Related Posts

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  The Differences between Online Credit Reports and Lender’s Credit Reports

  When you look at a credit report online at one of the many “free” websites, do you think you are seeing all the information found in your lender’s credit report? Are the credit reports the same or are they different? If they are different, what information is missing from those free online credit reports? To let you know, the credit reports found online are vastly different than the ones lenders use. A credit report found online is called a “consumer credit report” while a “lender’s credit report” is one used by lenders. You need to know the differences. Knowing what is in your lender’s credit report gives you accurate and real time information. The free consumer online credit reports give you a partial glimpse of your lender’s credit report – it does not give you the same information found in your lender’s credit reports. The more important question is; where can you get access to your lender’s credit report and review it?
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  One Credit Score Goes Up, All Credit Scores Go Up - Right?

  No. That's not how the lender's Classic FICO scores work.
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  The Differences to a Drop in Credit Scores from a Late Payment

  No one wants to have a late payment show up on his / her credit report. Nevertheless, it happens. Due dates or recent charges are easily forgotten and before you know it, a 30-day late payment appears on your credit report. Your FICO® credit scores suddenly decline and you are left wondering, “Following a late payment, why does one FICO score for one consumer drop a lot more than another consumer's FICO score.”
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  Consumers with Higher Credit Scores Set to Pay Higher Interest Rates than Those with Lower Credit Scores - WHAT?!?

  The FHFA – the federal regulator for Fannie Mae & Freddie Mac -- set out new guidelines for interest rates and one part of the change has certain consumers with lower credit scores qualifying for lower interest rates than other consumers with higher credit scores. Someone with a 640 credit score in essence will qualify for about ¼% lower in interest rate on a 30 year mortgage than someone with a 740 credit score. This is flat-out wrong! How does this happen?
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  Following Credit Karma Credit Scores can be a BIG Mistake for Every Consumer

  Many realtors and brokers tell their clients to get their “Free” credit scores at Credit Karma to know their credit qualifications. The problem is, what is provided to them from the Credit Karma Credit Scores is never reliable.
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  Going from What You Thought was an “A” to a “D” in Understanding Your Credit Scores

  When reviewing a credit situation or teaching a class on credit scores, it is always interesting to get feedback. People always state that they know a lot and are an “A” student in understanding their credit score. After a review is complete however, they quickly discover that many important points have been completely overlooked, and their credit score understanding is more like a “D”. As one professor put it, “The vast majority of individuals do not even have any fathom idea of all the factors impacting their credit scores.”