bureau changes. According to a study in May by the Consumer financial Protection Bureau about 45 million adults in the US don't have any credit scores. It's a huge issue since your credit scores are used by lenders to determine eligibility for credit and what interest rate you qualify [...]
June 2011
October 2010
FICO or FAKE-O credit scores
Experian and Transunion have been playing the game for some time but now Equifax has jumped into the selling of FAKE-O credit scores. They just couldn’t hold off adding this USELESS product to add to their bottom line! Now all three of the credit reporting agencies are in the business of pushing the FAKE credit scores to the unknowing consumer who thinks they are buying their FICO scores. Shame…Shame…Shame is all I can say. I mean really what is the purpose in selling you a credit score that not one single lender cares about? […]
June 2010
Credit Repair? Anyone can do it!
Credit repair is absolutely boring, tedious, monotonous, tiresome, troublesome as well as down right infuriating! Oh, and did I mention you’d better be “Johnny on the spot” when it comes to follow up and knowing what the rules of engagement are when it comes to the credit bureaus! Are you having fun yet? I get a kick out of the folks that say you can do this yourself. The truth is you can but the better question might be “should you try and perform credit repair yourself?”. […]
Can the Credit Bureaus be revamped?
In today’s market place there are three major credit bureaus: Equifax, Experian and Transunion. You’ll also find many smaller agencies that act as “affiliates” of one of the big 3 like CSC and CBCInnovis or others that service their local geographic area but have less than complete national coverage. There are other companies like ChoiceData that act as sales agents that sell credit data that is supplied by one of the big three credit bureaus. In addition, many companies like Credco and Kroll actually a whole army of these type companies act as a “broker” buying and selling your credit data. Finally, other companies are consumer reporting companies as defined by federal law but let’s not confuse these with CREDIT reporting agencies. Companies like LexisNexis and Intelius are in this category. Now this can become quite confusing and quite frankly seem like a pretty crowded market place but follow me on this point… […]
May 2010
Can you legally remove a bankruptcy with credit repair?
This question came in recently from Janice and I started to send a reply to you but decided I’d address this in the blog for all to read. Janice, I thank you for sending in this question as many people wonder the same thing. Of course, you can insert foreclosure, tax lien, judgment, collections, slow pays, repossession, and the whole list of bad credit issues one might face to the question “Can you legally take a bankruptcy off a credit report?”. The short reality is every single entry on your credit report is suspect. The Fair Credit Reporting Act (FCRA) and law that states you as a consumer have the right to challenge the credit reporting agencies (CRA’s) and demand removal of any trade lines that are reported inaccurately, that cannot be validated or simply outdated. […]
Credit Bureaus just can't get it right!
A discussion on a well guarded secret to keep your credit scores suppressed… One of our consultants popped in yesterday afternoon to drop off a deal (a good thing). He was telling me of a situation he ran into and wanted to know what kind of an effect it could have on his prospects credit score. Well the situation was a $110k line of credit which had a balance of 96k. This particular credit line was rated R-1 paid as agreed. A perfect rating, right? or was it? Unfortunately we see this kind of thing all the time… […]