Under the CARES ACT thousands of consumers took advantage of the mortgage loan forbearance option. During that time no late payments were supposed to be reported to the credit bureaus, as no payments were being made during that time. Unfortunately, this was not always the case. The largest number of late payments that seem to … Read more
At some point in everyone’s life they will be in debt. That debt may be because of a mortgage, auto loan, student loans, or revolving balances. For most of these there is an end in sight as they begin with a specified amount of time to repay the debt. The exception is revolving balances. If … Read more
Payment history is one of the most important categories of your credit report. It makes up 35% of your credit score. With busy lives and so much to keep up with it is, at times, possible for a payment to be missed. For things that do not report on your credit file, i.e., utilities, rent, … Read more
For a lot of people during these uncertain times our new best friends are Amazon Prime, Grub Hub, Door Dash, and all the delivery drivers, etc. They come to our door two to three times a week bringing up groceries and household needs. In some cases, we may even see these people more often than … Read more
How Often Do Credit Scores Update? By Mindy Leisure The question is often asked, “should I pull my borrower’s credit report after the first of the month to see the most updated credit scores?” The assumption being that credit reports update during the first part of the month…actually this is far from accurate. Credit reports … Read more
There have been a lot of questions lately about installment loans and their importance to a credit profile. Such as: Does an installment loan help or hurt? How much do the balances on installment loans affect a score? What about the payment amount? Is that a factor that is considered? What happens when its paid … Read more
Short answer, the reason why your credit score is not increasing is something that you have probably never heard of called “Scorecard hopping.” Let’s say you have been working diligently to get a small medical collection deleted and you finally get the collection agency to write you a “pay for delete” letter. After a few … Read more
This is a very frequently asked question – It is possible to have a collection removed from a credit report? The best answer would be…sometimes. A lot depends on the type of collection, the amount of the collection and the policies of the collection agency. Technically, a collection will stay on a credit report (paid … Read more
There are certain decisions that people make when it comes to credit that seem like smart choices up front, but can in fact actually damage credit scores. Obviously, one of the best ways to obtain and keep a good credit score is to pay your bills on time. But that’s really just one small part, … Read more
With the changes the credit bureaus (Experian, Trans Union and Equifax) have made first regarding judgments and now tax liens being removed from credit reports, it is important to have a backup to make sure none of these items actually exist. Just because they are no longer on credit reports does not mean a borrower … Read more