Archive for the ‘Credit Scores’ Category

Equifax Settles Hillis Class Action Lawsuit

Posted on: November 6th, 2007 by Kenneth Long No Comments

Known as the Hillis lawsuit, this class action lawsuit may change the way credit bureaus market their products. The lawsuit accused Equifax of violating terms of the Credit Repair Organization Act in its marketing of consumer products.

Equifax and Fair Isaac Corporation entered into a class action settlement that has received final approval from the court. In this settlement, Equifax has agreed to avoid using certain words or phrases in conjunction with their consumer products until September 6, 2009. (more…)

Opt Out to Increase Credit Score?

Posted on: October 30th, 2007 by Kenneth Long No Comments

Tired of getting those pre-approved card offers? You may have found that you can opt out of these offers by calling 888-5-OPT-OUT. This works across all 3 main credit bureaus.

Some mortgage brokers say that this has another unintended affect. They claim that it can give you a couple of extra points on your credit score–points that could get you into a lower interest mortgage. (more…)

Why Your Credit Score is Not Real

Posted on: October 19th, 2007 by Kenneth Long 2 Comments

You may have pulled your credit report and paid extra to see your credit score. Perhaps you were happy with it; maybe you expected it to be higher.

What few people realize is that the credit bureaus do not supply you with an actual credit score. It does not match the score supplied to lenders who make the actual lending decisions based on that score. This disclosure is buried in the fine print provided by the credit bureaus. (more…)

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