Are Credit Reports Still Important For The Elderly?

There comes a time in life when the hard work is done… you’ve paid off your home, cleared your auto loans, and are free of credit card debt. It’s a time to just time to sit back, reflect and enjoy. With no intention of taking on another mortgage, car loan or relying on credit cards, … Read more

Advantage Credit Announces Integration with ScoreNavigator

Evergreen, Colo., August 22, 2024  – Advantage Credit Inc., a leading provider of credit reporting services, is thrilled to announce its integration with ScoreNavigator, a move that will provide another option for lenders to help their borrowers optimize their credit worthiness. “We’re thrilled to offer our customers the opportunity to use ScoreNavigator tools, which will … Read more

FHFA Credit Score Initiative Updates…Where Are We Now?

On July 11, 2024, Fannie Mae and Freddie Mac released the latest update on the FHFA Credit Score Initiative Playbook. Included in this is an updated timeline which has not changed much from the timeline from the last update. At this point they are still targeting Q4 2025 for the full implementation of the new … Read more

ITIN’s – What You Need to Know

The IRS began issuing Individual Tax Identification Number (ITIN’s) in 1996 for individuals who are not eligible for a social security number. Initially, they were issued solely for tax purposes. According to the IRS, “ITIN’s do not provide identity outside the Federal Tax System and should not be offered or accepted as identification for non-tax … Read more

Bankruptcy – Dismissal vs. Discharged

According to the Administrative Office of the US Courts, Bankruptcy filings increased by 16.8% in 2023, encompassing both business and individual filings. Bankruptcies are now the sole public records appearing on credit reports, as the credit bureaus (Experian, Trans Union, Equifax) stopped reporting liens and judgments a few years ago. A common question we receive … Read more

The Trouble with Credit Reporting Codes

In the world of credit reporting, there are a plethora of different codes that are used to convey multiple different messages, with each serving a specific purpose. It is helpful to know a little about what some of these codes are and what they accomplish. For example, when a data furnisher (creditor) signs a contract … Read more

The “Little” Things in Credit Reporting

We all start a new year with new goals, new dreams, and new hopes. For some people, those goals involve getting their credit in order so they might buy a new home, possibly their first home. Most people understand the basics of obtaining and keeping a good credit score – Paying bills on time, not … Read more

Bi-Merge vs. Tri-Merge Credit Report

In the fall of 2022, the Federal Housing Finance Authority (FHFA) unveiled the Enterprise Credit Score and Credit Reports Initiative. This dual-phase plan aims to shift from requiring three credit reports for borrowers to just two reports, termed a ‘bi-merge.’ Additionally, it intends to transition from current scoring models to FICO 10T and Vantage 4.0. … Read more

Trended Data: A Look into Credit History

In October 2022 the Federal Housing Finance Authority (FHFA) announced approval for the use of the FICO 10T (released in 2020) and Vantage 4.0 (released in 2017) scoring models. Once rolled out these scoring models will replace the older scoring models currently used by the Government Sponsored Enterprises (GSEs) for mortgages. The FHFA believes the … Read more