Category: Credit Score News

If you’ve ever pulled your own credit scores, you may have been surprised, whether pleasantly or not, to find out that your score wasn’t the same as what your lender came up with. This is actually a very common scenario, for several reasons, but mainly because the scoring models are different. You see, there are… Continue reading Consumer Credit Scores vs. Lender Credit Scores

The Consumer Financial Protection Bureau (CFPB) announced Monday that credit reporting agencies will be supervised at the federal level for the first time in history. The CFPB estimates that there are roughly 400 consumer credit reporting agencies in existence, but most consumers only know about the big three, including Equifax, Experian, and TransUnion. About 30… Continue reading Credit Reporting Agencies to Be Supervised by Feds

Over here, we focus on traditional credit scores, which put simply, are a measure of a borrower’s default risk. In short, the lower the credit score, the higher the chances of default. And vice versa. While this may seem relatively simple, the clandestine nature of credit scores has left many consumers in the dark about… Continue reading What is a Credit Grade?

While this may sound overdue, Fico, the creator of the Fico score, has finally gotten around to creating a Spanish version of their website. Yesterday, they launched “myFICO en Español,” the first Spanish-language website where consumers can get everything related to their credit reports and credit scores in their native tongue. The website will allow… Continue reading Now You Can Get Your Fico Score in Spanish

A glitch at credit reporting agency Experian put consumers in a panic after their credit scores plummeted temporarily. Apparently an undisclosed number of users who had subscribed to credit score monitoring services received credit score alerts regarding the drop in early April. After logging in to their accounts, users discovered they were over their credit… Continue reading Credit Agency Glitch Drops Credit Scores

Credit utilization, a major credit scoring metric, is on the rise, according to a recent report from credit reporting agency Experian. The company noted that cardholders are utilizing, on average, more than 30 percent of their total available bank card balances. That’s nearly a 10 percent jump from 2007, which could be attributed to a… Continue reading Credit Utilization Rising, Likely Hurting Credit Scores