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FICO now competes with Vantage Score but Equifax, Experian and TransUnion still offer both score options. This is partly because FICO is so widely used and accepted. The goal of the credit bureaus is to wean users off the FICO model and start using Vantage Score instead. Due to the overwhelming majority of lenders and […]

During this webinar you will hear credit insider information on the hottest topics relating to credit. You will learn about many things including why and how FICO is announcing consumers can get a free look at their FICO scores, how credit card companies, including Barclays Bank, are now giving credit scores to card holders for

Credit scoring started in the late 1950’s to support lending decisions in large department stores.  The concept was revolutionary and by the end of the 1970’s most of the nation’s largest commercial banks, finance companies, and credit card issuers used credit scoring.  It became widely accepted once Fannie Mae and Freddie Mac fully endorsed the

For the Fair Debt Collection Practices Act list of false statements: A debt collector may not use any false, deceptive, or misleading representation or means in connection with the collection of any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section: (1) The false representation or

Excited to Meet You! I’m excited to know that you are interested in building a business around credit repair and improvement. If you are like many of our DisputeSuite Software Users, you’ll find that the credit repair industry can sometimes be fraught with ambiguity and difficulties in knowing exactly how to help a particular customer.

In a March 2007 deposition, Equifax’s vice president of global consumer services described that bureau’s “reinvestigation” process: Q: What knowledge do you have as to the mechanics of how a DDC Filipino employee would process an Equifax dispute? [. . .] A: The electronic image would be displayed on their screen. They would have an

In 2010, the Consumer Finance Protection Bureau (or CFPB) was created, primarily in response to the failures of the financial industry in the several years prior. The CFPB exists for consumer protection. It is a government agency that now holds most of the consumer protection authority in the financial markets. The CFPB—according to their website—will

E-OSCAR is the system that allows data furnishers to electronically communicate with credit reporting agencies throughout the dispute process. Once a dispute is entered into the automated system at the credit-reporting agency, the data furnisher is automatically notified of the dispute through their e-OSCAR online communication system. Data furnishers are provided the three-digit dispute code

Check out some do’s and don’ts of credit repair: Don’t tip the credit bureaus off. Make credit bureau disputes consumer authentic. Don’t use form letters found in credit repair books or online. The bureaus know these letters. Avoid legalistic language with credit bureaus Never supply too much information. You may inadvertently verify negative information. Don’t