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credit scores: An Update on Credit Score Piggybacking: Your Scores May Tumble - 11/22/07 02:35 PM
Last June I wrote an article entitled Is This The End of Credit Score Piggybacking? That article discussed the renting or selling of credit scores by good borrowers to fake good credit scores for bad ones. The practice of piggybacking credit has been used by parents to help their kids develop good credit scores. When accompanied by some education in the matter of building and maintaining good credit habits, this promotes the responsible use of credit. However, the bad guys have been using credit renting to cheat the system and the credit bureaus are about to slam the door shut. Here … (3 comments)
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credit scores: Conflicting Credit Scores Cause Confusion - 02/02/07 10:37 AM
This excerpt comes directly from an Old Republic Credit Services monthly newsletter. It underscores what I’ve been telling clients. Mortgage credit reports and consumer credit reports use different scoring models to generate credit scores. Consumer credit scores are notreliable when planning for a mortgage.
Conflicting Credit Scores Cause Confusion
There is a lot of confusion in the marketplace today regarding credit scores. Television, magazine and newspaper ads encourage consumers to purchase their credit score. The confusion arises when a consumer buys a credit score online, and then finds out when purchasing a mortgage loan, that it is not the same … (0 comments)
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credit scores: “Opt Out” to Protect Your Privacy and Improve Your Credit Scores - 12/24/06 10:59 AM
How many pre-approved credit card offers do you get in the mail each day? Ever wonder how all those companies got your information? Do you worry about identity theft or what effect this might have on your credit scores?
You should.
My personal identity theft story Some years ago when I sold my first home, creditors continued to mail pre-approved credit card offers to the old address. It never occurred to me that this might be a problem until one day I got a call.
“This is really odd,” the woman from the credit card company said, “we have two … (0 comments)
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credit scores: Short Sales vs. Foreclosures: Your Credit Will Suck Either Way - 12/24/06 10:44 AM
I get a lot of calls these days from real estate agents wondering what effect a short sale or deed in lieu of foreclosure (DLF from here forward) will have on borrowers’ credit. That is a really important and interesting question, since the last real estate downturn preceded the widespread use of Fico scores and automated underwriting (AU) systems.
Everyone now seems aware that debt cancellation creates taxable income. In a short sale, the amount of the lender’s loss is reported to the borrower as income, creating an income tax liability for the borrower. If the borrower is insolvent at the time, … (6 comments)
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Marc Brinitzer
Sacramento,
CA
More about me…
Big Valley Mortgage
Office Phone: (916) 791-3760 x 340
Cell Phone: (916) 761-3760
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