Several weeks ago, we published a blog on tips for improving your FICO scores. Many people may not realize that there is a competing credit scoring system. There are also other credit scoring models that are currently used and becoming more popular. More lenders are starting to use VantageScore. VantageScore bases your score on the following factors: Your payment history: Payment history is the most important scoring factor for the VantageScore model. Your score is docked for late payments. With VantageScore, certain types of late payments carry a more severe penalty. For instance, you are docked more points for late mortgage payments under the VantageScore model. Age and type of credit: VantageScore places a high importance on the ages and types of credit accounts listed in your credit reports. According to VantageScore, it is a good idea to maintain a mix of credit card, mortgage, auto and other types of…
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Errors on your three credit reports could reduce your access to credit and certain types of employment. Unfortunately, credit reporting errors are quite common. According to the Consumer Financial Protection Bureau (CFPB), it received 43,000 complaints involving credit score errors during 2016. Common credit report errors may include: Incorrect reporting status: Your credit reports could contain very old accounts that should no longer be listed. Accounts that you have paid may be listed as unpaid. In addition, your credit reports may list the wrong balance or lender for an account. Mistaken identity: Your credit reports could list accounts that do not belong to you. This type of error may occur when your credit report lists an account that belongs to someone with a similar name. A family member’s negative account status may also be listed on your report by mistake. Data management errors: On its website, the CFPB lists common…
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Sader Law Firm is a Debt Relief Agency. We help people file for Bankruptcy Relief under the Bankruptcy Code. The information contained on this website is not to be construed as legal advice. It is not intended to solicit or form an attorney-client relationship. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.
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