Credit report - Free online credit report - Online credit report - Credit report repair - Free credit report - Credit bureau report - Consumer credit report
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To better understand the issues relating to your legal situation or problem, our legal information and other law related facts may be of interest to you
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One more time about credit scoring.
You have probably heard about credit scoring if you have tried to get a loan recently. Credit scoring models have been used in the mortgage industry since 1994, when Fannnie Mae and Freebie Mac started using them for ease in gauging your ability to repay loans. They had been in use for a long time for auto lenders and credit card issuers.
It seemed logical that the credit scoring system would provide some relief from the excessive load of paper necessary for home loans.
Credit scoring models figure prominently in the future of how people obtain home mortgages. Most people know that most creditors use Credit Report agencies for obtaining information on a person when they have applied for any type of financing. However, there are actually two levels of Credit Reporting agencies. There are three major locations of credit and background information. They are Equifax, Experian and TransUnion. When someone obtains credit, the creditor reports the payment history to these repositories. This is usually done monthly but may be done on an irregular basis. These repositories (Credit bureau) simply accept the information as it comes in electronically and they do not check the information.
Credit records and background information is collected on all US persons who have a Social Security number or other identifying information. This information is collected by the three Credit Report agencies and other agencies, including the Department of Motor Vehicles, the Medical Information Board, the FBI, local law enforcement agencies, the county recorders for each county (public records repositories), etc. Even the mortgage industry has a central repository for borrowers and lenders who may have been involved in ilLegal activities in the making of mortgage loans.
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Return to all Credit Report legal information
Legal Articles about Credit Report
Credit Report Frequently Asked Questions
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Credit report correction techniques
Many times the credit bureau is busy and does not handle your dispute properly ...
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Basic rights under The Fair Credit Reporting Act
All Federal Laws are in consumer's favor and you will have the advantage ...
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Credit Scoring and the Lending Industry
Credit scoring is crucial to your ability to get a loan. When you apply for a mortgage, your lender ...
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NYC Could Lead the Way to Helping 26 Million Who Are “Credit Invisible”
Next City
Comptroller Scott Stringer is expanding efforts to encourage more landlords and property management companies to give tenants the option to have on-time rent payments reported on their credit, The New York Times reports. According to the Times...
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Comptroller Wants Paying Rent on Time to Count Toward Credit Score
New York Times
Hundreds of thousands of New Yorkers pay their rent on time every month without seeing those payments counted toward their credit scores, which can be used to determine how much they pay in interest rates on loans or even for cellphone service.
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