Sawin & Shea

FEBRUARY 14, 2023

Credit Scores: What Happens When You File for Bankruptcy? When you file for Chapter 7 bankruptcy, you will list all of your debts, non-exempt assets can then be liquidated to pay back your creditors. In this situation, your creditors and lenders might get more money back than they would with a Chapter 7.

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Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Credit Bureau 72

Credit Corp

JANUARY 21, 2021

It obligates companies to report truthful information on your credit report. The Fair Debt Collections Practices Act a lso helps ensure creditors are honest when reporting or collecting debts. The Truth in Lending Act is part of the Consumer Credit Protection Act. Credit law can be complex.

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Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. It’s crucial to keep track of your credit score regularly, but many people are hesitant to check it because they’re afraid it will have a negative impact.

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Better Credit Blog

OCTOBER 29, 2021

Lenders and credit card issuers carry out two types of checks on your credit. The first, a soft credit check, doesn’t impact your credit score at all. We’re going to walk you through soft and hard credit checks and what they mean for your credit score. This is why it doesn’t affect your credit score.

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Credit Corp

MARCH 23, 2021

Depending on the specific credit bureau or bureaus that your vehicle loan lender reports to, it will only show up on those credit reports. There are three different credit bureaus that are mainly used by all lenders: Experian, Equifax, and Transunion. What Contributes to Your Credit Score?

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Loans Lender Credit Bureau Student loans 98

Sawin & Shea

JUNE 9, 2021

Approximately one third of consumers with a credit bureau file were contacted by at least one creditor or debt collector each year, according to a CFPB (Consumer Financial Protection Bureau) survey. The FDCPA applies only to debt collectors (the third-party collection agencies), not to the original lender.

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Credit Corp

AUGUST 5, 2020

Governments, charities, and even creditors scrambled to put programs in place to support people during this time while also mitigating future economic fallout. And this isn’t the first time creditors have found themselves working to support borrowers while worrying about their own bottom lines. What Is the FICO Resilience Index?

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Creditors Creditworthiness Lender Credit Bureau 106

Better Credit Blog

APRIL 1, 2022

If disputing the negative entry doesn’t work because you couldn’t find errors, or because the credit bureaus fixed them, your next step should be asking for a goodwill adjustment. Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill.

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Bankruptcy Collection Agencies Collections Agency Lender 114

Fico Collections

NOVEMBER 9, 2020

Working with our credit bureau partners, FICO examined a timely indicator of borrower response to the current economic stress — the presence of a loan accommodation— that is available in credit bureau data. What are some of the key insights lenders can draw from this relationship?

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Lender Credit Bureau Loans Construction 52

Titan Consulting

MAY 3, 2020

All three for-profit credit reporting agencies, Experian, Equifax and Transunion compile and report consumer credit and debt payment activity and sell this consumer information to lenders seeking to grant credit. Here’s why: Who Decides Your Credit Score? Final Thoughts.

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Credit Corp

JUNE 12, 2023

Try to Get Past-Due Accounts Off Your Report If you have a past-due account listed on your report, it might be possible to get the creditor to remove it. You can ask the creditor to forgive the past-due payment and remove the item from your credit report with a goodwill letter. How Can You Clean Your Credit Report Fast?

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Credit Corp

MARCH 22, 2021

Stringent data protection laws are another reason why credit organizations don’t share your credit report with credit bureaus outside the country. This gap in communication between two credit bureaus from different nations creates a barrier to transfer your credit score abroad.

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Lender Loans Creditors Credit Card Debt 94

Credit Corp

DECEMBER 1, 2020

Read on to learn how late a credit card or car payment can be before it affects your credit score and what to do if it does. How Late Can a Credit Card Payment Be? People often wonder how late a payment has to be before their creditors report it to the credit bureaus. Sometimes it’s 5 p.m.

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Fico Collections

AUGUST 25, 2021

In my previous blog post , we explored how using pooled models can help you say “yes” to more good credit applicants. MYTH #1: We already use a credit bureau score to assess application risk. DEBUNK: Lenders need powerful, focused risk prediction, and 80% of measurable risk is decided at origination.

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Credit Corp

JUNE 14, 2020

The original lender or collection agency fails to collect within the statute of limitations. The unpaid debt falls off your credit report after a certain amount of time. Suddenly, the debt reappears on your credit report, except now it’s a zombie debt. Judgments can also show up on your credit report for years.

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Better Credit Blog

APRIL 5, 2022

Then kindly ask the debt collector to remove collections from your credit report out of goodwill. With some newer scoring models of FICO and VantageScore, they ignore a collection marked as “paid”, though many lenders still utilize older formulas that will still weigh a paid collection account against you.

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Credit Corp

JUNE 29, 2020

This data is supplied by lenders, creditors and businesses where you have accounts. The information contained in your credit report determines your credit score. Higher credit scores are more attractive to lenders and creditors. Monitor Your Credit Report and Credit Score.

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Credit Corp

FEBRUARY 25, 2021

This data is supplied by lenders, creditors and businesses where you have accounts. The information contained in your credit report determines your credit score. Higher credit scores are more attractive to lenders and creditors. It also helps you catch inaccuracies or signs of identity theft sooner.

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Credit Corp

JULY 25, 2023

Hard Inquiries When you apply for credit, you give the financial institution permission to pull your credit report so that it can decide whether or not to approve you. When the credit card or loan company asks for your credit report, the credit bureau notes the request—and that, in a nutshell, is a hard inquiry.

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Better Credit Blog

MAY 4, 2022

Owing money to several creditors and remembering when the monthly payments are due for all of them can be overwhelming. And worse, forgetting to pay on time will lower your credit score and cost you more in late payment fees. Consolidating your debt could mean your credit score goes down initially. Debt Consolidation Guide.

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Titan Consulting

AUGUST 17, 2020

However, if your outstanding balance remains at $4,000, and your two creditors lower your combined available credit by 50% on the two accounts to a total of $5,000, your utilization ratio now increases to 80%, even though your outstanding balance never changed. You skipped a payment without first contacting your lender.

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Lender Debt Consolidation Loans Creditors 60

Titan Consulting

APRIL 26, 2020

Deferring your auto payments may put you at risk for repossession if your lender requires you to catchup and make all deferred payments at the end of the deferral period. Amid economic uncertainty, and lockdowns extending through April and possibly into May, it is tempting to call creditors requesting payment extensions.

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Student loans Student Loans Lender Loans 52

Credit Corp

DECEMBER 21, 2020

Whenever you apply for anything—a loan, credit card, etc.—the the lender will need to look into your credit report. Called a credit check, there are two kinds of credit checks—hard and soft. Each is used for different reasons and has a different impact on your credit score. Promotional soft credit checks.

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Lender Personal loans Loans Legal Rights 99

Better Credit Blog

AUGUST 24, 2021

And if you happen to have a fair or not-so-great credit score, are you just out of luck, or are there steps you can take to change your situation? If the entire credit score thing seems murky and confusing to you, fear no more. It is an assessment of your credit history, based on the information compiled about you in a credit report.

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Lender Loans Personal loans Student loans 59

Credit Corp

SEPTEMBER 7, 2020

One of the primary goals of VantageScore is to provide a model that is used the same way by all three credit bureaus. That would limit some of the disparity between your three major credit scores. So, what are the differences between an Experian credit score calculated using VantageScore and one calculated via the FICO model?

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Fico Collections

JANUARY 15, 2021

The FICO Blog posts last year reflected that – we wrote about everything from the impact on collections, proactive lender communications with consumers, issues with fraud, and of course, how FICO® Scores were impacted. We hope that what readers learned helped instill confidence in keeping credit flowing during uncertain times.

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Lender Loans Consumer Credit Credit Card Debt 59

Credit Corp

FEBRUARY 21, 2021

Get some tips to find out all your debts so you can make educated decisions about how to clean up your credit history. Check Your Credit Reports Go Through Old and New Mail Listen to All Those Old Voicemails Contact Creditors You Think You Owe. ExtraCredit lets you see your credit reports from all three bureaus—anytime.

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Credit Corp

MARCH 16, 2023

You can also check 28 of your FICO scores and get regularly updated information about your credit reports and scores when you sign up for ExtraCredit. Add Fraud Alerts to Your Credit Reports Contact each credit bureau and add a fraud alert to your credit report. You can do this online or via phone.

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Better Credit Blog

DECEMBER 9, 2020

Hard inquiries happen whenever you apply for funding from a bank, retailer, or lender. These credit pulls let lenders, landlords, and employers take an in-depth look at your credit usage, granting them access to your full credit report. They may also happen when you apply for a new lease or a job.

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Better Credit Blog

JANUARY 6, 2021

Hard inquiries let lenders obtain your credit report(s). As such, this type of inquiry happens when you apply for credit cards, as well as loans and lines of credit. Soft inquiries have no effect on your credit. This could also deter prospective lenders from approving your applications. Call in the Experts.

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Lender Loans Repossession Foreclosure 52

Troutman Sanders

MAY 9, 2023

The proposed rule would require lenders to assess a borrower’s ability to repay a PACE loan and would provide a framework for how these loans will be treated under the Truth in Lending Act. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

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Financial services Student loans Student Loans Loans 52

Better Credit Blog

JANUARY 29, 2021

How Does a Macys DSNB Hard Inquiry Affect Your Credit Report? Any time you apply for new credit, like a card, loan, or line of credit, the lender might run a hard credit check. Hard inquires give creditors an all-access pass to your credit reports. How to Remove Macys DSNB from Your Credit Report.

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Better Credit Blog

JANUARY 5, 2021

If you are overwhelmed by dealing with negative entries on your credit report, we suggest you ask a professional credit repair company for help. Credit checks allow prospective lenders, banks, employers, and landlords to see your credit reports. Ask Lex Law for Help. How Do Hard Inquiries Work?

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Retail Loans Repossession Lender 52

Better Credit Blog

JANUARY 5, 2021

If you are overwhelmed by dealing with negative entries on your credit report, we suggest you ask a professional credit repair company for help. Credit checks allow prospective lenders, banks, employers, and landlords to see your credit reports. Ask Lex Law for Help. How Do Hard Inquiries Work?

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Retail Loans Repossession Lender 52

Credit Corp

APRIL 11, 2023

For per-card utilization, you can use a credit card utilization calculator or the formula listed above, but instead of adding all your account balances together, you calculate each card separately. Most experts recommend keeping your overall credit utilization score under 30%.

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Loans Debt Consolidation Student loans Student Loans 97

Better Credit Blog

MAY 3, 2022

Experian should make your shortlist if you’re mostly interested in your Experian credit report. Some creditors prioritize Experian credit reports over others, so if you’re planning to work with a lender that values your Experian score in the next few months, you can benefit by choosing this service. Compare Rates Now.

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Better Credit Blog

APRIL 11, 2022

So let’s break down the kinds of data you can find — and correct — in your credit reports from the three major credit bureaus — Equifax, Experian, and TransUnion. This section of your credit report tells potential lenders who you are. Who is the person attached to all this credit history?

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