Credit report > Should the New Vantage Score be Considered Reliable?

Should the New Vantage Score be Considered Reliable?

Anyone who has monitored their credit report in the past will be aware of the difference that can be on each credit bureaus credit report versus FICO. They may even have the exact same information on all three credit bureaus credit report and have a wide range of credit scores. Now the three credit reporting agencies have announced their joint efforts to release the highly anticipated Vantage Score. Why highly anticipated? The small amount of information that has been released so far about this new credit score has many wondering how reliable of a score this will be. The traditionally accepted FICO score, used by most lenders when considering credit application of all types, has a credit score range of 500-850.

The new Vantage Score will have a credit score range between 501-990 and have a letter grade attached to it ranging from and "A" to an "F".
Many worry that this new letter value assigned to our credit reports may lead to the consumer getting less the acceptable rates on their loans. This letter system ranges in 100 point differences between each letter.
(ie. "A" = 901-990, "B" = 801-900 etc.

) This seems like a huge range to be basing a credit application on. Typically in the past when you are given a FICO score, creditors see the score and base the loan rate on that. For example, many lenders will give you a great rate if your FICO score is 720 or above, if you had a credit score of 718, you may still get the great rate. Now if we are only approved of denied on a letter grade, there is little room for interpretation.
The three Credit Bureaus claim the development of the Vantage Score was because of societal demands for competition to the FICO score.

FICO derives its score on information provided by the three Credit Bureaus, and has assured the public that it will be able to maintain its credit rating system and its partnership with the three credit bureaus. The real question, "Do we really need another credit report that we will be forced to monitor for misinformation, errors and identity theft?"
Recent studies have shown that nearly 70% of credit reports carry some type of error on them. Perhaps the three Credit Bureaus should be focusing more on providing accurate credit information on their credit reports instead of trying to take on FICO, a credit rating system that has become an accepted staple in financial lending.
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Kimberly Kellish is the owner of www.creditrepairplan.com a website dedicated to helping people repair their credit history reports themselves simply and legally.

What to do if your apartment application is rejected

If your rental application was rejected due to a black mark on your credit report, don't just ignore the situation out of embarrassment... get a copy of the report and see what you can do to tackle the problem. You may find your credit report has errors or marks you didn't even know about. Three companies distribute your credit information: Experian: 1-888-397-3742 Equifax: 1-800-685-1111 TransUnion: 1-800-916-8800 You can call any of their toll free numbers to find out how to get a copy of your credit report. If you request a copy within 60 days of the rejected application, you can obtain the report with no charge.

If you wait any longer the charge is usually about eight dollars per report. Don't assume that you know why your application was rejected without examining your report. Recently, my friend Dave Smith Jr.* applied for a loan and was rejected. He knew his records weren't the best in the world but decided to get a copy of the report anyway--just out of curiosity. He was...

What to do if your apartment application is rejected

Credit report > What to do if your apartment application is rejected

Credit Report And Correction Techniques

The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you. Their report includes where you live, your bill-paying habits, and bankruptcy and arrest information. The information compiled by them is used to determine whether you would be a good borrower. It may also be used by a business to decide whether you would be a good employee.Credit report repair involves techniques for removing negative credit records from your credit report. These are the exact same methods credit score repair clinics and attorneys may charge up to $3,500 to perform.

It is also possible to outsmart creditors who are damaging your credit score. 1. Many times the creditor does not re-verify in time or the credit bureau is busy and does not handle your dispute properly. This credit record must then be deleted from your credit report. 2.

Every negative credit record on your credit report...

Credit Report And Correction Techniques

Credit report > Credit Report And Correction Techniques

What to do if your apartment application is rejected

What to do if your apartment application is rejected

Credit report > What to do if your apartment application is rejected

What is on Your Credit Report?

Your credit report is a very important piece of the puzzle in your financial picture. It contains a historical record of your personal and financial information including a listing of your current and past debts and the timeliness of your payments. The information contained on your credit report is looked at by many people including lenders, credit card companies, landlords, telephone and cable companies just to name a few. These companies use your credit report to evaluate your reliability and creditworthiness.With all of these people knowing what is on your credit report - shouldn't you? Knowing what is on your credit report can save you from unexpected surprises the next time you apply for a loan. Insuring the accuracy of your credit report is also very important.

All too often people have found errors on their credit report that were damaging their credit score. Many times people have even been alerted to attempted identity theft by keeping an eye on their credit report. ...

What is on Your Credit Report?

Credit report > What is on Your Credit Report?

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How to Get a Cheap Homeowner Loan

If you're looking for a cheap homeowner loan, you might be wondering what you can do to reduce the amount that you have to pay. The simplest answer lies in two things? shopping around to find the lender that offers the lowest interest rates on a cheap homeowner loan, and maximizing the value of your loan against the equity in your home that's being used as collateral.We'll look at each of these items individually, so as to give you a better understanding on how to get the most for your money with...

How to Get a Cheap Homeowner Loan

Credit report > How to Get a Cheap Homeowner Loan

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Coffee pots and carafes-many to choose from

All around the world in the morning coffee pots and carafes help us start our day. Coffee drinking is standard practice in almost every culture. From very strong coffee, to very weak with lots of milk it is enjoyed in many kitchens. No matter what one's tastes are, they can find coffee pots and carafes to fit their needs. Drip coffee makers seem to be the most popular coffee machine for most people.

Also coffee carafes come in many different shapes and sizes to.Coffee pots and carafes can...

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Credit report > Coffee pots and carafes-many to choose from

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