Credit Repair could cost you your mortgage company or your mortgage career for life. Still think it is worth one more deal a month?... Continue Reading »

The Credit Unicorn, the mythical creature that is rarely seen but has been captured in this Video. What does it prove? it depends on... Continue Reading »

Link to the CFPB Report http://files.consumerfinance.gov/f/201209_Analysis_Differences_Consumer_Credit.pdf Executive Summary When consumers purchase their credit scores from one of the major nationwide consumer reporting agencies (CRAs),... Continue Reading »

Mixed Credit File,This occurs when an individual’s repository file becomes corrupted and two social security number show up among other things and credit accounts from two files are mixed together. It is easy to correct this at the bureau level watch how to correct this in this video

What to do when your collection account gets sold over and over again, It is called re aging, churning, and it is just wrong… Collectors sell debt in an attempt to keep it on your credit report longer than allowed. You can fight back! Start with this video…

What is the Statute of Limitations on Debt?

Most revolving accounts stay on you credit report for seven years starting 180 days after the first delinquency.

Most installment or utility stay on you credit report for seven years starting 30 days after the due date.

Bankruptcies can stay on you credit report for ten years starting from the date of discharge.

Chapter 13 Bankruptcies can be removed form your credit report in as little as 7 years but may stay on you credit report for ten years starting from the date of discharge.

Federal Tax Liens can stay on you credit report for seven years starting from the date paid. if not paid they could remain for ever.

State tax liens very by state so check with your local reporting rules.

Judgments and lawsuits can be reported for seven years from the date paid or until until the statue of limitations runs out witch ever is longer and unpaid judgments can be renewed.

Special Guest Danielle Boote explains the problems with trying to get a home refinanced with a tax Lien. Watch to find out.

Credit Score War! FICO Credit Score vs Vantage 3.0 Credit Score who will win? Another shot has been fired at the industry standard FICO Credit Score by the upstart with big pockets Vantage. Vantage has just introduced the newest version of it’s Credit Score called Vantage 3.0. They have done away with the often confusing range of 501-990 and adopted the FICO range of 300 to 850! This is a big win for consumers, who will no longer be confused about the different ranges and it will help Vantage 3.0 start getting acceptance with Fannie and Freddie. 

Warning Mortgage Lenders, Beware the Closed Account with a Balance. Credit Score Tips. Please be very careful when helping a borrower with a closed credit account that still has a balance outstanding. Especially if it is on the Student loan FICO score card. I was helping a great loan officer try and work on a report and we came up two points short. Given that I am the credit guy, I found a slam dunk option that I have seen work 100’s of times. 

The Top 3 Credit Score Questions on Medical Collections and other Credit Score Tips. What are the top 3 Medical questions of 2013?

1. When a collector claims that they deleted a collection previously reported to the big 3 repositories, how can you verify this?
2. Do medical bills hurt your credit score?
3. Does a paid medical collection raise your score vs an unpaid, or dose a paid medical bill have no effect?