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Most Recent News in Credit Score News

  • Mortgage lenders get their own type of scoring system

    by Brian Anderson
    Mortgage lenders get their own type of scoring system

    FICO pioneered another type of credit score that is designed primarily for mortgage lenders. This new credit score product is called FICO 8 Mortgage Score. Mortgage lenders are also given the chance to have access to this new FICO service since FICO 8 Mortgage Score is now set available from any of the three major credit reporting agency-Equifax, Experian and TransUnion. FICO 8 Mortgage Score has major differences with the FICO 8 Score however there are a lot of similarities … (more) December 8, 2010

  • 2010 report reveals more Americans with low credit scores

    by Brian Anderson
    2010 report reveals more Americans with low credit scores

    The Fair Isaac Credit Organization released a 2010 report revealing a 25.5 percent of the American consumer population carry low credit scores. This percentage equating to around 43.4 million consumers have credit scores of 599 and below. With the FICO scoring system these types of scores are poor enough to make people’s application for credit be denied. The reason why more people scored poorly this year is attributed to the confluence of factors. Nonetheless one of the major contributors for … (more) December 6, 2010

  • Viruses and malwares used to steal huge amount of identifying information

    by Brian Anderson
    Viruses and malwares used to steal huge amount of identifying information

    In the information age, as the name implies, all it takes is some information to process almost any kind of transaction. This is true even if the transaction is a crime. According to the Federal Trade Commissioner since 2005 cases of information breach have gone up to 540 million in count. This is a huge and dangerous type of incident threatening a lot of individuals. According to records 72 percent of these incidents are breaches resulting from a computer or … (more) December 4, 2010

  • The new credit score tool rating 26,000 companies

    by Brian Anderson
    The new credit score tool rating 26,000 companies

    The newest credit scoring tool is now released by Standards &Poor’s Valuations and Risk Strategies. The innovation is called credit health panel that is particularly designed to allow consumers view and compare profiles of different companies around the world. What makes this credit health panel interesting is the huge number of companies they have on board rated. Using this credit score tool one can take a look at the profiles of 26,000 companies all over the world. Aside from the … (more) December 2, 2010

  • Will the house consider changing rules on credit score and report utilization

    by Brian Anderson
    Will the house consider changing rules on credit score and report utilization

    Today more and more companies are taking a look at credit scores and credit reports in assessing people. This is not just within the industry of credit and insurance, now even establishments not related to credit is making use of credit checks as part of their assessment process. The most seemingly questionable use of credit checks is in the employment of different companies. There is a growing number of employers who are running credit checks to their applicants and employees … (more) November 30, 2010

  • Data breaches reached shocking figure

    by Brian Anderson
    Data breaches reached shocking figure

    According to the Federal Trade Commissioner since 2005 America’s cases of data breaches has now reached a very serious and shocking statistical figure. Today there is more than 540 million data breach cases damaging businesses and consumers all over the nation. A bulk of 72 percent of this reported total number of incidents which is 393 out of 540 involved cases caused by a breach upshot by virus computer or malware. The actual cost of these data breaches remains unknown … (more) November 28, 2010

  • Low credit score literacy for Americans

    by Brian Anderson
    Low credit score literacy for Americans

    According to the two separate surveys conducted recently both parents and students are now facing insufficient knowledge about credit scoring. A study done for the Personal Financial Literacy revealed that among the total number of surveyed high school seniors more than half are not familiar with the three major credit reporting agencies- Experian, Trans Union and Equifax. Also the same number represents the population who are not aware that it is a consumers’ right to get a free copy from … (more) November 26, 2010

  • NAIC committee meeting talks about credit score use

    by Brian Anderson
    NAIC committee meeting talks about credit score use

    The widespread use of credit scores is now an issue ringing not only within the public and the government spheres but now is also echoing creating a heated debate between consumer advocates and representatives of insurance associations. During the committee meeting joined in by the consumers who are insurance advocates and regulators of the National Association of Insurance Commissioners a heavy discussion about the insurance companies’ use of credit scores in determining their policy rates has become one of the … (more) November 24, 2010

  • Bank offers free credit scores for members

    by Brian Anderson
    Bank offers free credit scores for members

    UW Credit Union recently opened a portal that allows the bank members to take a look at their credit scores without being charged of any expected or unexpected fee. This online service is designed to encourage consumers to consider checking on their credit scores. The portal was set available September this year and the outcome was said to have exceeded what the said credit union was expecting. According to the spokesperson of UW Credit Union this online service, in just … (more) November 22, 2010

  • Check your credit score, also your credit damage score

    by Brian Anderson
    Check your credit score, also your credit damage score

    A new kind of scoring system is now emerging in the world of credit. Aside from the credit score that is defining people’s credit worthiness now people are introduced with a new credit scoring that is all about credit damages. Recently an online service offering credit damage score has been released out in the market. Patterned with how the credit score works, credit damage scoring system also includes score range. Scores ranging from zero to 5 is considered marginal; 6 … (more) November 20, 2010