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June 2010
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(CRA’s) and demand removal of any trade lines that are reported inaccurately, that cannot be validated or simply outdated. […]
Is credit repair really needed?
I just got back from spending a few days in Savannah, GA for my wife’s birthday (I’m not suppose to tell you her age!!) But what a great town. We stayed at a Bed and Breakfast that was built back in 1862. There is so much history in that town, so much Civil war history with the big names like General Lee and others who lived or stayed in the area during the war. The food…WOW that was a really good time! As I got back into the groove this morning I had several messages and one woman has called me wondering if she should begin the credit repair process with us by asking the question “Is credit repair really needed in my case, I mean won’t my scores go up over time?” Now I must warn you that I am a bit biased but I do try to give a fair assessment to this question and in answering this question it might be best to rephrase it and ask a few other questions first. Now I have to be honest here and tell you that my first reaction at times is to reach through the phone and grab you by the scruff of the neck and shake you like a rag doll to knock some sense in you but I refrain from this immediate knee jerk reaction. […]
What are mortgage lenders looking for?
Today, I’d like to tell you what mortgage lenders look for in when deciding on granting your request for a new mortgage loan. Now this is not meant to be an underwriting class but a basic understanding of the process and what you’ll want to consider as you begin thinking about buying a new home. When you’re looking for a new mortgage many lenders evaluate your credit based on the “Three C’s.” Credit Is it likely that you will repay the loan? Are your payments on time and up-to-date? Are you financially stable and reliable? What are your credit scores? Today’s marketplace, most conventional lenders require your scores to be in the 700+ range and most FHA loans a 620 score or higher. Capacity Are you able to pay the loan? What kind of outstanding personal debt do you have? Do you have enough earning power and net worth to repay a mortgage or home equity line of credit? […]
FICO's Toy Model Scoring System
Is there anyway to understand the FICO scoring system? That is the hundred dollar question! The FICO score created by the Fair Isaac Company is one of the most shall I say “guarded” secrets at the credit bureau’s. So much so that even senior executives under oath, have sworn they do not fully understand the exact reason for score movements under certain circumstances. I mean why does one persons credit score who is at 750 drop 15 points with one 30 day late on a charge card and other person’s whose score is at 650 drop 50 points with that same 30 day late? No other derogatory is reported yet Mr 650 had three times the point deterioration than Ms 750! Fair? Well, the truth is that there are so many factors that have been put into this system that the average persons head will spin (even the not so average) like a top trying to figure it out! […]
How is your mortgage affected by a bankruptcy?
Many people are concerned how their mortgage loan is affected if forced into a bankruptcy and when someone experiences financial crisis like job loss, medical crisis or business failure, it can become quite difficult for them to repay all of their existing loans or debts. Filing bankruptcy may seem to be a viable option in order to get rid of these debts, but you should know it may become difficult to qualify for a new mortgage. At least right away. You should also know that your existing mortgage gets affected when you file bankruptcy. What happens to your existing mortgage after bankruptcy filing? When you need to declare bankruptcy, you usually will want to file either chapter 7 or chapter 13. However, the consequences of filing chapter 7 are different from that of chapter 13. The effects on your existing mortgage after filing bankruptcy are discussed below. […]
The National Credit Federation Blog is officially ALIVE!
Well it is official! The National Credit Federation Blog is alive and off to the races!!! The intent or shall I say content of this blog is to inform and assist the reader in all things that involve credit, credit scores, and overall the trials and tribulations as well as the satisfaction realized in working [...]