Opting Out by Mindy Leisure Does “opting out” really help your credit score? For years I have had people tell me their clients opted out and it increased their credit score by 10 or more points. In reality this is a myth. Opting out has no bearing whatsoever on a person’s credit score. What is … Read more
There are many obvious actions that can cause a credit score to drop such as making late payments, maxing out a credit card, etc. But there is one seemingly innocent action that you’ve probably never thought of that could drop a credit score by 20 or 30 points. It may seem like a harmless thing … Read more
There have been a lot of questions cropping up surrounding the changes coming in June to credit reports. These changes are due to the settlement agreement from 2015 between the credit bureaus and state’s Attorney Generals. The last phase of this agreement is set to be in place as of June 8th, 2018. Due to … Read more
FOR IMMEDIATE RELEASE Evergreen, Colo., May 15, 2018 – Advantage Credit, Inc., a leading provider of credit reporting services to the mortgage industry and the developer of Monitoring Advantage which is the premier client retention and lead generation tool is pleased to announce an integration partnership with SimpleNexus. SimpleNexus is an enterprise digital mortgage platform … 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
For the second time in the last year the credit bureaus are making a major change in their credit reporting standards. Last week Experian announced that starting on April 16, 2018 all tax liens will be removed from consumer credit reports. And they will stop reporting all tax lien data going forward. Trans Union and … Read more
At Advantage Credit, we’ve always taken an active role in trying to shape regulation and policy that help produce sound credit underwriting decisions that will benefit both lenders and consumers. To that end, the Federal Housing Financial Agency (FHFA) announced a Request For Input (RFI) seeking feedback from interested parties regarding how Fannie Mae and … Read more
Late payments and revolving balances are the two things that can do the most damage to a credit score. Having a late payment show up on your credit report probably makes sense but can revolving balances really have as much of a negative impact as a late payment? Absolutely. Let’s look at late payments first. … Read more
Divorce, in and of itself has no bearing on your credit. However, if you have joint accounts with your ex you could be in for trouble, even if debts are listed in the divorce decree as being the responsibility of your ex spouse. As far as credit is concerned, the divorce decree really has no … Read more
Thanks to a 2015 settlement agreement between the New York Attorney General and the three credit reporting agencies, some important changes are on the way in regards to credit reporting. An additional agreement between the credit reporting agencies and another 31 state attorney generals ensure that the change will be nationwide. The changes are being … Read more