Google the term "credit repair" and 19 million results are instantly generated. With so much information available, and so much of it conflicting, how do you know which credit repair company is legitimate and which ones are really just looking to take advantage of desperate consumers? The following are steps you can take to know exactly what to expect from a legitimate credit repair company or … [Read more...]
What you need to know about credit scoring: Part II
September 9, 2008 By 1 Comment
Part II: The Five Factors of Credit Scoring There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: 1. Payment History: 35% impact. Paying debt on time and in full has a positive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high payment has a more severe impact … [Read more...]
What you need to know about Credit Scoring
August 7, 2008 By Leave a Comment
Part I: Good Credit Translates into Lower Rates for the Consumer In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human error out of the equation with a reliable system that … [Read more...]
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