Articles Tagged with ''Credit score''

Do you use alternative data? This is how it opens door for millions of borrowers

Are you current with technology or still using traditional data?
Most mortgage industry leaders have made significant changes in their processes to keep current in the past few years and credit bureaus are no exception. Lenders are seeking creative methods to evaluate potential borrowers who lack credit history, and in some cases, identify consumers who will likely soon apply for credit and reach out to them directly. Here's how credit bureaus are meeting this challenge.
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Disappearing bankruptcies could start new wave of homebuying

Credit scores hit record high
Years after the housing crisis’ peak in bankruptcies, Americans are finally starting to see the filings drop off their credit report. Over the next few years, millions of consumers will see their bankruptcies drop off their report and their credit scores improve, allowing them to once again consider homeownership.
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CFPB fines Experian $3 million for lying about consumers' credit scores

Told consumers that purchased credit scores were same ones that lenders used
Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that lenders used to make credit decisions, the Consumer Financial Protection Bureau said Thursday. And for that deception, the CFPB is fining Experian $3 million.
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CFPB seeks increased lending to "credit invisible" borrowers

Accepting input on alternative borrower-rating options
The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand access to credit for consumers who lack enough credit history to obtain a credit score, also known as the credit invisible. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray said the bureau is officially is seeking public feedback on the benefits and risks of tapping alternative data sources. Do you have any comments you want to submit?
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For consumers seeking credit scores, VantageScores are no substitute for FICO scores

Here’s the truth
[Guest commentary] Consumers today are being bombarded by offers to get their credit score for free. These lead generation websites don’t provide the FICO scores used by nearly all lenders – but some experts say that doesn’t matter. They believe that if you rank high on one score, you’ll rank high on another score and that all these scores move up and down together. This is simply not true, and new research confirms it.
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VantageScore CEO: 5 facts for clearing credit score misperceptions

Let’s clear the air
For consumers trying to become financial borrowers, there is a wealth of information out there on where to begin and how to improve your credit. There are also a lot of misconceptions, especially given how complex the subject is. Barrett Burns, president and CEO at VantageScore Solutions, recently penned a blog on LinkedIn to clear the air on credit scores.
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