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Credit Reports and Scores

Why Mortgage Credit Scores Are Different Than Consumer Scores

Qualifying credit is a cornerstone of a home loan application. Mortgage lenders use credit scores to help assess a potential homebuyer’s ability to make steady, on-time payments. Given the weight of credit scores in the mortgage market, hopeful homebuyers should absolutely look into their credit before applying for a loan.   We’re fortunate to live in a time when consumers have easy access to their credit scores. Services like Credit …Read More

5 Numbers Every Business Owner Needs to Know by Heart

Numbers dance around business owners’ heads all night long. How much do I need to make payroll this month? When will I run out of inventory this month? What will my tax bill be when April hits?   It’s no surprise that keeping track of those ever-changing numbers is a job unto itself — small business owners are often the CEO, sales department, accounting, marketing, business development, and sole employee …Read More

5 FAQs on How to Improve Your Credit Score

A common question people often ask is, “How can I improve my credit?” Since credit can impact many things, including: employment, down payments, interest rates, utility deposits, and even car insurance, improving your credit can help you in a lot of ways. With all of the information floating around out there, we want to make sure you have all the correct answers to the questions below!   5 Frequently Asked …Read More

NFCC Hosting the #CreditCrew Twitter Chat with Equifax, Experian, and Transunion Thursday, Feb. 15 @ 4PM EST!

Do you have questions about credit reports and credit scores? Join us as we host the #CreditCrew Twitter chat featuring Equifax, Experian and TransUnion on Thursday, February 15th at 4p.m. ET. This chat will cover some of the most commonly asked questions about credit reports and credit scores. For an easy way to follow along and participate click here. Topic:  Credit 101 Host:  The National Foundation for Credit Counseling (NFCC) Questions We’ll Discuss: Q1: What is the difference …Read More

Ask An Expert: What is a credit report and how do I read it?

Dear reader, we all know that credit reports are important. But not many people know what reports look like or how to read the information on them. Understanding a credit report is easier than it seems if you know what to expect when you review your report. Your credit reports are generated by the credit bureaus or consumer reporting agencies, each containing detailed data about your credit behavior. This data …Read More

Ask An Expert: What are the credit bureaus?

The credit bureaus are agencies that collect, keep, and maintain consumer’s financial information. They also share and distribute this information in the form of credit reports. There are several credit bureaus or consumer reporting agencies in the U.S., but the most well-known are Equifax, Experian, and TransUnion. These agencies collect and receive information from credit card companies, lenders, collection agencies, and other businesses who have pre-arranged business relations with them. …Read More

Ask an Expert: What’s a Good Credit Score?

Q. What’s a good credit score?   Dear reader, A “good” score is generally considered to be around 700 or above in a score range of 300–850. However, this number is more of a loose guideline than an actual rule. As you have probably noticed, depending on the credit bureau you consult, the website you use to view your score, or the lender evaluating your creditworthiness, your score will vary and …Read More

Ask an Expert: How can I improve my credit score?

Q: I recently checked my credit score using an online service and discovered that my score is below 600.  I believe my low scores are largely due to a few thousand dollars I have in collections with a handful of collection agencies from accounts I have accumulated over the past several years.  I want to pay off debt and improve my credit score.  What are some strategies I should consider? Dear reader, …Read More

Understanding the Importance of a Credit Report

The Consumer Financial Protection Bureau (CFPB) releases a yearly summary of complaints related to the financial service industry, which includes credit reporting agencies. Based on a tally of all complaints submitted to the CFPB website in 2016, the greatest portion were about credit reporting issues. By the numbers, that comes to more than 43,000, or about 23% of the total 186,000 complaints. While the CFPB doesn’t collect data about how …Read More

52% Of Millennials Engage In Expensive Credit Card Behaviors

 By Robert Harrow A new study released earlier this week by the FINRA Investor Education Foundation reveled that a majority of millennials use credit cards in an expensive way. They are more likely than the rest of the population to pay late fees or take out cash advances. These are avoidable expenses no one should pay. For millennials, these practices put a strain on their finances, making it more difficult to budget or establish a …Read More