Troutman Sanders

SEPTEMBER 20, 2023

When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the Consumer Financial Protection Bureau (CFPB or Bureau), the answer to that question is, in many circumstances, no.

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Fico Collections

APRIL 11, 2023

Home Blog FICO Are Student Loan Holders at Risk as Deferments Expire? Here we present results of our research into FICO® Score dynamics for holders of student loan debt between 2021 and 2022, to give an indication of key factors that seem to accompany large decreases in the FICO Scores of this population.

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Better Credit Blog

NOVEMBER 4, 2021

Preapproval is usually the first step in getting a home loan or mortgage. That’s because preapprovals involve only soft credit checks and can help you avoid hard inquiries that do negatively impact your credit. So if you’ve been thinking, “Does getting preapproved hurt your credit?” The Benefits Of Home Loan Preapproval.

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Fico Collections

OCTOBER 24, 2022

Score 10 T gives mortgage lenders the flexibility and predictive power to make more precise lending decisions. It is FICO’s most powerful score to-date and gives mortgage lenders unparalleled flexibility and predictive power while preserving the trusted and proven FICO Score minimum scoring criteria. FICO Admin. by James Wehmann.

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Fico Collections

SEPTEMBER 24, 2021

The answer is that while the availability of this data has been increasing, it remains far below other tradeline data such as credit cards, auto loans or mortgages. For example, in the US, 92 percent of consumers have cell phones, but just 5 percent of consumers have telco data reported in their traditional credit bureau files.

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Credit Corp

JUNE 4, 2024

Lack of Payment History Your payment history is one of the most significant factors influencing your credit score. If you have a history of late payments, missed payments, or defaulting on loans, it can have a negative impact on your credit score. Ideally, you should strive to keep your credit utilization ratio below 30%.

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Credit Corp

OCTOBER 16, 2023

The credit score was invented in 1989 to make credit reports more actionable for lenders. Credit scores affect many parts our lives: whether we qualify for a loan, what interest rate we pay, even where we can rent or whether we get our dream job. Disclosure regarding our editorial content standards.

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Credit Corp

JUNE 1, 2023

Although both are accurate, most lenders are looking at your FICO score when you apply for a loan. There’s a lot to learn about credit scores and credit reports and having more than one credit score can get confusing. By understanding the different credit scores, you can save time and protect your credit.

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Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Credit Card Payments?

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Credit Corp

JANUARY 11, 2024

When you don’t have great credit, you might feel like you’re lucky to get a loan. Decide on a few deal-breakers, and don’t get talked into a vehicle that doesn’t meet those basic needs just because you think you can get a loan for it. Your credit. Check your credit so you know where you stand.

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Credit Corp

JULY 29, 2024

Collection accounts are bad for your credit score. These negative marks on your credit report indicate you might not pay your bills on time—or ever, which is why lenders don’t like to see them. Collection accounts can stay on your credit report for up to 7 years. Each credit bureau has different information about you.

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Credit Corp

OCTOBER 25, 2023

Bad credit can prompt frequent collection calls and take a long time to repair, while no credit can reduce your eligibility for most loans. Whether you’re new to credit or you have years of activity (and a few blemishes on your report), you may wonder, “Is no credit better than bad credit ?”

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Nexa Collect

APRIL 27, 2022

Shouldn’t all unpaid debts ( medical or otherwise), be reported to credit reports in the same way? Then let the lenders decide which one they want to consider or ignore. Forcefully suppressing unpaid medical debts from credit bureau reporting will certainly result in many unintended consequences.

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Fico Collections

JUNE 20, 2022

How Might Buy Now, Pay Later Loans Impact FICO® Scores? Key findings from FICO research on consumer credit files with recently opened Buy Now, Pay Later loans. Consumers with a history of missed payments in their credit report may benefit from the inclusion of BNPL loans that offer new evidence of on-time payments being made.

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Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. It’s crucial to keep track of your credit score regularly, but many people are hesitant to check it because they’re afraid it will have a negative impact.

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Fico Collections

JANUARY 26, 2022

It serves as a broad-based, independent standard measure of credit risk. It is relied upon by stakeholders across the entire lending ecosystem – from regulators, investors and boards to consumers, lenders, and brokers – as a baseline metric for assessing credit risk that is fair to both lenders and consumers. .

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Fico Collections

NOVEMBER 10, 2021

While the FICO® Score has been trusted by consumers, lenders and investors for decades, the data that goes into a FICO® Score can be as recent as a payment reported by your lender today. . How frequently the data is updated depends on where it resides: Credit Bureau Data. How current is the data in my FICO Score?

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Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Does your account information seem accurate?

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Credit Corp

MAY 30, 2023

You can request the removal of hard inquiries from your credit report by pointing out unauthorized checks or going through a formal dispute process with major credit agencies. Whether you’re looking to buy a house, lease a car, or get a loan, lenders need to check your credit.

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Credit Corp

APRIL 11, 2023

For instance, you might not be able to purchase a home or new car unless your credit is in good standing. Nearly all lenders conduct thorough credit checks prior to approving a loan. If you don’t have at least a good credit rating, you’re apt to have trouble securing a loan. What Do Credit Scores Mean?

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Fico Collections

APRIL 28, 2022

According to the research from Cornerstone Advisors , these point-of-sale short-term installment loans with low credit amounts have been increasing in popularity during recent years for retail purchases like clothing, household goods, electronics, and more.

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Fico Collections

SEPTEMBER 24, 2021

The answer is that while the availability of this data has been increasing, it remains far below other tradeline data such as credit cards, auto loans or mortgages. For example, in the US, 92 percent of consumers have cell phones, but just 5 percent of consumers have telco data reported in their traditional credit bureau files.

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Fico Collections

AUGUST 29, 2022

and globally -- making access to credit more efficient and objective, which has continued into the present day. FICO® Scores are dynamic and evolve as changes in consumer behavior are reflected in the underlying credit bureau data housed and managed by the three primary U.S. consumer reporting agencies (CRAs). in April 2022.

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Fico Collections

NOVEMBER 9, 2020

Working with our credit bureau partners, FICO examined a timely indicator of borrower response to the current economic stress — the presence of a loan accommodation— that is available in credit bureau data. What are some of the key insights lenders can draw from this relationship?

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Better Credit Blog

OCTOBER 29, 2021

Lenders and credit card issuers carry out two types of checks on your credit. The first, a soft credit check, doesn’t impact your credit score at all. We’re going to walk you through soft and hard credit checks and what they mean for your credit score. This is why it doesn’t affect your credit score.

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Credit Corp

DECEMBER 1, 2020

If you’re late on a payment or if you miss it completely, you could end up paying late fees and taking a hit on your credit score. It can be especially difficult if you want to apply for a loan or credit and are about to make a big purchase like a house or a vehicle. When Is a Credit Card Payment Considered Late?

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Fico Collections

DECEMBER 4, 2020

The FICO® Score 10 Suite outperforms all previous FICO Scores, giving lenders unparalleled predictive power to make more precise lending decisions. With the FICO® Score 10 Suite, lenders gain up to a ten percent predictive lift over previous FICO Score models.

Credit Unions 52

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Credit Corp

AUGUST 8, 2024

A credit score is a three-digit number that indicates how likely an individual is to repay a loan or other types of debt on-time based on their previous credit history. It helps creditors determine whether someone can qualify for credit and on what terms. A good credit score is 670 or higher, according to FICO®.

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Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Amounts owed in relation to credit limits. Newly issued credit. Length of credit history.

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Credit Corp

MAY 23, 2021

Unauthorized credit card charges, bogus loan applications, missing money, and other financial violations make fraud a major nightmare. To keep fraud in check, you need to know how to check your credit report for identity theft, and how to deal with problems when they arise. How Do I Check My Credit for Identity Theft?

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Credit Corp

APRIL 2, 2024

Whether you realize it or not, your credit score can have a significant impact on your life. It can determine whether you can buy a home, get an auto loan, secure an apartment, and, in some cases, land a job. If your credit is anything less than stellar, you may need to ask yourself, “Is it time to fix my credit?”

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Fico Collections

MARCH 8, 2022

A lot of lenders just didn’t think women were good credit risks. When Bill Fair and Earl Isaac started selling data-driven credit scoring models in the late 1950s, it was a new concept for lenders. Prior to that, credit decisions were made by loan officers, nearly all of whom were men.

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Fico Collections

MARCH 24, 2021

Let’s assume the lender in this example is aiming to grow its new-to-system customer portfolio via launching a new digital lending product: small-ticket unsecured instalment loans. However, for an instant, digital credit decision process, this capability is a must. . So what do I mean by “strong data ingestion capability”?

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Better Credit Blog

APRIL 1, 2022

When you stop making payments on an auto loan, the lender will take the vehicle back. Read on to find out how to remove an invalid repossession from your credit report. Either kind of repossession hurts your credit score. The negative item could crush your credit score if you have good credit otherwise.

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Credit Corp

MAY 3, 2023

If you’ve got an error of your credit report, it’s up to you to find it, dispute it, and fix the error. Formally disputing an error involves writing a formal dispute letter to the creditor as well as the appropriate credit bureau reporting the inaccuracy. Tell the credit bureau what action you want them to take.

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Fico Collections

FEBRUARY 7, 2023

Developed by FICO in partnership with LexisNexis Risk Solutions and Equifax, this innovative credit score utilizes alternative data—data not included in the traditional credit bureau file. The inclusion of this alternative data leads to a more reliable estimate of consumer credit risk and helps score more than 26.5

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Credit Corp

OCTOBER 4, 2021

When you choose a mortgage lender and are approved for your home loan, your lender is agreeing to lend you all funds necessary to cover your home purchase. Because a house is a high-cost purchase, lenders want to guarantee that you’re not a “risky borrower.” How do lenders decide whether you’re a risk?

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