(Tomi from Texas) I have paid off all creditors, original and collection agencies, based on info on all 3 credit bureaus. Will the 7 year time limit start all over again now that I have paid in full all my bad debt? (more…)
Credit and Debt Blog
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Archive for the ‘Credit Scores’ Category
Will Paying Cards in Full Raise Score More than Settling?
(Terrie from Ohio) I have 4 credit cards that I settled with this past year and I did a short sale on my house. I am trying to bring up my credit score. If I pay on the credit cards so they will say paid in full instead of settled on will this improve my score at all? I know the negative part will be on there for 7 years. (more…)
Ask Ken Your Financial Questions
When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly. (more…)
Latest FICO Changes
Fair Isaac Corporation is continuously tweaking their FICO credit scoring models to more accurately predict consumer risk. They also want to cater to the needs of lenders that buy these scores.
In doing so, it is important to let consumers know how these changes will affect them. Here are the newest revisions: (more…)
Free Tax Prep Service Also Provides Credit Scores
The volunteer income tax assistance (VITA) program has been popular with low and moderate income taxpayers for years. One firm has changed the rules by matching eligible taxpayers with asset-building programs.
Instead of simply filing a free tax return, taxpayers are also treated to two of their credit scores. They can find out if they meet lending guidelines for homeownership. The best part is that since the program is funded by Freddie Mac, the service is free. (more…)
Free Credit Scores to North Carolina Residents
Fiscal Progress has announced that North Carolina residents are now able to receive free credit scores and credit reports. Because of software and funding provided by Freddie Mac, there is no cost to the client. (more…)
Bad Credit Means Higher Car Insurance Premiums
If you have bad credit, be prepared to pay more than just higher interest for purchases on credit. Your car insurance premiums will likely be higher also. (more…)
Project MedFICO in Development
One of the newest major projects undertaken by Fair Isaac Corporation is a medical version of a credit score. Since medical bills are not repaid with the same regularity as other bills, this new tool is seen as a way to provide greater predictability of repayment to medical service providers.
Affectionately known as MedFICO, this project is currently under development and could be available for commercial sale by the end of 2008. (more…)
New Credit Score Program at Discover is Not Free
Discover and Experian recently announced a new arrangement that would provide Discover cardholders with a consumer credit score product. Known as Credit ScoreTracker, the service could allow Discover cardmembers understand how their credit usage affects their credit score.
This tool comes at a substantial cost though. At $7.99 per month at the time of this press release, this represents another fee that can make repayment difficult. A cardholder paying $7.99 per month, plus .85% monthly for credit protection could have a much tougher time paying down their principal balance. (more…)
