Here at Credit Law Center we run into many clients that may have not established credit or they are in a position to where they are need to recover from bad credit. They need to establish open lines of credit to help improve their scores. Talk about being stuck between a rock and a hard place. How […]
Author Archives: John McCall
17
Aug
Aug
Most of are aware of what the three Credit bureaus are. These are companies that use data provided by credit furnisher to assess your ability to pay back debt. They then sell this data to a lending agency with a score that correlates to how they interpret the consumers ability to pay back a loan. […]
Credit Score
Bi-Partisan demand from congress that FHFA keep deadline for VantageScore implementation
15
Aug
Aug
On July 31st, 2023 a bi-partisan group of Congressional Representatives wrote to the Director of the Federal Housing Finance Agency, in essence, demanding that the FHFA keeps their deadline in the implementation of VantageScore 4.0 and FICO 10T for determining credit scoring factors in gaining a Home Mortgage Loan. FICO has been the standard bearer […]
11
Aug
Aug
Time to Pass Go: How to Establish a Good Credit Score Whether it’s finding a home for your growing family, financing your dream car, entering a career or even attempting to acquire a decent rate on car insurance, everything in our lives revolves around credit. No matter what you do, someone is going to […]
10
Aug
Aug
How Do Negative Items Affect Me? Negative items on your credit report could be what separates you from that home loan you hoped for or a decent financing for a vehicle. The good news is that if you happen to have these negative items on your credit report, there are still wats to mitigate their […]
08
Aug
Aug
Are you preparing to purchase a home in the next few months? It seems that when we are not looking, a home just pops up and finds us, at a time when we were not even contemplating making a move. Then, boom! The rush is on to beat the clock and make an offer before […]
03
Aug
Aug
To piggyback on our last blog, a statement from the National Consumer Reporting Association (NCRA) sounded the alarm of sharp price increases for purchasing credit reports. The surprising fact to me is the vast discrepancies in who is charged and at what percentage the charges will increase. The NCRA stated, “the vast majority of mortgage […]
01
Aug
Aug
Last week the Community Home Lenders of America (CHLA) penned a letter to the Federal Housing Finance Agency (FHFA) stating that the pending addition of updated Credit Scores at Fannie Mae and Freddie Mac could be more manageable if done one at a time. Specifically, they stated the need to add VantageScore first. This is […]
25
Jul
Jul
Recently released, the CFPB has taken One Main Financial task and ordered them to pay $20 Million for deceptive loan practices and add on services that benefited the company, not their clients. One Main failed to refund interest charges on over 25,000 customers who cancelled purchases within a “full refund period.” They also deceived clients […]
20
Jul
Jul
The Why: Phoenix Financial Services attempted to collect on debts that were disputed by consumers and using unlawful letters and misrepresentations to attain these collections. The CFPB took action against Phoenix Financial for numerous debt collection and credit reporting violations. In over a thousand cases, this collection company continued to collect on a debt […]