Once a year I try to touch on the evils of credit repair as every year I see more and more the damage it can cause a borrower. But it’s not just the borrower that is negatively affected by credit repair. It can also be damaging to the mortgage broker or lender if they are … Read more
How long does negative information really stay on a credit report and how long will it affect scores? This can vary based on what the negative information is, but in most cases it’s going to be seven years. As it ages there will be less and less of an impact on a credit score, but … Read more
This is probably the biggest question we get in the credit reporting industry, “how much will (blank) affect my credit score?” You can fill in the blank with inquiry, opening a new account, closing an account, having a late payment, etc. The list goes on and on. The truth is there is not a set … Read more
Effective June 15, 2016 some consumers will start to see a little relief on their credit report as it pertains to certain collections that will now no longer be able to be reported. These are debts that “did not arise from a contract or agreement to pay.” This would include library fines, parking tickets, speeding … Read more
There are three kinds of public records that can appear on credit reports: Bankruptcy Chapter 13 and Chapter 7, state and federal tax liens and civil judgments. However unlike creditors who are data furnishers like credit cards, mortgage companies, etc., courts do not, in most cases, actually furnish the information directly to the credit bureaus. … Read more
There’s no doubt that having a mortgage on your credit report can be a big help to your credit scores. However if you file bankruptcy you may notice that your mortgage is no longer reporting or at least no longer reporting your monthly payments. This is even if you have continued to make payments on … Read more
Evergreen, Colo., September 14, 2015 – One way that Advantage Credit, Inc. remains on the cutting-edge of credit reporting is by continually striving to provide the most effective tools and applications. The latest endeavor is to introduce Rapid Rent Reporting, which allows the reporting of a consumer’s rental payment history as a traditional credit report … Read more
How long do items stay on a credit report? A lot of people will answer that question with a simple: “seven years.” In some cases this is true. Overall though, it’s not that simple. Both positive and negative items have a “life span” and those are not all the same. Let’s start with something simple. … Read more
A Presentation of the Did You Know Series Experian, Equifax and Trans Union have added a new function to their dispute handling system that makes explaining or providing proof of your dispute a bit easier. You can now upload, fax or mail any supporting documents you may have concerning your dispute. Prior to this the … Read more
When an account on a credit report has a dispute remark on it, an automated underwriting system (AUS) will pick up that remark and show it as a “refer” or an “ineligible”. Per Fannie Mae guidelines, the remark must be removed at the bureau level in order to run the report through the AUS. If … Read more