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Most Recent News in Credit Score News

  • Credit card companies take higher risks in 2011

    by Brian Anderson
    Credit card companies take higher risks in 2011

    Many credit card companies are now willing to take higher risks by extending consumers’ credit lines to those whose credit scores have been hurt badly as caused by the recent economic turmoil. This is in reaction to the notable decline in revenues by over $189 billion in recent years when offers were limited to affluent customers only. Credit card offers like credit line extension is now available for Americans who experienced foreclosures, charge-offs, unemployment and the like in the past … (more) January 17, 2011

  • New mortgage scores prevent thousands of foreclosures

    by Brian Anderson
    New mortgage scores prevent thousands of foreclosures

    Fair Isaac recently released an enhanced version of their credit scoring, this time primarily designed to address the needs of mortgage lenders. This new version of FICO scoring is called FICO 8 Mortgage Score debuted October last year. According to FICO officials the modifications made with this new version can promise an increase from 15 percent to 25 percent accuracy of the predictive power. With this polished version officials from FICO are confident that the use of this new FICO … (more) January 15, 2011

  • Enhanced credit scoring system in 2011

    by Brian Anderson
    Enhanced credit scoring system in 2011

    According to a 2010 intelligent report cases of strategic defaults has gone up to 53 percent in 2009. This event is one of the pushing factors why credit scoring systems like FICO and VantageScore are now enhanced to capture better predictive power for 2011. The previous versions of the FICO Scores and VantageScores were designed before the recession and housing crisis dominated the economy. This is the reason why the scoring systems needed to be modified to now better incorporate … (more) January 13, 2011

  • 2011: year of the free credit scores

    by Brian Anderson
    2011: year of the free credit scores

    Millions of consumers will now be given the chance to see their credit scores without spending a dollar. As mandated by the federal regulation which took effect last January 1st, lenders must provide consumers or applicants with detailed justification behind interest rate assignment. Now consumers will have their chance to be informed about why they receive rate different from others for instance. With this legal right to information consumers are expected to participate more actively now more than ever. The … (more) January 11, 2011

  • Saving damaged credit scores by rapid rescoring

    by Brian Anderson
    Saving damaged credit scores by rapid rescoring

    Experts suggest that people should be more watchful when it comes to their credit scores and when errors are spotted rapid rescoring may be of help. In 2010, more people experienced the troubles of having poor credit scores. Several different factors account to this unfortunate circumstance most of which are by-products of the recession. Financial experts recommend consumers especially those who got poor scores last year to check rapid rescoring services to fix any erroneous information. Rapid rescoring can help … (more) January 9, 2011

  • Mandatory Disclosure of Negative Information

    by Brian Anderson
    Mandatory Disclosure of Negative Information

    In pursuit to make credit scores rather friendlier for consumers new regulations effective 1st of January are implemented which includes the mandatory disclosure of negative information that affects the credit scores. According to this new regulation lenders must be able to provide alerts on loan application for home mortgages if the consumer’s credit score has been affected by any negative information. This way, consumers are given more right to information moreover greater chances to understand entirely how credit score and … (more) January 7, 2011

  • Bad credit scores will affect home insurance rates

    by Brian Anderson
    Bad credit scores will affect home insurance rates

    Home insurance companies in Canada are now among the companies who are making use of credit scores to assess risks. More than half of the largest insurance companies in the said place are now turning to credit scores to determine consumers’ rate. In 2010 most people in Canada experienced the sudden change of their home insurance premium rates which nearly doubled in most cases. This is said to be the effect of lender’s incorporating the credit score in their risk … (more) January 5, 2011

  • Free credit scores for 2011

    by Brian Anderson
    Free credit scores for 2011

    According to the provisions in the 2003 Fair and Accurate Transactions Act (FACTA) consumers can now have free access to their credit scores effective from January 1st 2011. This new rule of risk-based pricing requires lenders to inform consumers through written notices whether they qualify to a certain rate offered by the company or not. Also they are required to include in the notices information about how consumers can get their free copy of their credit reports. This way, consumers … (more) January 3, 2011

  • Why is the credit score always changing

    by Brian Anderson
    Why is the credit score always changing

    It isn’t surprising that the credit score is one number on one day and another on a different day. It is a scenario that happens way too often. In fact, a person who is aspiring to buy a home might find his credit score at 720 when he applies online. This is good enough from the lenders’ perspective in order to get the best of mortgage rates around. However, when the customer applies for a loan with a local lender, … (more) January 1, 2011

  • The importance of working on a bad credit score

    by Brian Anderson
    The importance of working on a bad credit score

    Consumers who are looking for credit or for loans need to know that a bad credit score can leave them out in the cold. The credit score and therefore the credit history are crucial to the chances of an applicant to get a great deal. which is a leader in provider credit monitoring services, credit scores and credit reports to the consumers has reminded consumers that there are quite a few simple steps which need to be taken in … (more) December 30, 2010