•A FICO Score takes into consideration 5 categories, not just one or two. The importance of any factor depends on the information in your entire credit report. •Your FICO Score looks only at the credit-related information contained in your credit reports. •Your FICO Score considers both positive and negative information from your credit reports. 1. [...]

1.      Not understanding their rights. The Federal Trade Commission has numerous laws pertaining to credit, credit scoring, credit reporting etc… Understanding these laws and in particular the individual “statues” within the laws help immensely when correcting problems with the three major credit reporting agencies. (Experian, Equifax & TransUnion) Most people simply don’t have the time [...]

Many times, I talk to people who ask why multiple credit checks are being done on their credit report without their knowledge. In many cases, the customer is shopping for a new car or thinking about buying a home. Sometimes this can even happen without the person’s permission. Let’s say you’ve starting the house hunt, [...]

A decade has passed since the vault cracked open and we started learning how credit scores really work. For years, the creators of the leading credit scoring formula, the FICO, didn’t want consumers to know the scores existed, let alone what went into them. In early 2000, however, E-Loan started letting customers see their FICO [...]

Myth #1: You only have one  credit score. Fact: Since you have three credit reports, you actually have three FICO scores. Each credit reporting agency has a different–and somewhat bizarre–name for your score. At Equifax, the FICO is known as the Beacon credit score. TransUnion calls it Empirica. At Experian, the name is quite a [...]

What You Need to Know and Do Credit reports have always been important, but they’ve grown even more important in recent years. Now more than ever, you need to make sure you understand what’s on your credit report – and you need to know what steps you can take to improve your score. For example, [...]

You get constant junk emails and see TV commercials about getting your credit report and yet when was the last time you got yours?   It’s really easy to get and most important of all FREE to get.   Beginning in 2004 per the FACTA Act (Fair and Accurate Credit Transactions Act of 2003) you could get [...]

Original article written by Ken Harney of the L.A Times Home loan shoppers should see an addition to the application paper blitz starting Jan. 1 — a mandatory alert on how their credit scores might affect the rate quote and terms they receive from their lender. The new disclosure represents the end product of a [...]

With foreclosures soaring — and homeowners with unblemished payment histories abruptly walking away from their houses with no warning to lenders — the two major producers of credit scores have begun changing how they evaluate consumers’ risks of default. The revisions could affect you the next time you apply for a loan. In late October, [...]

FICO has announced three more new scores to be released some time this month. These new scores and details about those score are: 1.      The FICO Mortgage Score – This score is actually a variation of the FICO score currently available at Equifax, which is called BEACON. This new score, which comes at the request [...]

What almost nobody knows is that a 90 day late payment by itself has the same exact effect on a credit score as a foreclosure.  Fair Isaac’s classic fico model is designed to determine the liklihood of someone going 90 days late on a particular loan obligation over the next two years.  Once someone goes [...]

Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Now that we’re heading into a new year, it’s the perfect opportunity to take advantage of this benefit–especially now that your credit score is more important than ever [...]

With the economy slowing and holidays just around the corner, many consumers may be looking to credit cards to help them get through the heavy shopping season. While that may be a good short-term solution, you want to make sure you don’t overlook the long-term impact on your credit rating. After all, the actions you [...]

Article originally published by Edward Jamison, Esq.  It’s surprising how many consumers make the same credit scoring mistakes over and over again. In an effort to educate consumers on credit and credit scoring, we’ve compiled 5 common credit scoring mistakes into a list that defines each mistake and explains why they are bad and how to [...]

We’ve all seen them – the never-ending television ads and radio commercials with the catchy jingle for free credit reports and scores. Nowadays a number of similar companies are offering free credit reports and scores. With all of these ads for freebies, it’s no wonder that so many consumers believe that all credit scores are [...]

A question I am often asked by people who have had a previous bankruptcy is how to minimize the effect on their credit report & scores.  I have seen many clients who have been able to get their scores up to over 640 within 12-24 months of a bankruptcy being discharged, and others whose scores continue [...]

Original Article written by Edward Jamison Esq. Edited by Robert Weinberg Many people have never checked their credit score. They have always used credit wisely and have probably never been denied a loan. Long story short, they have never really had a good reason to worry about their credit score. They do now. Why? Because [...]

The service offered by TransUnion — the result of a class-action lawsuit — is open to an estimated 160 million Americans. The registration deadline is Sept. 24, 2008. The settlement will give each member of a household nine months of a free credit-monitoring service and/or a cash settlement. As an added benefit, you will be able [...]

If you have had past credit issues or are having trouble getting approved for financing, it is important to get on a path towards improving your credit history as soon as possible.  One way to rebuild poor credit is by getting a secured credit card.  A secured credit card is similar to a debit card but [...]

Good credit is well worth the effort it takes to both achieve and preserve it.  If you have good credit, the following tips will help you keep it that way.  If you are looking to improve your credit, however, now is the time to get started.  If you plan on entering any type of new [...]

A lot of homeowners have the mind set that making payments on time automatically equates to good credit and credit scores. Unfortunately, this couldn’t be further from the truth. While paying your bills on time accounts for a large portion of your credit score, there’s still a lot more to it. In fact, paying your [...]

Originally Posted on February 4, 2008  It looks like lenders, landlords, insurance companies and employers aren’t the only ones interested in credit scores these days – now the health industry is getting in on the act. Credit industry giant Fair Isaac is working with Healthcare Analytics and Tenet Healthcare to create a new “MedFICO” score. [...]

Originally Posted December 28, 2007    Fair Isaac’s Revamped FICO Aims to Forgive Small Slips, Punish Repeat Offenders. By JANE J. KIM December 19, 2007; Page D1 The company that cooks up credit scores for millions of Americans is changing its recipe — and that could affect how easily you get credit in the future.Fair [...]

Originally Posted on July 15th 2007 I have been forecasting for quite some time that Fair Isaac would eliminate the loophole that allows people to quickly increase their credit score by being added as an authorized user on someone else’s established credit card…and sure enough, the time has come. Marketers Made Loophole Too Prominent to [...]

It is time to slap the credit companies where it hurts! Did you know that the 3 major credit card bureaus are selling your personal credit information to other vendors without your permission? Not only is this legal it is happening non-stop. Did you know when you apply for any credit that these credit card [...]