Credit Blog

Credit Bureaus Removing Important Data July 2017, Millions Effected

 

Credit report with score on a desk

Beginning July 2017, the “Big 3” Credit Bureaus, TransUnion, Equifax and Experian are making a big policy change as part of their agreement with a group of State Attorneys General regarding their handling of all civil judgments and about half of all tax liens that are currently reporting to the credit bureaus, as well as any that will report in the future.

In essence, the credit bureaus have determined that the accuracy of these items is not up to par with their usual reporting guidelines so to avoid any future problems (and likely legal troubles) they are agreeing to remove these items from the credit reports of consumers altogether.

For some consumers, this will result in a credit score increase but don’t get too excited just yet…FICO is estimating that the score increase will only be about 1-19 points on average for the majority of people, however a small percentage will see a bigger score boost (20-39 points) on their credit from these changes and lastly a very small group will see a boost of 60 or more points added to their score. It is estimated that 12-14 million people have liens or judgments that could be removed from this change.

The flip side of the coin will be the loss of the extra leverage for those who received the shorter end of the stick on a civil court case in their favor. Traditionally these items reporting on the reports of those who owed them money was an extra form of leverage to hopefully one day get paid what was owed to them. The reporting of this information was also a warning to let other potential lenders know that the consumer may be a higher risk to them when making a lending decision based on the fact that a case went all the way to court without a resolution. The tax lien information reporting on the credit report was also intended to serve the same purpose.

A bigger question will be the impact on potential home borrowers in the months following this decision. Many are expecting the judgment and tax lien information to still show up with the Title Company before the final home buying process is completed even though it is not necessarily impacting the actual credit score. In most cases, a potential home buyer is not able to proceed with the home purchase until all judgments or tax liens have been resolved. These new changes will create possible issues with these roadblocks showing up at the end of the buying process which can create even bigger headaches and hassles for consumers who are under the impression they are no longer being held back by these public record items because they are no longer reporting on their credit reports.

If you are in need of a credit report analysis and review please contact us at 888-900-5138 for a Free Credit Evaluation or visit www.Credit360Consulting.com

 

 

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Your Credit Score And Your Buying Power: Be Sure Of The Impact Your Score Has On Your Future

 

Having a low credit score can have a tremendous effect on your buying power. It can impact your ability to buy a home, ability to get more credit and your ability to buy a car.

Buying a home is an important milestone for most people. Owning a home is part of the American dream and is an important step toward a secure future.

When you are considering buying a home the first thing you should look at is your credit report. A credit score of more than 740 should typically get you the best possible mortgage rate. Any score lower than 740 usually have a significant impact on either your rate or your points. In many cases you might even have to buy mortgage insurance if your score is low.

The majority of lenders in the market will not lend to you at all if you have a score of fewer than 620. Even small increases in your interest rate will translate into a huge amount of money over the lifetime of your loan. Your low credit score will have a profound impact on your ability to buy a home. If you want to buy a home one day you need to make sure that your credit score is as close to 740 as possible.

Having a low credit score will also impact the type of car you will be able to finance. Most people can only afford a certain level of monthly car payment when they go to buy a car. The lower your score is the less you will be able to borrow to buy the car and the higher your interest rate will be. Some car loans an charge almost 25 percent in interest for poor credit buyers.

The combination of high interest rates and smaller loan amounts will necessarily lead to a smaller or older car. More often than not it will be an older car or worst case scenario you will have to buy the car from one of the buy-here-pay-here dealers. Knowing that your credit score might eliminate your ability to buy a decent car and it will impact the quality of car you can afford you need to pay attention to your credit score. If you have poor credit you need to consider credit repair in Austin to help your raise your score.

Having access to credit can be helpful when you are getting married or having a child. Having a low credit score can negatively impact your access to credit and thus put you in a bad situation in the future.

Your credit score can impact your ability to get access to more credit. You might not want to have another credit card now but when you end up in a situation where you need credit you want to be able to access it. Your credit score will impact your ability to get more credit and it will also impact your interest rates. Having a high interest rate can make credit prohibitively expensive for you and your family. If you think you may one day need quick access to credit then you need to keep track of your credit score.

Credit scores are important and they have a great impact on your buying power. Your credit score can negatively impact your ability to buy a home, a car, or simply have access to credit when you need it. Keep an eye on your credit score now, or work with credit repair in Austin if you have already poor credit, so you can ensure that your buying power will not be negatively impacted in the future.

 

For more information regarding our consumer credit repair program please request a FREE CONSULTATION

 

Or download our Free E-book “The 7 Costly Secrets Dr. Bad Credit Does NOT Want You to Know”

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Credit Bureaus and Facebook- Credit Repair San Antonio


He Posted, She Posted­­

Your credit report is a little like your facebook page. There is a story that it tells about your past and your present and although it doesn’t show pictures, it gives the reader a good idea of what the scenes look like and even what you are wearing! You live your life and the credit bureaus document what’s going on from their view, the financial view. Actually, the credit bureaus report what others (creditors) say about you and your spending habits.

In facebook terms it would be like having a facebook page that your friends, enemies, and frenemies (enemies who disguise themselves as friends) create your profile, posts, and status updates. The funny thing is that you are more upset when someone posts something negative about you on their page or yours or anyone else’s facebook page that simply isn’t true, and when the credit bureaus create their see­report (their version of hear­say) you don’t even know it happened because you don’t check your credit report as often as you check your facebook page.

You monitor which pictures of you are posted and tell your friends to not post ‘that’ picture because it makes you look fat or ugly or inappropriate, I mean you don’t everyone on facebook to think bad about you or paint you in a negative light. Meanwhile, the credit bureaus are quick as a tabloid photojournalist to develop their story of you for creditors to get to know who and how you are.

Your Profile in a Picture
You will find on your credit report that there is a section usually at the top or beginning of the report that gives basic information about you. It includes your name, aliases, address where you live currently and in the past and your current and past employers. If this information is incorrect in anyway or if you see additional information that does not pertain to you, there is a chance that there are other errors in your report that may be hurting your credit score.

Your Life as told by the Credit Bureaus
The type of accounts you have open tell the reader (creditor) where you shop, where you live, how much your house is, what kind of car you drive, where you buy your spouse’s jewelry, and the list goes on and on. If you are noticing accounts that don’t belong to you it should be pretty obvious that there may be credit fraud or major reporting errors that need to be removed and addressed ASAP!

Recent Posts
Creditors and third party collection parties are little like the people in your life who post current and past pictures of you for others to see on facebook. The posts that really get you worked up are the ones from the past that are lingering out there and haven’t been seen by anyone on anyone’s page, but they somehow get ‘refreshed’ when someone comments on it or just now ‘tags’ themselves after a couple of years when the actual horrible picture of you was taken. This is similar to the reporting game that credit bureaus, creditors and third party collection parties play when it comes to your credit history and your credit score. If you are not sure how to address such items on your credit report, contact a credit consultant who can help you understand the pros and cons before you start going after everything and everyone reporting on your credit report and possibly opening yourself up to bigger problems.

For more information on assistance with credit repair in San Antonio, please call us at 888-900-5138 or request a FREE CONSULTATION.

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Posted on by Marco Salinas in Credit Repair, Credit Repair San Antonio, Credit Restoration San Antonio, Repair Bad Credit, San Antonio Leave a comment

Double-Checking Credit Reports with Credit Counseling in San Antonio

Good credit scores mean that applicants would have an easier time in loan applications and premium payments. Scores are usually determined by checking one’s credit report. An article published by the London Evening Standard on November 29, 2013 details why it is important for a person to regularly check his or her credit report, and implement credit repair or credit counseling in San Antonio if necessary. Read more

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Helping College Seniors Financially with Good Credit Repair in Dallas

Daily Finance published an article on December 11, 2013 that talks about one of the most important grading systems college seniors have to face when they finally walk down the aisle to receive the long-awaited diploma:

Walking the stage at graduation and into the “real world” leads to the time when you start being evaluated on a far more critical number than your cumulative GPA — your credit score. Read more

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The U.S. Economic Surge and its Effect on Credit Repair in Austin, TX

An article published in Bloomberg last December 6, 2013 details the positive trend developing in American credit after the devastating recession five years ago:

The $18.2 billion increase in credit followed a revised $16.3 billion gain in September that was more than initially reported, the Federal Reserve said today in Washington. The median forecast in a Bloomberg survey of economists called for a $14.5 billion advance. Read more

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Credit Repair in San Antonio: Correcting Incorrect Credit Information

If you’re experiencing the consequences of bad credit, credit repair is a legal option you can take to improve your credit rating and help you return to the plane of financial stability. San Antonio credit repair consultants can help to make the complicated job of repairing your credit simpler, and the Federal Trade Commission has this to say about it: Read more

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Credit Repair San Antonio- Personal Budget Busters and How to Trim Down

Are your habits or daily rituals costing you money? Do you even know if you have costly rituals or habits? Maybe it is a monthly ritual or annual ritual? Whatever it is, are you willing to try something different in order to free up some money in your family’s budget?

We all know how to lose weight by lowering the calories we eat and exercising more just as much as we know how to save money by not spending more money than we bring in. But what are those little things that we don’t take into consideration when creating a budget. I have to admit that I still pick up magazines that claim to have THE best ideas on how to create a budget that will get me out of MY DEBT. Somehow many of the authors of these articles think that I have a very money thirsty habit of drinking very expensive coffee drinks on a daily basis. This couldn’t be further from the truth (no, I am not resisting the opportunity to confess a designer coffee addiction) and further from the type of tips I could use in addressing the habits and rituals that really do cost me money on a regular basis.

Before you begin to review your budget draining habits, I would suggest you start by asking yourself if you are using your cash/checking/debit card for items that you need and reserving your credit cards for items that you can agree to pay within the next 30 days or on a reasonable payment agreement. This means that you should NOT be using your credit cards to make purchases such as groceries and gas. If you are not able to afford to pay for groceries (eating/drinking out) and gas, then you may need to review your budget a bit more aggressively.

Here are a few guilty pleasures that may be draining your budget faster than you know:

Cable
I started by testing the strength of my cable addiction by filling my schedule with other activities and also seeing if I could find the shows and news that I was missing online for free! I went ahead and cancelled the cable altogether. You can also shop around or call to negotiate for the current promotion price with your cable provider if you are not willing to live without your cable.

Eating Out
What is more weird: eating at a restaurant because you are in a restaurant even though you are not hungry and it doesn’t fit in your budget or eating a meal you prepared for yourself with your groceries at your office before or after your meeting at a restaurant? Consider a variety of spaces when scheduling a meeting and be open to a budget friendly space like an actual office for professional meetings. Save yourself some calories and money by eating before or after meeting with colleagues or friends.

Drinking
Drink specials aren’t always the least expensive drink to order when out with friends and colleagues. They can tempt you into drinking something other than what you would have ordered in the first place and probably more expensive. You can always order my favorite ‘fake out’ drink, a club soda with salt and lime and save yourself some money and a few headaches.

For a few more ideas on how to save money on everyday actions:

For more information on credit repair in Austin, TX- Please contact us directly at 512-827-9969 or toll free 1-888-900-5138. Or request a FREE CONSULTATION with a FICO Certified Credit Expert.

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Posted on by Marco Salinas in Credit Cards, Credit Counseling, Credit Repair, Credit Repair San Antonio, Credit Restoration San Antonio, Debt Settlement, Repair Bad Credit, San Antonio Leave a comment

Credit Repair Austin- Personal Budget Busters and How to Trim Down

Are your habits or daily rituals costing you money? Do you even know if you have costly rituals or habits? Maybe it is a monthly ritual or annual ritual? Whatever it is, are you willing to try something different in order to free up some money in your family’s budget?

We all know how to lose weight by lowering the calories we eat and exercising more just as much as we know how to save money by not spending more money than we bring in. But what are those little things that we don’t take into consideration when creating a budget. I have to admit that I still pick up magazines that claim to have THE best ideas on how to create a budget that will get me out of MY DEBT. Somehow many of the authors of these articles think that I have a very money thirsty habit of drinking very expensive coffee drinks on a daily basis. This couldn’t be further from the truth (no, I am not resisting the opportunity to confess a designer coffee addiction) and further from the type of tips I could use in addressing the habits and rituals that really do cost me money on a regular basis.

Before you begin to review your budget draining habits, I would suggest you start by asking yourself if you are using your cash/checking/debit card for items that you need and reserving your credit cards for items that you can agree to pay within the next 30 days or on a reasonable payment agreement. This means that you should NOT be using your credit cards to make purchases such as groceries and gas. If you are not able to afford to pay for groceries (eating/drinking out) and gas, then you may need to review your budget a bit more aggressively.

Here are a few guilty pleasures that may be draining your budget faster than you know:

Cable
I started by testing the strength of my cable addiction by filling my schedule with other activities and also seeing if I could find the shows and news that I was missing online for free! I went ahead and cancelled the cable altogether. You can also shop around or call to negotiate for the current promotion price with your cable provider if you are not willing to live without your cable.

Eating Out
What is more weird: eating at a restaurant because you are in a restaurant even though you are not hungry and it doesn’t fit in your budget or eating a meal you prepared for yourself with your groceries at your office before or after your meeting at a restaurant? Consider a variety of spaces when scheduling a meeting and be open to a budget friendly space like an actual office for professional meetings. Save yourself some calories and money by eating before or after meeting with colleagues or friends.

Drinking
Drink specials aren’t always the least expensive drink to order when out with friends and colleagues. They can tempt you into drinking something other than what you would have ordered in the first place and probably more expensive. You can always order my favorite ‘fake out’ drink, a club soda with salt and lime and save yourself some money and a few headaches.

For a few more ideas on how to save money on everyday actions:

For more information on credit repair in Austin, TX- Please contact us directly at 512-827-9969 or toll free 1-888-900-5138. Or request a FREE CONSULTATION with a FICO Certified Credit Expert.

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Posted on by Marco Salinas in Attorney, Credit Repair, Credit Repair Austin, Credit Repair Services Austin, Credit Restoration Austin, Credit Score, Debt Settlement Leave a comment

San Antonio Credit Counseling: The Pros and Cons of Credit Accounts

Credit and debt are some of the things many Americans find difficult to overcome and, sometimes, understand. The dynamics of credit and payment entails more than the simple definition you’ll find on the Internet. Thus, numerous agencies have emerged to provide credit counseling in San Antonio and other major cities to help people understand where they stand in relation to their debts and how they can handle their finances better. Read more

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