When Does the FCRA Reporting Clock Start Ticking?
When negative information is reported on your credit file, The Fair Credit Reporting Act (“FCRA”) puts a time limit on how long the information can be reported. It seems fair that negative accounts shouldn’t be a blemish on your credit report forever. Under the FCRA, the Federal law that promotes accuracy, fairness, and privacy of […]
Is there a Difference in Credit Scores Between Men and Women?
It is no secret that on average in America, women earn less than men. Specifically, in 2019 women are earning just under $0.80 on the dollar compared to men. Knowing this is the case, have you ever wondered if women have lower credit scores than men considering they have lower income and less money available […]
The Credit Bureaus and Tenant Screening
The use of credit reporting from the three main credit bureaus, Trans Union, Equifax and Experian by financial institutions has been in play for decades. As we have written on our blog, there are many other types of consumer reporting agencies that provide information that is governed by the Fair Credit Reporting Act. There […]
Protect Yourself From Identity Theft
Over the past several years, consumers have seen a rapid increase in identity theft. It can be argued that it is the fastest growing crime in America with almost 7% of adults experiencing some form of identity theft this year. Identity theft happens when someone uses another person’s information, such as their name, social security […]
So Many Credit Scores – How do Consumers Manage?
Your credit score is an important factor that can affect your ability to buy a home, get a loan, open a credit card, receive a good interest rate and even get a job or insurance. When considering your credit score, you should be aware that there is more than one score and there is more […]
FICO vs. FICO 8
What is a FICO Score? Just when you feel it is hard enough to understand your credit score, FICO, the most widely used and most well known credit scoring model has introduced a new credit scoring system, referred to as FICO 8. FICO, or Fair Isaac Corporation, is the company that analyzes your credit information […]
FCRA Compliance and Criminal History Background Reports
What Happens When a Background Report for a Job Application Picks Up A Conviction Greater Than 7 Years Old? Here’s the scenario: You go in for a job interview and the application asks if you have been convicted of a crime in the past 7 years. Maybe you have a record, but it dates back […]
Reinsertion of an Old Account on your Credit Report
After disputing inaccurate information on your credit report, can the same account or trade line be reinserted without notice? Under the Fair Credit Reporting Act (“FCRA”), the federal statute that was enacted to promote accuracy, fairness, and privacy of consumer information contained in the files of the credit reporting agencies, there are very specific procedures […]
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Social Media and Its Influence on Lending Decisions
Social media is the interactive means of communication where you can share with your information, ideas, and self-expression with the world. It is a way to stay connected with people both near and far. But what you may not realize is that social media accounts may also be used to make lending decisions based on […]