There is no better way to say it than what Congress stated in the Fair Credit Reporting Act.
“The banking system is dependent upon fair and accurate credit reporting.  Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning [...]

Category: Credit Report, Fair CreditTags: subprime | Comments (0)

As your payment history is 35% of your FICO score, negative factors such as delinquencies and late payments are a major point of review.  How long you took to pay a delinquent account is known as severity.  It is usually classed as 30, 60, 90, 120 days late, but could also include collections, repos, foreclosures, [...]

Category: Late PaymentsTags: Credit Score, Late Payments | Comments (0)

There is no bigger item that could effect your credit score.  Why?  Creditors want to know that they will be paid on time.  Also there is a direct correlation between individuals that pay late and individuals that default on a loan.
Currently, your payment accounts for 35% of your FICO score.  It has the largest weight [...]

Category: Late PaymentsTags: definition | Comments (1)

A credit score is a three digit number that indicates the how likely a person is to pay their bills.  It is calculated by using the information found on that person’s credit report. The range of credit scores is usually between 350 and 850 with the higher the number the better.
Its use is wide spread, [...]

Category: Credit Score, FeaturedComments (0)