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
On July 1, 2022, some positive changes took effect regarding medical collection practices. First, all paid medical collections started falling off credit reports, and second, collection agencies were required to wait one year before reporting a medical debt to the credit bureaus. This was to give the consumer a chance to pay the debt before … Read more
A “Rescore” is updating information on a credit report at the bureau level in an expedited manner. It is not credit repair, and it is not something the borrower can do on their own. The changes made through a rescore would eventually organically update at the bureau level but that can take 30+ days or … Read more
Inaccuracies on credit reports are an ongoing problem and a source of great frustration for consumers. Many of the inaccuracies are accounts those consumers believe belong to another person, or that they may have been a victim of identity theft. A lot of consumers feel they don’t have the time or fortitude to address the … Read more
In 2020 the House passed two bills that could have a dramatic impact on credit reports. The Comprehensive Credit Act and the Protecting Your Credit Score Act of 2020(21). Both are similar and provide pretty extreme changes to what some consider to be a very unfair credit reporting system. To summarize, there are five main … Read more
When it comes to credit reporting, there are two questions that are asked consistently: Do creditors have to report to the bureaus? And how can I get my rent to report to the credit bureaus? Looking at the first question – Do creditors have to report to the bureaus? – the answer in a word … 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
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
In a study from Javelin Strategy and Research published in May, more than one million children were victims of identity theft in 2017. Of those, 66% were under the age of eight. Up until now it was next to impossible to freeze a child’s credit file because there was no history for them. Children are … Read more