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Most Recent News in Credit Score News

  • Experian Would No Longer Offer Fico Scores

    by Brian Anderson
    Experian Would No Longer Offer Fico Scores

    After coming out of an unsettled agreement between Experian and Fair Isaac Corp, Experian would no longer offer consumers FICO scores, however, consumers who have had them prior to the renewal disagreement of the two companies would still receive their FICO scores. However, consumers who would be applying for new credit accounts, line and cards could no longer check their FICO scores and see if their scores are enough to land them a good new credit line. Equifax and Trans … (more) September 16, 2010

  • Many Consumers Don’t Their Credit Scores

    by Brian Anderson
    Many Consumers Don’t Their Credit Scores

    Credit scores still stand as an important component of the credit industry. Though many have turned their backs on them, many are still continuously using them for decision purposes. The sad reality is not every consumer checks his or her credit score, let alone the credit report. The consequences would be too late if consumers ignore their scores. For instance, a person wants to buy a new house and applies for a mortgage loan. The lender denies the application saying … (more) September 14, 2010

  • Foreclosure Isn’t the Last Resort

    by Brian Anderson
    Foreclosure Isn’t the Last Resort

    Foreclosure is one of the worst items to appear in one’s credit history. Lenders will look at the borrower as someone who is in financial trouble and would more likely to belong in the high-risk debtors. The item will form part of the credit report and will be a component to computing the borrower’s credit score. The recovery will take a long time and the probability of approval of credit application will be too low. The borrowers with a foreclosure … (more) September 12, 2010

  • Program Pulls Credit Scores Down

    by Brian Anderson
    Program Pulls Credit Scores Down

    President Barack Obama’s Making Home Affordable Program was an answer to prayer for many. But some of the praises ended and some even felt that the program is doing wrong. In the early months of 2009, the Obama administration set out a plan to help homeowners who needs mortgage relief. The plan, later on became a program, aims to help homeowners who have made timely payments and who have mortgages higher than their home value. The plan does not apply … (more) September 10, 2010

  • Authorized User Ignored In Fico 08

    by Brian Anderson
    Authorized User Ignored In Fico 08

    Authorized User Abuse is a problem for lenders and borrowers alike, though some consider it as an effective credit repair tool. At first, being an authorized user has a good side. Authorized user option allows a family member, such as spouse and children or close relatives, to be added to an existing account. The authorized user can use the credit cards for charges but won’t be responsible for the payments. This is mostly applicable to parents who send their teenage … (more) September 8, 2010

  • Work Your Way Out Of Negative Debt

    by Brian Anderson
    Work Your Way Out Of Negative Debt

    According to the latest reports brought forth by FICO Inc, there are now more than 43 million Americans who have a credit score which is lower than 599. This accounts to nearly 25% of the US population. Jarod Wells spoke to a real estate broker and a mortgage lender to know what low scores could mean and also their impact. The talk also helped people understand how they can turn things around to lead better lives. April Girard, VP of … (more) September 6, 2010

  • Battle between the Scores

    by Brian Anderson
    Battle between the Scores

    FICO credit scores have faced many controversies for the past years. They have been blamed for the mortgage crisis and they were accused for having inaccurate and unreliable scores. To make it worse, they have a new enemy created by its three most powerful connections – the three major credit bureaus Experian, Equifax, and Trans Union. Many customers got confused with the issue. They have been asking questions like, “will Vantage Score replace FICO?”or “what will become of FICO?”. Vantage … (more) September 4, 2010

  • Credit Score Tips for Newbie’s to Better their Credit Scores

    by Brian Anderson
    Credit Score Tips for Newbie’s to Better their Credit Scores

    Credit scores play a very crucial role in determining the financial well being of a person. Whether you are planning to apply for a loan to buy that car you have been waiting for or you want to mortgage your house to avail some money, it is the credit score that plays a major role in determining the approval. Even if the loan gets approved, it is this score that determines the rate of interest you will be charged. In … (more) September 2, 2010

  • Experts Explain the Basics of Credit Score

    by Brian Anderson
    Experts Explain the Basics of Credit Score

    Some credit card holders are not aware much about the other features related to their credit cards. What they know about their cards are mostly the very basic things. These plastic cards are swiped every time they make a credit purchase of any product or service and the prices will be charged to their bill, plus interest. They have heard of the term “credit score” but don’t really know what it means. Experts from all over the net have laid … (more) August 30, 2010

  • US Citizens’ Credit Scores Drop At Beginning Of 2010

    by Brian Anderson
    US Citizens’ Credit Scores Drop At Beginning Of 2010

    In three states of the US, particularly Michigan, Louisiana, and Missouri, consumers have seen their credit scores drop to more than 5 points, a recent credit climate study shows. The impact this has on the nation’s credit scores is that the average credit score which had always been several points above 670 has seen a dive to 669. This is the first time that in twelve months that average national credit score has dropped to below 670. The blame should … (more) August 28, 2010