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Most Recent News in Credit Score News

  • New rule showing how mortgage rate is affected by credit score

    by Brian Anderson
    New rule showing how mortgage rate is affected by credit score

    The lenders are now required to reveal to the applicants for mortgage how their credit score has affected the mortgage rate that they are getting. With the help of credit score the terms of the loan being offered to the applicants has to be explained, before the latter can accept the offer made to them. This rule has been introduced in the hope that the disclosure will help provide customers with the right information that will motivate them to try … (more) December 28, 2010

  • Myths about credit scores can cost you

    by Brian Anderson
    Myths about credit scores can cost you

    Customers have to be careful about what they know in general about credit reports and credit scores. This is because myths about credit scores could actually cost the consumers. There are quite a few myths which a lot of consumers believe in. One of the most common myths is that there is just one credit score that is constantly updated. However, the fact of the matter is that there isn’t a credit score at all until the consumer has applied … (more) December 26, 2010

  • Mortgage shoppers are getting benefit from heads-up on credit scores

    by Brian Anderson
    Mortgage shoppers are getting benefit from heads-up on credit scores

    A lot of people who are looking for home loans and mortgages shop in the same way as one does for various other products and services, which is to look for the best rates and terms that are on offer. Now, such consumers can feel happy because there is an addition to amount of information that is coming their way from the lenders. In fact, this additional information is only going to help the mortgage applicants further. The new disclosure … (more) December 24, 2010

  • Mistakes that could greatly affect customers their credit score

    by Brian Anderson
    Mistakes that could greatly affect customers their credit score

    There are some common mistakes that could greatly affect the credit score of the individual and it is good for the consumers to be aware of these mistakes. As the holiday season comes to an end, shoppers would try to exercise a bit more control over their spending. The credit scores though are dropping across the country with an average of 4 points since January. The current average is 665. This credit score though is decent enough to allow individuals … (more) December 22, 2010

  • Mandatory disclosure of credit score to help homebuyers

    by Brian Anderson
    Mandatory disclosure of credit score to help homebuyers

    Those who are looking to buy a new home will be benefiting with a new rule change that has come into effect from January 1st. As per the new regulation, lenders will have to provide individuals applying for mortgage loans with information as to how their credit score has really affected the interest rate and the quotes that they received. This comes as a welcome news for those individuals who are looking to buy a house and hence might be … (more) December 20, 2010

  • Borrowers can avail free credit scores now

    by Brian Anderson
    Borrowers can avail free credit scores now

    There is absolutely no doubt about the fact that the credit report of every individual is of amazing importance considering that all creditors, lending agencies and even employers fall back on it to choose an individual. In fact the credit score is calculated using this credit report which stands for the creditworthiness of the individual. Now there is a new gift at the start of the year for all the consumers. The credit score will now be available to all … (more) December 18, 2010

  • Annual credit report allows 3 free credit report scores

    by Brian Anderson
    Annual credit report allows 3 free credit report scores

    Free Annual Credit Report Online has responded to the increasing need for sensitive credit reports by providing a trouble free approach to consumers as far as getting credit history easily. A lot of investors, given the present economy are realising that it is quite critical to keep up to date with the credit scores of the individuals. Therefore Free Annual Credit Report online in collaboration with the 3 credit bureaus has offered to provide real time snap shots of the … (more) December 16, 2010

  • FICO on giving deeper insights to lenders

    by Brian Anderson
    FICO on giving deeper insights to lenders

    Score Trends Service v2.0 is FICO’s way to help address the needs of lenders to have a heightened understanding when it comes to their own level of risk.  If lenders are given sufficient knowledge and deeper insights about risk assessment they can end up managing their portfolios growth well and profitably. Moreover according to FICO with their Score Trends Service v2.0 lenders will learn how to avoid loss and take advantage identifying possible opportunities. This new subscription service launched by … (more) December 14, 2010

  • BEACON 5.0 released in Canada

    by Brian Anderson
    BEACON 5.0 released in Canada

    To capture the particular credit habits of Canadians a new credit scoring system is developed by FICO. This new credit scoring system is made available in Equifax Canada and is called BEACON 5.0. BEACON 5.0 is patterned with the newly enhanced and improved version of the FICO scoring model thus this new scoring system also carried the improved accuracy and predictive power. Canadian lenders can be guided by this new scoring system in managing risks in credit through ranking consumers … (more) December 12, 2010

  • FICO reveals 8 scores used as standards by lenders in risk assessment

    by Brian Anderson
    FICO reveals 8 scores used as standards by lenders in risk assessment

    FICO announced that this year’s records revealed that the improved FICO 8 Score is now becoming the standard of several lenders for credit risk assessment. Today there are 2,500 financial institutions and banks adopting the use of Fair Isaac’s FICO 8 Score. According to FICO this widespread use of their credit scoring system in the market is a proof that their scores are beneficial tool for lenders. FICO 8 Score is the enhanced version of the original FICO scores. The … (more) December 10, 2010