No doubt about it, in today’s turbulent financial times it is a buyer’s market when it comes to getting a …
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Credit Bureaus
I can hear the naysayers now, “Not only do we not need more credit bureaus, but we need fewer credit bureaus.” No, no, no. Let’s think about this for a moment. Right now there are three nationally recognized credit bureaus: Experian, TransUnion, and Equifax.
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Two fairly significant class action lawsuits were settled this year and last between TransUnion, Experian, Equifax and millions of consumer plaintiffs.
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Pop quiz, which of these industries is more closely regulated? Your choices are: airline pilots, air traffic controllers, credit repair agencies, big tobacco, or school bus drivers? You’d be surprised to learn that, other than big tobacco, the credit repair industry is the most closely regulated, Federally and State in fact.
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Yesterday I shared some of the excellent student questions that I received at a lecture I hosted earlier this week at the University of Georgia. Here are the remainder of those questions. Enjoy!
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I’ve been asked so many times, “John, how in the world did you get in the business of commenting on credit reports and credit scores?” I figured it was time to talk a little about my path. It was truly the ‘road less traveled’ professionally speaking. Here goes…
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Re-aging, in the world of consumer credit, has a very nasty meaning. To re-age means to change the “purge from” date on a derogatory account. What this means is the negative account likely will remain on the credit reports of the consumer longer than the allowable time, which is seven years in most cases. Every negative account, whether it’s a collection, credit card, auto loan, or any other, has to have a date that the credit bureaus will use to calculate the seven years for removal. This date is commonly referred to as the “purge from” date. The account is purged seven years from that date.
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Last year, a friend called me asking for advice. Her coaching and consulting firm was stiffed for a couple grand by another business. The firm that didn’t pay her for her services was located across the country, so there was a good chance that any money she spent trying to collect would be a matter of throwing good money after bad.
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In an article I wrote on December 16th 2008, I predicted a sharp increase in consumer credit related lawsuits in 2009. Boy, did I nail that one.
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According to FICO, the model commonly referred to as FICO 08 will be available at Experian starting August 1, 2009. What this means is Experian, the last credit bureau hold out, has installed and will make available the popular credit scoring model to lenders despite a well-publicized riff between the credit reporting agency and the credit scoring gian
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