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Why are my Credit Scores Different?

Texas Consumer Credit - Thursday, December 08, 2016
Most consumers wonder why their credit scores are so different. If you pull your own credit report, you will most definitely pull different scores than what a lender pulls. If you apply for a car loan, your scores will be different than if you are applying for a mortgage. Many people wonder why these scores are so different. There are actually hundreds of different scoring models available through Fair Isaac. Many of these are referred to as “industry option” s ..

How Credit Bureaus Get Paid

Texas Consumer Credit - Friday, March 04, 2016
You may already know that the credit bureaus make money by selling credit reports to companies who request a copy, but did you know that they also make money off of the inaccurate information on your credit report? That’s right, the credit bureaus have made quite a successful business out of processing disputes resulting from inaccurate information on your credit report. According to the U.S. Public Interest Research Group (PIRG), 79% of credit reports have inaccurate information. ..

Your Credit Rights… The Fair Debt Collection Practices Act

Texas Consumer Credit - Sunday, December 27, 2015
Many consumers have their legal rights violated by collectors without even knowing it. The Fair Debt Collection Practices Act is designed to stop harassing, unfair, and abusive debt collection practices. Knowing the important details of this act will help you stand up against abusive collection practices and stop collection companies from violating your rights. There are many requirements debt collectors must abide by per the FDCPA. Debt collectors are not allowed to tell others deta ..

Understanding FICO 08

Texas Consumer Credit - Wednesday, September 09, 2015
Fair Isaac has released their much anticipated FICO 08 scoring model. This new credit scoring formula has many differences relative to its predecessor FICO model. FICO 08 is the first big change in Fair Isaac’s scoring model since the 1980’s. Fair Isaac proudly predicts this new model will reduce the default rate on loans by 5-15% from their previous version. Many experts estimate it could actually improve the current risk predicting model by upwards of 50%. FICO 08 was rus ..

Items in dispute may not be in dispute at all!

Texas Consumer Credit - Wednesday, September 09, 2015
Completing the cycle of credit challenged client to closed borrower involves much more than writing dispute letters. Today I want to discuss removing dispute language after the investigation has been completed. First, I would like to clarify that there is no way to avoid having dispute language populate on items that are being challenged on a credit report. Once an item has been challenged, the credit reporting agencies place a code of "XB" to that item. The appropriate language of  ..

Top Ways to Manage Your Debt Ratio

Admin Manager - Tuesday, April 21, 2015
Top Ways to Manage Your Debt Ratio Debt ratio is the difference between the amount of debt you have charged versus the amount of money the credit card has authorized for you to use, or your credit limit. The difference is your debt ratio. This can also be referred to as revolving (credit card) credit you have available. If your credit limit is 5,000 dollars and you have charged 2,500 on the card, your debt ratio is 50% Debt ratio accounts for 30% of your FICO score, which makes it the s ..

Why Are My Disputes Being Sent Back As Verified?

Admin Manager - Tuesday, April 21, 2015
The e-Oscar method of investigating credit disputes may be the reason your credit dispute was verified as being accurate when you are positive a mistake has occurred. Credit reporting agencies (CRAs) have created an automated computerized system of dealing with consumer credit disputes. e-OSCAR enables Experian, Transunion, Equifax, and other consumer reporting agencies to create and respond to consumer credit history disputes automatically, without conducting an real investigation. The e-Osca ..