Stephen Leifer - Wednesday, July 26, 2017
New improved standards for using public records became effective in July 2017 for credit reporting companies. The new changes will result in the increase of many individuals’ credit scores, some as much as 20 points. The major changes are based on excluding information related to tax liens and civil judgments on consumer’s credit reports. About seven percent of the American population will benefit from the changes.
Having a higher credit score can result in a number of pos ..
Stephen Leifer - Tuesday, September 13, 2016
Anyone who has credit issues and is struggling to better their financial situation, might be tempted to work with a credit repair company. It is true – these companies can really help your situation and make it possible to get your credit profile back on track, but not all of these companies are looking out for your best interests. As a matter of fact, some credit repair companies prey on desperate individuals, looking to make a buck off of their anxiety and confusion about credit.
Stephen Leifer - Thursday, July 21, 2016
Though consumers will likely never know the exact formula used by Vantage or Fair Isaac to calculate credit scores, there is more information available than ever before, making it easier to prevent future credit damage for the consumer. Both scoring systems have made some information public concerning the calculation of scores, so you can better understand how that magic number is calculated.
Just paying your bills is not enough to have a solid score. There are actually several o ..
Stephen Leifer - Tuesday, July 05, 2016
Most people know they have a credit score and know it affects their ability to get credit, but fewer understand how credit scoring began and evolved.
Credit scoring has been used since the 1950s to help department stores make decisions about extending credit to customers. Within 20 years the majority of the nation’s commercial banks, credit card companies, and finance companies were using credit scoring, but it wasn’t until the practice was adopted by Freddie Mac and F ..
Stephen Leifer - Monday, December 14, 2015
One would assume that the creditors would want to base their lending decisions on the most accurate information. After all, they are in the business of calculated risk and accuracy stands to lower their risk, right?
Well, not exactly. Creditors actually benefit when there are errors on the consumers’ credit report. For example, a woman applies for a car loan. She has 25% down and seeking to borrow a conservative amount of money in relation to the salary she makes.
Stephen Leifer - Tuesday, December 08, 2015
Credit scoring is a frustrating process for many consumers, especially when it interfere with their ability to live the life and borrow the money they desire. Understanding a bit about how credit scoring began and how the system works can put your mind at ease and help you understand how to build a solid credit score.
Credit scoring began in the late 1950s. The goal was to help department stores determine if they wanted to lend to consumers, but eventually the practice sp ..