Podcasts about VantageScore

Welcome to The Chrisman Commentary, your go-to daily mortgage news podcast, where industry insights meet expert analysis. Hosted by Robbie Chrisman, this podcast delivers the latest updates on mortgage rates, capital markets, and the forces shaping the housing finance landscape. Whether you're a seasoned professional or just looking to stay informed, you'll get clear, concise breakdowns of market trends and economic shifts that impact the mortgage world.In today's episode, we look at potential impacts on mortgage rates from the privatization of Fannie Mae and Freddie Mac. Plus, Robbie sits down with CHLA's Scott Olson to discuss the rising costs of credit scores, the monopoly power of FICO, and how increased competition, from VantageScore to new credit scoring models, could reshape the mortgage lending landscape. And we close with some predictions about what this week's economic calendar will bring.Today's episode is sponsored by CreditXpert—the credit optimization platform that helps today's top mortgage originators and more than 60,000 mortgage professionals qualify more applicants, make more competitive offers, reduce LLPA premiums and close more loans. Download your free copy of the credit optimization playbook today at creditxpert.com/chrisman. 

Tom Samuelson, chief investment officer at Vineyard Global Advisors, says the market's long-running bull market is "on thin ice right now," from a technical standpoint, having fallen below its 200-day moving average, leaving the market "at a really interesting juncture," and making him defensive, building more cash, loading up on utilities and safe sectors and waiting to see how it plays out. Samuelson says that if the market breaks down -- with a decline accelerated by reactions to government tariff policies -- it could drop another 15 percent or more, putting the market squarely into correction territory off of its February highs. Todd Rosenbluth, head of research at VettaFi, is more interested in the recent rally in international stocks than he is in the possible impact of tariffs on the markets there, and picks a T. Rowe Price international fund as the ETF of the Week. Susan Fahy discusses the latest Credit Gauge from VantageScore, which shows that the resumption of student loan payments has negatively impacted credit scores and will drop them further, as other indicators suggest consumer finances are slowly declining. Plus Mike Bailey, director of research at FBB Capital Partners, brings his "beat and replace" approach for stocks to the Market Call, and Chuck gives his initial take on what Wednesday's tariff news means for consumers.

Veteran technical analyst Adam Grimes of MarketLife says that the market "just doesn't look right or feel right" to keep rolling along. It's not the kind of market that can support a big move upward, and is more likely to spend the year range-bound, in a protracted "chop and flop." That doesn't mean Grimes is down on the market, because he says this could be "a healthy psychological reset;" as that reset happens, Grimes said he would cut back on active and aggressive moves and stay patient looking for declines that will represent buying opportunities. Susan Fahy, chief digital officer at VantageScore, discusses the firm's CreditGauge measure, which shows credit card balances and consumer delinquencies on the rise, although at modest levels; overall indebtedness declined, driven primarily by consumers paying down existing mortgage debt and not buying new homes. Plus,small-and mid-cap portfolio manager Lance Cannon of Hood River Capital Management returns to the Market Call, and Chuck answers a listener's question about building the conservative side of an asset allocation while worrying about sequence-of-return risk.

This week on Commerce Code, we speak with Atif Mirza from VantageScore and Paul Siegfried from TransUnion. VantageScore is a credit score modeling and analytics company focused on innovation and financial inclusion, and TransUnion is a major credit reporting agency and a global information and insights company focused on building trust in global commerce. Today we are talking about:Credit health for consumers overallThe growth of BNPL and where that fits inWhat it means for the outlook for 2025We briefly contemplate what the world would have been like if consumers had even more access to bell-bottom jeans in 1976 - it's either a terrifying or wonderful thought, depending on your aesthetics

Episode 86 hosted by Angie and Joe kicks off with a member's concern about Priority Pass lounge overcrowding due to cardholders bringing in multiple guests. This prompts a discussion about potential guest limitations to improve the lounge experience for all.The news segment covers a variety of travel-related updates, including how to renew Global Entry membership quickly, finding partner award flight availability, and new Amex credit restrictions. They also highlight opportunities to earn bonus rewards, such as 5 free nights with the Marriott Bonvoy Business® American Express® Card and elevated Delta Amex card offers.The main feature focuses on building healthy credit to maximize points and miles. They offer tips like paying accounts on time, keeping credit utilization under 30%, and maintaining a mix of credit types. The hosts explain the differences between FICO and VantageScore models, the impact of opening and closing credit cards on scores, and share a personal story where travel rewards saved a member over $2,000 on last-minute bookings.Links to Topics DiscussedHow To Renew Your Global Entry Membership (And a Trick to Getting a Quick Approval)How To Find Airline Partner Award Flight AvailabilityAmex To Add New Uber Cash Credit Restrictions in NovemberPopular Free Night Certificate offer is back on the American Express® Marriott Bonvoy Business® CardScore increased SkyMiles With Elevated Delta Amex Card OffersWhere to Find Us For questions, you can join us in the free 110,000+ member Award Travel 101 Community. To book time with our team, check out Award Travel 1-on-1. You can also email us at 101@award.travel Our next meetup will be announced soon. Visit the Award Travel Meetups page for details once announced. Support the AT101 Podcast/CommunityTechnical Note: If you encounter an error trying to listen on Apple Podcasts, please turn OFF your VPN if you are using one.

According to the World Economic Forum, 85% of financial services organizations are using AI in some capacity. It's no secret the artificial intelligence ‘arms race' is impacting virtually every industry, especially financial services. It's also creating interesting and novel challenges for every industry, both in its application and its usage.  It's often said that technology advances faster than regulation. Is that the case with artificial intelligence, or are the rules of the road keeping pace with innovation? And how should fintech companies approach AI governance to ensure fair outcomes?Tamra Moore is VantageScore's Deputy General Counsel. Tamra has over 15 years of experience as a thought leader on legal issues associated with the use of AI and machine learning. She joins The SCORE this week to discuss the importance of centering the consumer experience in AI usage.  Listen to the episode here. 

This episode features Devin Norcross, a long-time friend and credit expert who has spent over a decade helping people navigate the complex world of credit and debt management.   In our conversation, Devin and I tackled some of the most misunderstood aspects of credit. He explains how the credit industry often preys on young adults, offering credit cards with no education on their long-term impacts, highlighting the importance of understanding the system before diving in. We also discussed the critical difference between credit bureaus, which collect your financial data, and scoring agencies like FICO, which calculate your credit score. Understanding this distinction is crucial for managing your credit effectively.   Devin introduced us to VantageScore, an emerging alternative to FICO. While it's not yet widely adopted, it's something to watch as it could play a bigger role in the future. One of the more surprising insights was how paying off old collections can sometimes lower your credit score—underscoring the importance of timing and strategy when managing debt.   Devin also shared some practical tips, like keeping credit accounts open and active, and managing your credit utilization carefully. These small adjustments can lead to significant improvements in your credit score.  

To date, nearly all mortgage loans continue to use outdated credit scoring models, though in other loan categories, much newer, more predictive, and inclusive models are most commonly used. But the mortgage industry is advancing. By next year, all mortgage loans backed by Fannie Mae and Freddie Mac will require a VantageScore 4.0 credit score. In advance of this change, Bank of America recently issued an independent research report analyzing the VantageScore 4.0 mortgage data set.  Pratik Gupta is the Head of CLO & RMBS Research at Bank of America Securities. Pratik joins The SCORE this week to discuss the findings of Bank of America's recent research into VantageScore 4.0. Pratik outlines his findings and reasons his team of analysts concluded it's “better” for mortgage than the incumbent score. Listen in to learn more.

Tim Hayes, chief global investment strategist at Ned Davis Research, says the Federal Reserve has gotten inflation under control and is ready to start cutting, which will create an environment that favors stocks. That should make last week's sudden spike in volatility and nervousness a blip, likely forgotten quickly.  Hayes talks about how the shift from rate hiking to rate cutting will impact investment strategy, noting that the improved environment for stocks should help broaden out the number of securities driving things higher. Susan Fahy, executive vice president at VantageScore discusses the firm's most recent CreditGauge, which shows the country is "reaching a potential turning point in consumer credit health." Plus, Glenn Tompkins, senior global market strategist at VectorVest talks in the market call about finding safe, undervalued stocks that are rising in price in a rising market.

It's been called the “$1 trillion opportunity.” Currently, the housing market is paralyzed. Homeowners are left out of the market due to a lack of inventory or—even worse—can't access it due to outdated credit scoring models that exclude them. Recent VantageScore research found an estimated $1 trillion of pent-up growth potential in the form of borrowers who have historically been left out of homeownership opportunities due to unfairly restrictive, decades-old scoring models. But that's all changing with the implementation of VantageScore 4.0 for mortgages funded by Fannie Mae and Freddie Mac.Anthony Hutchinson is Senior Vice President of Industry and Government Relations at VantageScore. Tony joins The SCORE this week to help lenders understand the importance of implementation and plan their migration to VantageScore 4.0. To learn more about VantageScore 4.0 for mortgage, visit https://www.vantagescore.com/lenders/industries/mortgage/.

Discover how many people lie on insurance applications and the potential consequences you face when you do so. Is it okay to lie on your insurance application? What are the consequences if you do? Hosts Sean Pyles and Anna Helhoski discuss the findings from a recent NerdWallet survey revealing how many Americans admit to intentionally providing inaccurate information on their insurance applications and delve into the generational and gender differences in attitudes toward this behavior. Learn why people justify these lies and the potential legal and financial repercussions of being dishonest on your insurance forms. Then, they break down the latest money headlines, starting with a promising decline in delinquencies reported by VantageScore. They also discuss the IRS expanding its free filing software program and how a recent decline in grocery store prices could affect your bottom line. In their conversation, the Nerds discuss: insurance fraud, lying on insurance applications, insurance rates, saving money on insurance, insurance applications, insurance deception, financial honesty, life insurance, auto insurance, consumer debt, debt delinquencies, credit score, personal loans, credit card debt, IRS free filing software, Direct File, tax preparation, inflation, grocery prices, lowering grocery costs, Aldi discounts, Target discounts, Amazon Fresh discounts, financial news, insurance industry, high-risk hobbies insurance, marijuana habits insurance, insurance consequences, consumer finance, financial tips, money management, credit health, tax filing season, insurance coverage, and economic trends. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com. Like what you hear? Please leave us a review and tell a friend.

CreditGauge, VantageScore's monthly analysis of consumer credit health, found that in April 2024, delinquencies declined for a second straight month. To date, consumers are weathering economic pressures fairly well. But is this proof of a climb out of a delinquency-heavy phase, or are household budgets on a bumpy roller coaster ride longer-term?Atif Mirza is Vice President of Digital at VantageScore, where he manages the VantageScore suite of digital tools for lenders – CreditGauge, Inclusion360, and RiskRatio – tools that help lenders expand their footprint in ways that both serve more creditworthy consumers and also boost financial inclusion.Atif joins The SCORE to help demystify the current state of consumer credit health for lenders and provide a sense of how average Americans are managing their household balance sheets.  Listen in to learn more.Read the latest VantageScore CreditGauge insights: https://www.vantagescore.com/lenders/credit-gauge/

This week on Commerce Code we speak with Jeff Richardson, Senior Vice President & Head of Marketing at VantageScore, and host of The Score podcast, a source for credit score related news and analysis. VantageScore's mission is to innovate to deliver more predictive, innovative and inclusive credit score models for the US market. Today we are talking about:The most recent VantageScore market adoption study, and what it tells us about the state of credit riskLenders' attitudes towards 2024, as we come out of a bit of a rough year in 2023Innovations that are changing the market for consumer credit and credit analysis going forward

In this episode, Hiten Patel and his co-host Cosimo Schiavone are joined by Silvio Tavares, the CEO of VantageScore, a national credit scoring company. Silvio shares his personal journey and the challenges his family faced as immigrants in the United States. He also discusses the role of VantageScore in the credit scoring industry and the importance of financial inclusion. Silvio highlights the need for innovation and the incorporation of alternative data in credit decisions. He also shares his insights on the future of data usage and the importance of creating value for multiple stakeholders.

In this episode, Hiten Patel and his co-host Cosimo Schiavone are joined by Silvio Tavares, the CEO of VantageScore, a national credit scoring company. Silvio shares his personal journey and the challenges his family faced as immigrants in the United States. He also discusses the role of VantageScore in the credit scoring industry and the importance of financial inclusion. Silvio highlights the need for innovation and the incorporation of alternative data in credit decisions. He also shares his insights on the future of data usage and the importance of creating value for multiple stakeholders.

We're joined by Jeff Richardson from VantageScore to discuss how inflation is impacting households. We dig into factors contributing to rising delinquencies, the expected continuation of this trend, and the impact on different consumer segments. Additionally, we address the role of stimulus on credit scores and the strategies that organizations should have in place for confident decision-making.  In this episode: ·      Overview of VantageScore·      Factors contributing to rising delinquencies·      Two different consumer segments·      Impact of stimulus on credit scores·      Credit decisioning strategies·      Incorporating AI into decision making·      Opportunities of differentiated data Jeff hosts the SCORE podcast where he interviews the new leaders shaping the credit industry, like journalists, academics, and researchers. So be sure to check that out. Resources:CreditForecast.com is a joint venture between Equifax and Moody's Analytics. Get actionable consumer credit, economic and demographic data, forecasts and analysis.  Register for Market Pulse webinars to get relevant economic and credit insights to help your business make more confident decisions.Learn more about our Market Pulse podcast, and contact us at marketpulsepodcast@equifax.com  

Credit is a game with its own rules– rules that don't even make sense a lot of times– but it's a game all of us Americans have to play if we want to be ok financially. In this episode, we dive into the basics of ‘the game' and talk about why you really need to work with a professional when it comes to building your credit.We have a lot of “did you know” moments in this episode. Like: Did you know using more than 30% of your credit card limit is bad for your credit score? That's right– getting your credit utilization rate right will do more for your score than paying off some collection accounts. We also get into the weeds a little bit, for real estate professionals. We cover how the FHFA has started to allow lenders to use FICA 10T and VantageScore models to evaluate borrowers.There is a lot to chew on in this episode. You're going to have the urge to take some notes and then look up your nearest reputable credit professional. Enjoy!Original summarization of the episode.Resources:Learn more at The Color of MoneyRead: The State of Housing in Black America (SHIBA) Report 2023Become a real estate agent HEREConnect with Our HostsEmerick Peace:Instagram: @theemerickpeaceFacebook: facebook.com/emerickpeaceDaniel Dixon:Instagram: @dixonsolditFacebook: facebook.com/realdanieldixonLinkedIn: linkedin.com/in/dixonsolditYouTube: @dixongroupcompaniesJulia Lashay:Instagram: @iamjulialashayFacebook: facebook.com/growwithjuliaLinkedIn: linkedin.com/in/julialashay/YouTube: @JuliaLashayBo MenkitiInstagram: @themenkitigroupFacebook: facebook.com/obiora.menkitiLinkedIn: linkedin.com/in/bomenkiti/Produced by NOVA MediaThis podcast is for general informational purposes only. The guest's views, thoughts, and opinions represent those of the guest and not KWRI and its affiliates and should not be construed as financial, economic, legal, tax, or other advice. This podcast is provided without any warranty, or guarantee of its accuracy, completeness, timeliness, or results from using the information.

Spending is up! Delinquencies are up? And oh, it's an election year!  With the resumption of student loan payments, persistent inflation, and other potential challenges, what can consumers expect in 2024? To be sure, all eyes will be on the economic health of consumers. This week, Susan Fahy joins THE SCORE Podcast to discuss what CreditGauge reveals about Americans' current credit health. Susan is VantageScore's EVP and Chief Digital Officer. In addition to spearheading the monthly CreditGauge analysis, Susan also helps keep lenders informed through leading-edge digital tools such as Inclusion360, RiskRatio, and MarketGain.  Listen to Susan's insights here. 

Jim Welsh, author of "Macro Tides" and the "Weekly Technical Review" newsletters says that if the market can rally past recent highes -- with the Standard & Poor's 500 topping 4931 -- it will finish the market's recent rally and leave stocks vulnerable to a small correction over the next few months. That said, Welsh believes in a 17-year cycle that his charts show dates back nearly 100 years, and that cycle is cooking up a coming secular bear market that ultimately could last for a decade and crater the market in the process. Susan Fahy discusses the latest "CreditGauge" measures from VantageScore, which show that the consumer is showing signs of financial stress, but the action hasn't been as bad in most areas as the headlines might suggest. Ian Merrill of SCG Asset Management and The Alternative Strategies Income Fund talks about how money managers can add derivatives to a portfolio in ways that mitigate risks but goose returns over the long haul, and Vince Lorusso, president/portfolio manager of Clough Capital, talks valuation investing in the Market Call.

The multiyear effort to change the credit scoring models required by Fannie Mae and Freddie Mac continues to move forward, and mortgage lenders, credit officers and compliance professionals need to know the latest developments. On the latest episode of the ABA Banking Journal Podcast, ABA VP Sharon Whitaker provides an update. Among other topics, Whitaker discusses: The operational challenges of moving from today's tri-merge system to merging just two credit reports. How FICO 10T and VantageScore 4.0 differ from credit scores in use today. Why rushing the transition might be counterproductive to the initiative's financial inclusion goals. The role of core platforms and other technology vendors in supporting the transition. What may happen in the Federal Housing Finance Agency makes the change but the Federal Housing Administration, Veterans Administration and others don't. Why the industry needs to see data on how the new credit scoring models would perform, and how banks can get involved in sharing feedback with FHFA. **** Learn more about the credit score transition at the American Mortgage Conference, April 15-17 in Savannah, Georgia. Contact Sharon Whitaker to join ABA's working group on the issue.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Major General Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, discusses the White House weighing potential responses to a deadly attack on a US base in Jordan by Iran-backed militants over the weekend. Silvio Tavares, CEO of VantageScore, talks about the firm's credit data gauge on health of the consumer. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Business of Sports Reporter Ira Boudway shares the details of the Businessweek Magazine story Steve Ballmer's $2 Billion Arena Is for Basketball Die-Hards. And we Drive to the Close with Jeff Krumpelman, Chief Investment Strategist at Mariner Wealth Advisors.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Major General Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, discusses the White House weighing potential responses to a deadly attack on a US base in Jordan by Iran-backed militants over the weekend. Silvio Tavares, CEO of VantageScore, talks about the firm's credit data gauge on health of the consumer. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Business of Sports Reporter Ira Boudway shares the details of the Businessweek Magazine story Steve Ballmer's $2 Billion Arena Is for Basketball Die-Hards. And we Drive to the Close with Jeff Krumpelman, Chief Investment Strategist at Mariner Wealth Advisors.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

The U.S. economy is, in many ways, the envy of the world, and millions migrate annually to this country to participate and live out the ‘American Dream.' However, inequitable access to the financial tools that preclude milestone moments, like purchasing a home, can become barriers to the ‘credit invisible' or those otherwise unaccounted for in the financial services marketplace. So, how can fintech leaders help broaden the tent, and what role does competition play in keeping the doors open to the U.S. financial system for underrepresented communities? Silvio Tavares, President and CEO of VantageScore, joins The SCORE for his second appearance to provide his perspectives on VantageScore's record growth in the past year and how the success of VantageScore 4.0's mandated use for GSE-funded mortgages will be measured.Listen to Silvio's comments here.

This fall, an estimated 44 million borrowers will stretch their personal budgets once again, adding yet another item to their bottom line – a federal student loan payment. If you don't know where to start your repayment journey, you're not alone. Dan Currell, CEO of the Digital Commerce Alliance and Former Deputy Under Secretary and Senior Advisor at the U.S. Department of Education, joins THE SCORE to help borrowers figure out where to start.  VantageScore partnered with Dan to create an FAQ titled “39 Answers to Student Loan Questions,” designed to help consumers map out their path to student loan repayment.  Listen in to learn more.

A year ago, VantageScore funded a pilot program in partnership with the Credit Builders Alliance aimed at using data and analytics to extend credit counseling and credit scoring information to areas of the United States with large concentrations of lower income consumers. Interested in the results?The latest episode of THE SCORE podcast features Dara Duguay, CEO of Credit Builders Alliance and Joe Lauchlan, a Financial Coach with the International Institute of Metropolitan Detroit. During the podcast they share how they leveraged VantageScore 4.0 in addition to new credit counseling capabilities to improve credit health in a measurable way.Did their VantageScore 4.0 credit scores improve? How are they doing now and what's next?Listen here to learn more.

Is there a tradeoff between expanding the pool of potential mortgage eligible consumers and sacrificing risk management? The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac, has mandated use of VantageScore 4.0 with a 3-year roadmap for implementation. Meanwhile, millions of creditworthy consumers are on the outside of the American Dream of homeownership, looking in. On this week's episode of The SCORE, we hear from Tony Hutchinson, Senior Vice President of Industry and Government Relations at VantageScore. Tony explains where we are on the road to VantageScore 4.0 implementation for GSE-funded mortgages, the positive reception to VantageScore from lenders, and the populations most impacted by maintaining the status quo. 

Brian Barish, president and chief investment officer for Cambiar Investors, says that rising interest rates have increased the cost of capital for businesses, which is shifting which industries and businesses can thrive. The increased cost of capital is changing market conditions to where value and growth investing are now on a more equal footing, and should be more balanced moving forward. Leo Leydon, president of Financial Focus Advisory Services, says the economy has had its recession in the form of two negative GDP quarters last year, and that people expecting a bear market have been wrong; while he expects a pullback in the market, Leydon thinks it will be short enough to be treated like a buying opportunity. Susan Fahy examines the latest 'Credit Gauge' from VantageScore, which shows that delinquencies are up slightly but that American consumers are using credit more cautiously. Plus, forensic accountant Tracy Coenen gets real in discussing pre-nups, post-nups and 're-nups,' and showing how some cases involving 'Real Housewives' cast members highlight the struggles couples have when dividing both assets and debts when the relationship and the money don't turn out as anticipated on the wedding day.

It's maybe the least understood aspect of credit scoring: a 700 score today will represent a totally different risk during the next credit cycle. And as macro-economic issues change, so does the risk that any score represents.  During the pandemic, consumer credit health was positively impacted by various factors such as government stimulus payments, suspended student loan obligations, and resulted in increased personal savings rates. As a result, and logically, scores rose.The economy is much different now and many consumers have struggled with their debt obligations. The looming resumption of student loan payments further stands to impact credit scores.   Hear from Dr. Rikard Bandebo, Executive Vice President and Chief Product Officer at VantageScore on The SCORE Podcast as he “peels back the onion” on credit scores. Listen in as Dr. Bandebo explains credit scores as measures of a consumer's relative risk of default, what to expect in the coming months as student loans become due again, and what an estimated 40 million impacted borrowers can do to prepare. 

Removal of collection account: When you pay off a medical collection, the collection agency may update the account status to "paid" or "settled" on your credit report. In some cases, they may even remove the collection entirely from your credit report. This can have a positive impact on your credit score because a paid or removed collection is generally viewed more favorably than an unpaid collection.Scoring models may vary: Different credit scoring models, such as FICO Score and VantageScore, treat paid collections differently. For instance, FICO Score versions 9 and newer do not consider paid medical collections when calculating scores, whereas older versions do. VantageScore models generally exclude all paid collections, regardless of the type. However, it's important to note that lenders might still consider paid collections during their evaluation process, even if they are not factored into the credit score.Late payment history: Paying off a medical collection does not erase the fact that it was previously delinquent. Late payments associated with the collection account could still have a negative impact on your credit score, even if the collection itself is resolved. However, as time passes, the impact of the late payment history diminishes, and your credit score can gradually improve.Credit utilization: Paying off medical collections may indirectly affect your credit utilization ratio. When you pay off a collection, it reduces your outstanding debt, which can lower your overall credit utilization if you have other credit accounts. Maintaining a low credit utilization ratio (the percentage of available credit you're using) is generally beneficial for your credit score.Credit report duration: The impact of a paid medical collection on your credit score lessens over time. Credit scoring models typically place more weight on recent information, so as the collection ages, its influence on your score diminishes. However, the collection will remain on your credit report for a certain period, usually seven years from the date of delinquency, even if it's paid.Overall, paying off medical collections is generally a positive step as it demonstrates responsibility and a willingness to resolve outstanding debts. While it may not entirely eliminate the impact of the collection on your credit score, it can help improve your overall creditworthiness. It's always a good idea to monitor your credit report regularly, address any errors or discrepancies, and establish healthy credit habits to maintain or improve your credit standing.Didier Malagies nmls#212566DDA Mortgage nmls#324329tune in and learn more at https://www.ddamortgage.com/blog Support the show

Atif Mirza, Vice President of Digital at VantageScore joins The SCORE to discuss the post-pandemic shift to digital in the financial services sector and the tools VantageScore offers lenders – namely CreditGauge, Inclusion360, and RiskRatio – that help expand the lendable pool in a way that positively impacts financial outcomes in underserved populations.Atif explains how lenders and other market participants leverage new tools and insights that help market participants understand what's happening with consumers and their credit health, how delinquency rates are trending, and what adjustments are needed to optimize loan portfolios.

This week on Commerce Code we speak with Rikard Bandebo from VantageScore and Christian Widhalm from Bloom Credit. We are talking about:Economic and social opportunity - how many thin file, no file and subprime consumers are there in the USA, why are there so many, and how does it impact them?Credit-building products - we're seeing more companies offering products that are designed to help consumers build their credit - what's driving that trend and what's in it for companies?Credit data accuracy - how much of a problem is inaccurate credit data - and how can the system improve?

Over the course of the next few months, the resumption of student loan payments is likely to change household budgets for over 40 million Americans – one of the most significant changes to their personal finances and since the start of the pandemic. Data scientists Dr. Andrada I. Pacheco and Ritika Sinha recently joined THE SCORE to discuss VantageScore's perspectives and insights on how consumer behavior (and by extension, consumer credit scores) might shift in response to the end of the student loan forbearance period. Dr. Andrada I. Pacheco is Director of Data Sciences at VantageScore. Dr. Pacheco has more than 20 years of experience in the field and utilizes data analysis, statistical modeling, quantitative research, and econometric methods to develop VantageScore credit scoring models so they are more accurate, consistent, stable and inclusive. Ritika Sinha is a Data Scientist at VantageScore. Ritika uses her analytic experience to understand consumer credit score impact and the result of consumers' different credit behavior.  

Ben Inker, co-head of asset allocation for GMO, says that recessions come and go and don't leave 'much of alasting mark on either the economy or the markets,' so while he expects the ecoomy to go through a recession soon, he's not sure it matters to long-term investors, particularly those in value stocks, as he talks about a recent paper debunking the idea that underpriced stocks door poorly during economic downturns. Also on the show Susan Fahy of  VantageScore says that the firm's most recent Credit Gauge shows that the K-shaped recovery is continuing to punish the have-nots; she also notes that there are some signs of stress for consumers based on current credit behaviors. In the Market Call, Ken Applegate, lead portfolio manager for Wasatch International Growth and Wasatch Select International talks about investing now around the world.

This is Zack Fuss, an investor at Irenic Capital, and today we're breaking down Fair Isaac Corporation, commonly known as FICO. FICO is best known for its consumer credit scores product, which has become a common language across the world of consumer loans and banking. Less well known, but a major piece of the business, is FICO's software offering that helps financial businesses with fraud detection, CRM, and loan origination. Between these two offerings – scores and software – FICO earned $1.3 billion last year. To break down the business, I'm joined by Dev Kantesaria, managing partner at Valley Forge Capital Management. In going through its history and business units, Dev explains why it would be tough to design a better business model than FICO. Please enjoy this breakdown of FICO.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.  ----- This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 55,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can't be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes (00:02:40) - (First question) - What attracted him to FICO as a business (00:03:31) - An overview of their key products and the value they provide (00:06:01) - How FICO collaborates and competes with credit bureaus (00:11:23) - Their ability to sustain steady growth in a cyclical environment (00:12:48) - How FICO's software offerings complement their credit score business (00:14:13) - Who their competitors are (00:23:16) - The potential competitive risks of emerging A.I. technology (00:25:57) - Why the push for VantageScore in the mortgage industry created more competition for credit bureaus  (00:27:58) - The differences between their B2C and scores businesses  (00:30:38) - A breakdown of the software side of the business and its significance (00:34:26) - All about FICO's Falcon Fraud Manager and Triad Customer Manager  (00:39:20) - FICO's capital-light business model in detail (00:41:59) - The aspects of the business that investors often overlook or underestimate (00:45:18) - Lessons learned from studying FICO 

Hear from Susan Fahy, Executive Vice President and Chief Digital Officer at VantageScore about how consumers and lenders are responding to the current economic environment.Susan spoke with THE SCORE podcast about what CreditGauge powered by VantageScore™ is telling us about how consumer credit health is impacted by current economic pressures and how stakeholders can use the tool to instantly get access to a comprehensive database of consumer credit trends.

Knowing how to build business credit could be the difference between starting your dream business or waiting on the sidelines. And while most people think that building business credit requires years of income, million-dollar revenue, or a personal connection with your local bank, Jack McColl is here to tell you otherwise. Jack has been able to unlock half a million dollars in business credit in record time through a simple system. He did this using means that EVERYONE has access to and is here today to teach you how to do the same.Jack is a credit master, knowing the ins and outs of every credit score rating, travel credit card, business credit card, line of credit, and everything in between. He teaches some basic techniques in today's show about how you can get your personal credit score to 700+ quickly and then use that to grow your business credit profile, allowing you to access 0% interest credit cards that can jumpstart your business when you're low on cash. And even if you aren't planning onbuilding a business anytime soon, Jack's tips will help you get a better credit card, a lower mortgage rate, and easier access to lines of credit.Jack also touches on the exact steps you need to follow to reach an 850 credit score and why the “no credit, no debt” line of thinking will hurt you later in life. He shares the best banks to get business credit from, which cards will help your score the most, and why you should always open a checking account BEFORE asking for a business line of credit. If you want to boost your score, build a business, or just travel for free using points, stick around for this episode.In This Episode We CoverHow Jack scaled from $0 to $500K in business credit (and how you can too)FICO vs. VantageScore and which credit score is the most importantPersonal vs. business credit and how the two impact each other0% interest credit cards and how to unlock them by building your business creditBoosting your credit limits and the three cards to apply for to boost your credit profileLines of credit, SBA loans, and other options business owners have to draw funds fromCredit card hacking and how to use travel point cards to globetrot for free!And So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMoney MomentScott's InstagramMindy's TwitterListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy's 2022 Live Spending Tracker and BudgetMy Score IQCreditKarmaClick here to check the full show notes: https://www.biggerpockets.com/blog/money-383Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hear from Susan Fahy, Executive Vice President and Chief Digital Officer at VantageScore about the latest in how consumers are handling their credit accounts.Susan spoke with THE SCORE about what CreditGauge powered by VantageScore™ is telling us about the economy and how stakeholders can use the tool to instantly get access to a comprehensive database of consumer credit trends.

Today Jason talks about the FICO versus the VantageScore system and how we can use credit to our advantage and how we can improve our correct score! So many factors play into these but it is imperative you have a basic understanding of these 2 systems; especially when dealing with your mortgages. Rooms are going FAST! Book your ticket today! Go to EmpoweredInvestor.com/cruise. Everything is subject to availability. When you do, you also get a one on one coaching with Jason! So join the Empowered Investor Pro - Member Retreat, a Western Caribbean Cruise with Jason and his Team on March 4-9, 2023! Key Takeaways: 1:25 Six (6) things government can do to get us out of massive debt 6:09 FICO and VantageScore 13:13 The Vantage Scoring system 14:00 Comparing the FICO and Vantagescore systems 16:06 The game of business 17:17 Vantage score model 3.0 and how we can correct credit scoring 19:08 FICO 9 and 10 19:38 Weighing late payments 20:01 Allows just 14 days for rate shopping for a car or mortgage 20:59 It makes allowances for consumers affected by natural disasters 21:54 Vantagescore credit scoring factors 23:05 Some news about our cruise! Book your tickets today at EmpoweredInvestor.com/cruise  25:06 Why mass inflation is still a threat to rich countries   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN Twitter.com/JasonHartmanROI Instagram.com/jasonhartman1/ Linkedin.com/in/jasonhartmaninvestor/ Call our Investment Counselors at: 1-800-HARTMAN (US) or visit: https://www.jasonhartman.com/ Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else: http://JasonHartman.com/Fund CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Get wholesale real estate deals for investment or build a great business – Free Course: https://www.jasonhartman.com/deals Special Offer from Ron LeGrand: https://JasonHartman.com/Ron Free Mini-Book on Pandemic Investing: https://www.PandemicInvesting.com

Bill Adams, chief economist at Comerica Bank, says the end of the overheating economy is drawing near, which is why the economy will continue softening early this year, setting up a rebound once the Federal Reserve starts cutting interest rates which he expects to happen in the fall. Adams expects the Federal Reserve to have two more rate increases over the next two months, driving down economic activity as a result, ultimately delivering the drop in inflation that the Fed is aiming for. Also on the show, Charles Rotblut, editor of AAII Journal, discusses investors sentiment and which investment strategies held up best for individuals during the downturn of 2022, Silvio Tavares, President and CEO at VantageScore talks about the average American's credit score and how it is trending now that inflation and interest rates are running at their hottest levels in decades and, in the Danger Zone segment, David Trainer of New Constructs explains why pet-supply retailer Chewy is a barking dog of a stock right now.

Is alternative data really a game changer for credit scores? The answer…is yes.Hear from Jung Choi, Senior Research Associate at the Urban Institute about research that uncovers the impact that including rent data in credit scores has for underserved borrowers.Jung spoke to THE SCORE podcast about her research and how including VantageScore in mortgage applications will help solve for an increasingly growing racial homeownership gap.Follow us on social media!linkedin.com/company/vantagescoretwitter.com/vantagescorefb.com/vantagescoreinstagram.com/vantagescoreyoutube.com/vantagescore

What's “in store” for the holiday shopping season and are consumers starting to demonstrate riskier credit behaviors?THE SCORE podcast caught up with Tom Aliff, who leads the Risk Consulting and Advisory practice for Equifax's US division. Tom shared insights on how consumers are spending so far this holiday shopping season and how lenders can track credit risk while the economy is showing some mixed signals. Plus, some fresh credit insights from CreditGauge Powered by VantageScore™!Follow us on social media!linkedin.com/company/vantagescoretwitter.com/vantagescorefb.com/vantagescoreinstagram.com/vantagescoreyoutube.com/vantagescore

This week on Commerce Code we speak with Silvio Tavares, Chief Executive Officer of VantageScore, and have a wide ranging conversation about the economy, consumer credit, vulnerable consumer segments, financial and technological innovation, and the economy in 2023.

Hear from Silvio Tavares, President & CEO of VantageScore about why the company has dramatically improved its digital engagement and how data innovation will drive future growth in the adoption of VantageScore credit scores.Silvio shared with THE SCORE how recent tools and data resources like RiskRatio and CreditGauge – Powered by VantageScore™ will help lenders, capital markets and other stakeholders track the latest in consumer credit health trends in an increasingly uncertain economy.Follow us on social media!linkedin.com/company/vantagescoretwitter.com/vantagescorefb.com/vantagescoreinstagram.com/vantagescoreyoutube.com/vantagescore

Credit scores matter — a lot. They matter if you want to buy a car, a house and sometimes even if you want a job. In a recent deep dive, we covered the history of credit scores, how they work and whether it’s time to rethink how we measure creditworthiness. But Kimberly still had questions. So she and the “Marketplace Tech” team took an even closer look. Today, we’re bringing you an excerpt from their series “The Score.” Get ready to get smart (and take notes) on what the algorithms behind your credit scores get wrong, the difference between your FICO and your VantageScore and what happened when a financial planner tried to trick the system to boost her score. If you have a question about credit scores or anything else, leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

Credit scores matter — a lot. They matter if you want to buy a car, a house and sometimes even if you want a job. In a recent deep dive, we covered the history of credit scores, how they work and whether it’s time to rethink how we measure creditworthiness. But Kimberly still had questions. So she and the “Marketplace Tech” team took an even closer look. Today, we’re bringing you an excerpt from their series “The Score.” Get ready to get smart (and take notes) on what the algorithms behind your credit scores get wrong, the difference between your FICO and your VantageScore and what happened when a financial planner tried to trick the system to boost her score. If you have a question about credit scores or anything else, leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

Credit scores are near to my heart. I kinda work around them now, but still, I spent a wonderful decade rolling the things out and so I'm getting back to my roots. In today's episode, Toni Hubbs talks to me about how the team at VantageScore is driving inclusion and transparency in credit scores at scale (a really, really big scale), and about how and why those scores are being used in securitization deals.Head on over to https://vantagescore.com/ to find all their educational materialYou can find The Score, VantageScore's own podcast on their website, https://vantagescore.com/lenders/tools-and-resources/the-score-podcast/ and wherever you're listening to this one.You can learn more about myself, Brendan le Grange, on my LinkedIn page (feel free to connect), my action-adventure novels are on Amazon, some versions even for free, and my work with ConfirmU and our gamified psychometric scores is at https://confirmu.com/ and on episode 24 of this very show https://www.howtolendmoneytostrangers.show/episodes/episode-24If you have any feedback or questions, if you would like to participate in the show, or if you'd like to find full written transcripts with timestamps head on over to HowtoLendMoneytoStrangers.ShowRegards,Brendan Hosted on Acast. See acast.com/privacy for more information.

Hear from Susan Fahy, Executive Vice President and Chief Digital Officer at VantageScore, about her role at VantageScore and the recently released digital Inclusion360™ tool!Susan shared with THE SCORE how the tool allows stakeholders to examine regions in the United States and seamlessly and interactively download information that sheds light on how many more creditworthy consumers reside in communities across America.Follow us on social media!linkedin.com/company/vantagescoretwitter.com/vantagescorefb.com/vantagescoreinstagram.com/vantagescoreyoutube.com/vantagescore

Today I'll be talking about What is a Credit Score, and is Credit Karma Accurate.See full show notes @ https://loanpros.io/what-is-a-credit-score-and-is-credit-karma-accurate/A credit score is a number that represents your creditworthiness. this number is generated from the information in your credit report. the higher your score, the less likely you are to miss payments or default on your loans and obligations.Credit Karma uses the VantageScore 3.0 model to generate its scores, which is a widely used scoring model for credit monitoring. Because each lender has its own criteria for approving loans, your score on Credit Karma may not perfectly align with the score a lender would use to evaluate your loan application. It's accuracy varies heavily on the type of tradelines on your report, and how long ago they were reported as well as the type of loan you are looking for.In summary, Credit Karma is a good way to check your credit score and get an idea of where you stand. However, it's not perfect, and your score will be different than what a lender sees. Mortgage lenders usually use FICO Scores, so it's always best to check with them directly to see what they're looking for. You'll need a good credit score to get a favorable interest rate and loan terms on a mortgage, and better credit scores can not only give you better interest rates, but more buying power.

Hear from Steve Ely, CEO of eCredible about how their services help consumers AND small business owners tap into their cell phone and other utility payments to help get access to loans.Steve spoke to THE SCORE podcast about how using permissioned data that isn't normally reported to the credit bureaus is likely to be part of loan underwriting in the future.Follow us on social media!linkedin.com/company/vantagescoretwitter.com/vantagescorefb.com/vantagescoreinstagram.com/vantagescoreyoutube.com/vantagescore

All this week, we've been looking at the data and algorithms behind credit scores. While many lenders will use FICO scores, the company does have one major competitor, VantageScore. It was founded by the three credit bureaus (Experian, Equifax, and Transunion) in 2006. The company, which is independently managed, says its scoring model is more inclusive and predictive of credit risk than traditional models. “Marketplace Tech” host Kimberly Adams recently spoke with Silvio Tavares, president and CEO of VantageScore, about what he and his team consider when they’re designing their algorithms. The following is an edited transcript of their conversation.

All this week, we've been looking at the data and algorithms behind credit scores. While many lenders will use FICO scores, the company does have one major competitor, VantageScore. It was founded by the three credit bureaus (Experian, Equifax, and Transunion) in 2006. The company, which is independently managed, says its scoring model is more inclusive and predictive of credit risk than traditional models. “Marketplace Tech” host Kimberly Adams recently spoke with Silvio Tavares, president and CEO of VantageScore, about what he and his team consider when they’re designing their algorithms. The following is an edited transcript of their conversation.

This week on Commerce Code we speak with Latonia Hubbs, Senior Vice President - Head of Capital Markets and Strategic Alliances at VantageScore, and learn about the role credit scores play in debt securitization.

This week on Commerce Code we speak with Dr. Emre Sahingur, SVP of Predictive Analytics, Research and Product Management at VantageScore, and dive deeper into the post-pandemic consumer credit analysis.

This week on Commerce Code we speak with Dr. Emre Sahingur, SVP of Predictive Analytics, Research and Product Management at VantageScore, and discuss the topic of who is included in the credit economy, who isn't, and why.

This week on Commerce Code we speak with Silvio Tavares, President & CEO of VantageScore, a leading credit score model developer. We talk about the future of rich data and financial access, and how to bring everyone into a vital economy by removing barriers that have kept certain groups out in the past.

In this K-shaped economic recovery, many consumers will prosper, while others will continue to struggle. In this episode, we discuss how VantageScore could score about 37 million Americans who are conventionally unscoreable -- and what that could mean for the economy. Join Katherine Doe of Equifax as she interviews David Fieldhouse, director of consumer credit analytics at Moody's Analytics, and Emre Sahingur, senior vice president of predictive analytics research and product management at Vantage Score. This portion of the transcript is edited for brevity. Listen to the full podcast for more great insights.Katherine:It feels like we're starting to see the path forward to the normal-normal, and not just the pent up demand normal. So that's good to hear. We're talking a lot about that top “leg” of the K and that path forward, but there's that opposite path as well -- a whole different population of consumers that are not in that position. So I'd love to hear from you a little bit more of what you're seeing on the credit side for that divergent path in the K.David:The population that I like to study when I'm thinking about the other half of the K, the individuals who maybe are not as well positioned right now, I usually look at the renter population. That's usually the group that I focus on. We estimate there are about 5.6 million delinquent renters in the United States. So this is about 13% of all renters. To put that in context, our best estimate is that about 6% of renters are typically delinquent. In terms of severity amongst the delinquent population, we're expecting that they're about three months behind in payments when you put together rent and utility, and those typical payments that need to be made. Things have actually improved. So, we were talking earlier this year about a potential rental eviction crisis. Things are on the right path to staying away from that true crisis. What we need to do is have rental assistance from the government actually get distributed. There's been a lot of administrative hurdles as money passes from state to local governments to finally make it to the renters. But there are definitely 5 million renters out there right now that are probably not feeling as optimistic about the economic situations. And we need to be cognizant of this group.Katherine:And this is where we can dig in a little bit more to your research, Emre. I would love to hear from your perspective an overview of the unscoreable and invisible populations that you've been studying and what VantageScore was seeking to better understand with that initiative.Emre:You're absolutely right that there's actually a significant focus on the topic of credit invisibles right now. Lack of a credit score certainly hinders that consumer's ability to access mainstream credit products. And that contributes to financial inequities and the growing wealth gap for historically disadvantaged consumers. As you mentioned at the beginning of the podcast, a foundational objective for VantageScore      has always been centered around financial inclusion. Innovations have been aimed at really trying to increase the population of scoreable consumers and to provide a fair and accurate representation of credit risks so that they can have a fair shot at gaining access to mainstream credit products. Now coming to our research, CFPB performed an analysis back in 2015, which stated that there were roughly about 45 million consumers who were credit invisible. But we know that not all of these consumers are credit invisible, really. They're invisible only to some of the legacy systems and models that have not been really updated for quite some time. In our research, we aim to provide an estimate of the total population of consumers 18 years or older, who are scoreable by VantageScore. And we looked at the 2019 census numbers, and we note that there were about 48 million consumers who are not receiving a score through conventional models due to their stringent scoreability criteria. And we can estimate that VantageScore can get to about 37 million of these consumers, meaning we can actually reach about 96% of adults in the United States and provide a reliable and accurate score for them. In our research we performed recently, our aim was to really better understand these newly scoreable consumers. Study what information they have in their credit profiles. Understand some of the demographics such as their age distributions, their income distributions. Understanding that race and geography representation. And we also looked at the association between scoreability and some of the key socioeconomic indicators, such as income levels, education, home ownership, and access to financial services in the communities consumers live in. We also looked at how race interacts with all of these different factors. A key goal for that research was to really identify consumer segments that we felt would be most benefiting from a more inclusive credit scoring model.For more on this interview, listen to our full podcast. To access the latest consumer credit and small business insights, contact your Equifax account executive today, or visit us online at equifax.com/business. You might also enjoy checking out Economy.com by Moody's Analytics  for the latest economic updates.******We want to hear from you! What did you think of this episode? What would you like to hear our experts share in the future? Email us: marketpulsepodcast@equifax.com. RESOURCES mentioned in this podcast:  Download the VantageScore report, “​​Combating Inequality with Inclusivity: Who Exactly is Credit Invisible and How are Racial Disparities Impacting Minority Homeownership Opportunities?” https://vss.credit/inclusivity Do you have the economic and consumer credit performance data you need?  With CreditForecast.com -- a joint product created by Equifax and Moody's Analytics -- you can access data, forecasts, scenarios, analyses and more from analysts you trust. https://www.creditforecast.com Register for upcoming Market Pulse webinars from Equifax, plus access previous webinars and presentations. Download our latest Credit Trends reports. 

Knowing the difference between your F.I.C.O score and your VantageScore (Creditkarma) can be a big help in knowing if you will be approved for credit. *Thanks you for listening. If you like the podcast please Rate it 5 stars on Apple Podcast! Much love and have a great day! Follow us “The Credit Repair Show” for daily updates on how to repair your credit. You can support my podcast with a small donation on my Cashapp $Credit1964 · Follow us: Instagram: @creditrepair64 / Twitter: @creditrepair64 / Facebook: Angelo McCutchen /Facebook Group: https://www.facebook.com/groups/creditrepair64 Youtube: Angelo McCutchen · Goal: We want to inspire the world to understand that they do not have to live with bad credit and that there is something that can be done about improving their credit scores. If you know of anyone that can use this podcast please share it with them. Tags: #Credit, #creditrepair64, #creditbureaus, #creditreport, #money, #home, #homebuyer #creditcards #car #carbuyer #debtbuyer #debtcollectors --- Send in a voice message: https://anchor.fm/angelo-mccutchen/message Support this podcast: https://anchor.fm/angelo-mccutchen/support

Did you know there are DOZENS of scoring models out there? There are the big 2 that we will focus on: FICO and VantageScore. Although they are similar, there are several very important differences. 90% of lenders use FICO as a scoring model. Listen in to learn the differences and how it effects YOU!

To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 Plenty of companies claim they can boost your credit score, but it’s for a price. Some are scams and some are legitimate. Either way, you just don’t need them. The truth is, there’s nothing anyone can do to improve your credit score that you can’t do yourself and should be doing. Today on MoneyWise, we’ll explain this and help you see money from God’s perspective. What exactly is your credit score? It’s a single number, usually between 300 and 850, that essentially tells a prospective lender how good a risk you are and how likely you’ll be to repay money loaned to you on time and in full. Five factors make up your score: payment history (35%), amounts owed (30%), length of payment history (15%), the different types of credit accounts (10%), and new credit (10%). First, pay every bill that comes in on time. Simple enough, right? We should always do that anyway. Proverbs 3:27 tells us, Do not withhold good from those to whom it is due, when it is in your power to do it.Second, never use more than 30% of your available credit in any account. If you do those two things and in time, you’ll have a very healthy credit score that’ll get you a favorable interest rate if you apply for a loan. Most major scoring companies, including FICO and VantageScore, put the heaviest emphasis on timely payments when determining your score. A single, 30-day-late payment probably won’t do much lasting damage to your score, but you might get hit with a late fee. Consistent late payments of 30 days will drag your score down significantly. There are things you can do to make sure you pay on time. Get on a budget. This ensures you’ll always have enough to pay your bills. Then set up automatic payments from your checking account. Most banks now enable you to do that. If you prefer to pay manually, you can set up payment reminders. Setting a reminder a few days before a due date allows time to transfer money to the creditor. Never have a balance on a credit card. Instead, pay off the entire balance in full each month to avoid paying interest. The lower your balance on each card, the higher your credit score will be. If you find yourself in a tough spot financially and you have to temporarily run a balance on a credit card, many issuers now allow you to set alerts. This way, you’re notified when approaching the 30% mark. Another trick when carrying a balance is to make several smaller payments during the month instead of making the full payment due amount at the end of the billing cycle. This will lower your credit usage ratio and probably reduce the amount you’ll owe in interest, too. The longer an account is open, the more it improves your score. So, if you have two credit cards and want to cancel one of them, cancel the newest card to have the least impact on your score. Finally, avoid taking on any new credit accounts as that will negatively affect your score, at least temporarily. On today’s program we also answer your questions: I’m eligible to retire soon and my options are to accept a lower annual pension along with a lump sum or take a higher annual pension with no lump sum. Which should I do? I’m now able to save between three- and four-thousand dollars monthly. Where’s the best place to put this money? My husband’s a pastor who receives a parsonage allowance. Should we pay off our mortgage as we just recently inherited some money? However, as a consequence, we’d lose the parsonage allowance. We still owe about $50k on the mortgage. Remember, you can call in to ask your questions most days at (800) 525-7000 or email them toQuestions@MoneyWise.org. Also, visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the free MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab on our website or in our app.

We discuss the best use of SOME of your stimulus check, tax refund, and/or bonus to increase your credit scores. PLUS, THE RESULTS ARE IN from our poll...Is your FICO score higher than your VANTAGESCORE?

There is a lot of information out there on laws regarding credit that you can use to protect yourself. Such things as the Fair Credit Reporting Act (FCRA) or the Fair Debt Collection Practices Act, known as an FDCPA. FDCPA has to do with you, the consumer, and the creditors, while the FCRA is between the consumers and the credit bureaus. Would it surprise you to know that only about 1% of the country knows about and uses this information? Our guests on today’s episode are credit experts Robert Childs and John Roberts. Robert founded a credit repair company in 1990 and by 2012 he grew his business from just two employees to over 560 employees. In January 2012, Robert sold his company to a large bank for a seven-digit figure. Robert’s credit repair company processed over 5,000 new clients per month with revenues that reached 65 million dollars in annual sales. John has worked in the credit restoration industry since 2015 and has helped thousands of consumers with credit issues along the way. He has demonstrated excellence in the credit industry as Director of Business Development and he has also served as Chief Operations Officer for companies and both the credit restoration and debt settlement industries. Together, we have the cofounders of The Debt and Credit Guys. Stay tuned for some very insightful bits of advice from two experts in the credit arena, the do’s and the don’t’s of improving your credit score, dealing with collection agencies, and so much more!Key Points From This Episode:Robert and John share more about where they come from and what they are doing now.What is a FICO score: A three-digit negative or credit score.The difference between a FICO score and a VantageScore.Why a FICO score is important.Ways to improve your FICO score: Four ways to boost your credit quickly.How closing a credit card can damage your credit score.Other ways to add negative items on your credit score that impact your credit.How to legally remove negative items from your credit report.How to deal with collection agencies: FDCPA and how to respond.Three important things to ask if you are being called about debt.The best and worst times to settle a collection amount.Other ways to improve your credit scores.One tool they use in real estate investing that they could not do without: Credit!The importance of doing research in the real estate business.Links Mentioned in Today’s Episode:Robert Childs on LinkedInThe Debt and Credit GuysJohn Roberts Telephone — 949-371-8899The Debt and Credit Guys PodcastThe Debt and Credit Guys on TwitterATP Capital GroupBullpen

Can 20th-century credit scoring models really address the economic realities of the 21st century? By the early 2000s, many lenders had begun to worry that the old ways of scoring customers really were getting, well, old. In response, the three national credit reporting companies (CRCs), Equifax, Experian, and TransUnion, joined forces to create a more advanced credit scoring solution -- VantageScore Solutions.In this episode, we have an intimate conversation with the President and CEO of VantageScore, Barrett Burns, who joined during its formation in 2006. He shares insight to his journey that lead him to become a pioneer in the industry. Understand the process, importance, and future of credit score model development. 

Credit Karma is a free service for checking your credit score. However, Credit Karma also has a host of features that can end up saving you some significant cash. In this Credit karma review, I'll break down how you can use Credit Karma for the greatest effect. Add me on Instagram! - AppleCriderOfficial Most people have heard of Credit Karma before, but most people don't know how to use Credit Karma to increase their credit score. By fully taking advantage of Credit Karma, you can significantly boost your credit score and in turn, save tens of thousands of dollars throughout your life. Over the last 3 years, I've been able to use Credit Karma to build my credit score from zero to over 800! In this video, I'll break down exactly how I did it and how you can do the same. One complaint that many people have with Credit Karma is that the credit scores shown are inaccurate and that you're better off using a service like MyFICO. This is incorrect, and the credit scores on Credit Karma are in fact accurate. However, Credit Karma calculates a VantageScore as opposed to a FICO score. These are two different formulas used to calculate a credit score and both use the 300 - 850 scale. Most lenders will typically pulla FICO score when you're applying for a loan, but some will also use a FICO score. Fortunately, both scoring models use the same credit score criteria, so when you improve one, you're likely also improving the other. This is why when you apply for a loan or credit card and compare the credit score you get from the bank with your Credit Karma credit score, there may be some differences. This is not going to be a big deal for most people as the scores will likely be within a few points of each other. Plus Credit Karma is free, which is a big plus over services like MyFICO. TIMESTAMPS 00:00 - Intro 00:14 - So What Does Credit Karma Do? 00:34 - Credit Karma Features 04:38 - How Does Credit Karma Make Money? 07:11 - So How’s This Gonna Save Me Money? 08:57 - Outro

In the fourth episode of the Tips from Family Meal Podcast, Jason demonstrates the importance of building a great credit score, clarifies the difference between VantageScore and FICO and pays his respects to the secured credit card.

BE SURE TO SEE THE SHOWNOTES AND LISTEN TO THIS EPISODE HERE. Eve Picker: [00:00:09] Hi there. Thanks so much for joining me today for the latest episode of Impact Real Estate Investing.   Eve: [00:00:15] My guest today is Melissa Koide, the founder of FinRegLab, a pretty new research organization. Melissa describes herself as a policy entrepreneur. While working in government she saw the critical need for an independent research organization, an honest broker of sorts, to test financial methodologies and new technological tools. Through FinRegLab, Melissa hopes to inform policymakers and financial institutions. Their ultimate goal is to advance financial inclusion.   Eve: [00:00:58] Be sure to go to evepicker.com to find out more about Melissa on the show notes page for this episode. And be sure to sign up for my newsletter so you can access information about impact real estate investing and get the latest news about the exciting projects on my crowdfunding platform, Small Change.   Eve: [00:01:21] Hello, Melissa and thank you so much for joining me.   Melissa Koide: [00:01:24] Good morning. Thanks, Eve, for reaching out to me. I'm looking forward to our conversation.   Eve: [00:01:28] Yeah, me too. So you launched a company called FinRegLab with the goal of helping to create a more inclusive and safe financial marketplace and I'm wondering how Fintech - because I think that's what FinRegLab does, financial technology - helps to meet the unique needs of the unbanked and the underbanked.   Melissa: [00:01:52] Absolutely. I'd love to tell you a little bit about why I stood up FinRegLab, if you'd like to hear a little bit of the origination story.   Melissa: [00:02:02] I was in the U.S. Treasury Department, in the Obama administration, and my office was the Office of Consumer Policy. And I jokingly say, being the head of the Office of Consumer Policy meant that I got to engage in virtually any and all policies that touched people, which meant that we had an important role to play across lots of important policy areas, which was a priority for Treasury and the administration at that time, which was really around financial inclusion and thinking about how public policy and the financial sector could be ensuring support of access, or financial inclusion, for households and families and small businesses who lack access to safe and affordable financial products and services. So that might show up in our financial inclusion agenda, it would very much show up in the work that we were doing looking at some of the consumer protection policies that were being developed. This was after the creation of the CFPD, but there were still a lot of developing policies that the administration was very thoughtful about in the consumer protection area, whether it was housing and mortgages, auto financing all the way to the other end of the spectrum that Treasury focused on, which was making sure that our financial system was safe from bad actors, whether it would be bad actors trying to use a financial system for fraudulent purposes all the way to really bad actors who, you know, would potentially be trying to fund things like financing for terrorists through the financial system. All of those different policy areas were under the purview, or are under the purview of the Treasury Department and all of them, in fact, have real implications for people because people are clearly who make up and who use our financial system.   Eve: [00:04:13] Probably, you know, Small Change and what I built it on comes right out of those policies.   Melissa: [00:04:20] Say more.   Eve: [00:04:21] Oh, the Jobs Act, I mean, the Jobs Act of 2012 and the Regulation Crowdfunding which allows access to anyone over the age of 18 to invest, is pretty much part of opening up that whole financial system to everyone.   Melissa: [00:04:36] That's exactly. Yep, that's absolutely right. And you're putting your finger on another important aspect of what the work we were doing at Treasury and then what was the impetus for creating FinRegLab. So this was back in 2012, 2011, when this notion of something called Fintech was really just coming online and it was post the Dodd-Frank Act but it was definitely something that was thought about in the Jobs Act. And that was: wait a minute, how can new technologies and new data uses potentially enable the creation of access to financial products and services that can be delivered to individuals who may be harder to serve, may be more non-traditional? I can talk about examples around this, but, whereas tech and data potentially able to level the access to the financial sector especially for individuals who may, for a variety of reasons, not be able to get into the more mainstream financial system. And whereas tech and data enabling the innovative and creative new providers of financial products and services who may not be banks, they may not be depositories. We saw the rise of new marketplace lenders who are generally non-bank financial institutions, who in the beginning, and it sounds like you know this well Eve, really doing a level of matchmaking with data between those who were interested in providing resources and funds for borrowers and then the borrowers on the other side who were in need of funds for a variety of purpose. And it was these intermediaries that really, sort of, were at the forefront of this onslaught of new types of non-bank actors. What we now, shorthand is Fintech firms, who are bringing in access to things like credit where that kind of access hadn't been available especially, I think it's an important distinction, credit that is affordable and non-predatory. And it doesn't mean that there aren't predatory marketplace lenders, there are some of those out there, but the use of the technology and the data, I think, helped to really create a ecosystem of providers of credit that are doing it at a much more affordable price for consumers. And small businesses, actually.   Eve: [00:07:17] Yes. That's been your background and then, how does your organization FinRegLab play a role in all of this? You launched 2017, right?   Melissa: [00:07:28] Yeah, and so the punch line in terms of, you know, what I was doing at Treasury and what's FinRegLab is, what we didn't have while I was sitting at Treasury for four and a half years, was any independent organization that didn't, frankly, have a particular advocacy agenda. While sitting at Treasury we would hear from the banks, we would hear from consumer advocates, we would hear from merchants, we would hear from Fintech. And everybody had a vested interest in how policy evolves in light of any particular data or technology use. And that's completely reasonable and understandable. But as policymakers, what we needed, and what policymakers still require, is an independent, non-advocacy, empirically-driven resource or answers that are empirical and non-advocacy driven. That really help to evaluate what are the implications? What are the implications for people from a new type of data use? What are the implications for the financial sector when a new data use might be brought online? And what does that then mean for public policy? What does it mean for the existing rules and laws that we already have in place that may need to evolve and may need to change in light of what a particular new data application may mean for consumers, small businesses and the financial market? And so, while sitting at Treasury, we didn't have any independent organization to turn to to just get that empirical evaluation.   Melissa: [00:09:09] And so after leaving Treasury at the end of the Obama administration, I spent some time for about six or seven months talking to my policy colleagues who I had worked with, especially the regulators, about this idea of standing up. Would it be valuable to them and what would they like to see evaluated? But to stand up a non-profit research organization that could go about, in a fairly sophisticated way, creating actual empirical evaluations of particular data or technology applications and then, importantly, providing a space for the dialogue for all of the different stakeholders who both need to learn from what the empirical research offers, but then they have a dialogue about what does that data use, now that we understand from an empirical standpoint, what does that mean in terms of the evolution of our policies and our laws? And so that's, after six months talking with the regulators in particular and identifying a host of particular data applications or technology uses that would be of value for us to study, I then began to explore some of the different philanthropic funders who would be interested in supporting this kind of organization. And we found the Omidyar Network was particularly interested in being supporting for a non-profit to do this kind of research.   Melissa: [00:10:45] I then stood up FinRegLab to go about, frankly year one - and it sounds like, Eve, you've run a nonprofit too - year one, what sort of proof of concept is the idea that we're putting forth, you know, will it succeed? Can we deliver what we're promising to deliver? And so year one, year one and a half was really first test case. Can we get industry to share the type of data that we need in order to do a genuinely independent empirical assessment? Will we be able to get the regulators to join in the dialogue discussions and all of those industry stakeholders, consumer advocates, the big banks, the Fintechs? And so it was a really exciting year for both building this new organization and undertaking that research. And I'm pleased to say it was a really productive project.   Eve: [00:11:38] I want to maybe know in a little more detail how these projects work. What happens in your lab?   Melissa: [00:11:42] Sure. I'll tell you some of the projects that we've done and some of the things that we have underway that I think are pretty important for the moment that we're in today. The way that we work is, again, we engage the regulators, consumer advocates and the broader financial market to identify what are emerging data or emerging data uses or emerging technologies that those may have real scale effects for the financial sector? But importantly, and this is FinRegLab, our true north, but that also may have real benefits and power for advancing financial inclusion. We are talking to the financial sector, the Fintechs, the banker, the investors, the regulators constantly to really keep tabs on what are trends in the market in terms of data that are being used or that are being thought about being used, or that present as having real scale effects potential? And then we go about essentially constructing a research project that would enable us to be able to then get the level of data or the access to the technology that we need in order to then evaluate it. And so I'll use our cash flow research as a sort of tangible way to explain it. So there is a lot of conviction, for very good reason, that we need more affordable and safe credit access. There's also a fair bit of, I think our research bears this out, concern that our existing credit evaluation process may not sufficiently evaluate the credit risk of underserved consumers and small businesses. And so this may be, in this country alone we have between 40 and 60 million Americans who are considered, that they have insufficient credit history or they have no credit history at all. And therefore, because we rely on credit history, the current approach for underwriting isn't able to successfully evaluate their credit risk.   Eve: [00:14:00] I actually went through this years ago because when I moved from Australia a long time ago, we just didn't use credit cards there in the way that they were used here. We didn't have any credit history.   Melissa: [00:14:11] Exactly.   Eve: [00:14:12] And the mortgage lenders were completely baffled. They didn't know what to do with us. It was a bizarre experience.   Eve Picker: [00:14:17] How did you find your way through that?   Eve: [00:14:20] I think, my husband had a job with the university and they were supportive in the background. They provided some hand money. You know, this was a long time ago. So somehow we convinced the lenders that we were a reasonable risk. And honestly, part of that is we're white. I think that when you're a minority in this country, perhaps that convincing isn't as easy, right?   Melissa: [00:14:49] Yep, yep. Yep. There is definitely, you know, we see a lot of access issues, especially among low to moderate income communities and individuals who also happen to be minority. So, it is absolutely a need in this country to make sure that financial access is extending to minority communities and minority communities, especially who are low and moderate income. So, absolutely.   Eve: [00:15:18] And that redlining goes away, because it still exists. It exists strongly. And it's astounding to me that it still does. But there it is.   Melissa: [00:15:28] Well, just to digress on that point for a minute, back in the 70s, we had significant redlining in Chicago, across the country. But there was research that, empirical work, that clearly identified the type of redlining that had been happening in this country. And we ended up with a law put in place, the Community Reinvestment Act, which, in essence, it sounds like you're familiar with it, says, you know, if you are going to be taking deposits from these communities you need to be serving these communities. With credit, in particular credit access. And I think it's a really interesting question to bring it back to technology and data today. There is a general belief that that law is too dated in light of how financial products and services are delivered now, where people are going to get and sign up for bank accounts to credit access. And there's also important questions around, that law specifically covers are depositary, our banks. Should that law be updated so that some of these new types of financial service providers are also included, right? I mean, there are questions around should non-banks who are providing financial products and services have some obligation around that. There's a lot of complexity and things that have to be considered but I think the general notion of where people are getting their financial needs met, what then are the obligations in terms of the financial system and making sure that people are fairly served and accessing credit and other, ultimately what are wealth building opportunities, right? Credit and your...   Eve: [00:17:16] Yeah. But the problem is, the poorest people who need that credit, it costs them the most. So the opportunity to build wealth becomes even harder. Whereas the more you have in this country, the less it costs you to make more money and to get better credit. And that's that's really scary.   Melissa: [00:17:40] Yeah. Yeah. We thought about this a lot while sitting at Treasury and we thought about it, I think it's important also to be thinking about it, quite holistically. For one, in the financial sector, in the credit decisions, as I said, we've got 40 to 60 million people who are quite possibly credit-worthy, but we just can't tell from the existing way that we evaluate them. And that's what that cash flow research looked at. And we actually did find that other types of data, in particular bank account transaction information, is able to distinctfully evaluate credit risk, distinct from using a FICO Score or a VantageScore. So just put a pin in that, right? That there are other ways to evaluate people who really are credit-worthy, who haven't been able to get the credit under traditional means. But this bigger, real problem that is in front of us is, it's not just the credit system that has to be astute in tackling access issues, we also have much bigger, more foundational needs that would help to lead down the path, if we could fix these issues, for equality. And that means thinking about our higher education, and what does it take to get a good education? And can we deliver a good education with how...strapping people down with debt that may encumber their ability to then be able to acquire other things like a home, as a for instance. Income. Huge issue, right?   Eve: [00:19:21] Right.   Melissa: [00:19:21] Are people getting their basic needs met, are they able to do so with the income they make? And that list would go on. I mean, there is that tax system to think about. We spend a lot of time thinking about how we could be potentially driving savings in a way that is very efficient, very streamlined at virtually no cost. And when I was sitting at Treasury we built a product called the myRA, which was the starter retirement account. This was a Roth-structured IRA product that we set up for the millions of households who aren't able to save in a traditional employer-sponsored retirement plan. So I think that there are other really important levers like retirement, like higher education financing, like really focusing on income that are so critical to giving everybody the opportunity to have some financial security and financial stability, which, let's face it, all our families need.   Eve: [00:20:27] Small business lending and I consider, you know, small real estate development to be small, small business as well, is very difficult and really geared towards a very distinctive population. White men. You know, all these businesses that are built on credit cards, which is very expensive, you know, by women and minorities or immigrants. I know we've tried to shift that, but that is a really big hairy goal. Like, I'll give you an example. My parents were immigrants to Australia, and when they arrived, they were refugees from the war. They had absolutely nothing. You know, I grew up with these people who worked really hard to build a life and to make sure their kids had a good education. In a sense, immigrants like that are self-selected because they are driven enough to pick themselves up and go to another country and make something happen to better their lives. So I'm puzzled why we treat them so badly, you know, and that's around lending for small businesses. Is that a credit issue? Is that, you know, is... I don't know.   Melissa: [00:21:41] Yeah. I think that there are some presumed limitations on being able to serve immigrants and undocumented individuals that aren't there but, you know, maybe sort of inhibitors that people decide to put in place themselves.   Eve: [00:22:03] Well definitely with undocumented, but there are plenty of immigrants who are documented, right?   Melissa: [00:22:10] Yep.   Eve: [00:22:11] Anyway, now we're going down a very different path here. It's the culture around lending and credit and everything that..   Melissa: [00:22:19] It sounds like you've actually, sort of, studied this particular area in terms of some of the decisioning and the culture around lending for small businesses.   Eve: [00:22:27] Well around buildings. But that's a slightly different culture, you know, that is around...I don't know enough about banking to really be able to understand this completely, but over the last 15 or 20 years, first of all, the number of banks has been greatly reduced in this country - I think it was 15,000 and now it's under 5,000.   Melissa: [00:22:49] No, we'r a little under seven.   Eve: [00:22:51] In a sense, community banking has been a little squashed, right? And along with that, what I noticed in real estate, and I'm sure it's true in business, is that if you're doing a project that is slightly different in an underserved neighborhood, let's say it's the first 10 affordable housing units, or retail on a street that hasn't had any new investment in 10 years. banks just really shy away from that. They want to appraise it. They want to see that it's happened before, you know, at least three times. And they want to be really comfortable with a product that they completely understand. And in my mind, that squashes innovation and an improvement in our country, because if you keep supporting the same, how do you grow better?   Melissa: [00:23:43] Yeah, we haven't studied the real estate market, but we did do a deep dive study looking at small business lending by marketplace lenders. And we did do some level of, sort of, where are the banks relative to the marketplace lenders? I think one of the interesting takeaways that has some resonance in light of the concerns you're raising are, as we are moving to, and I think this environment with Covid emphasizes this even further, as we're moving to a much more online and data driven decisioning process and even a more autonomous evaluation process, including for small business lending, I think generally it's perceived that's going to help in terms of any type of bias or explicit sort of discriminatory perspectives or behaviors that lenders would apply, right? Because it's all about what's the data tell you? On the other hand, it also puts a lot of pressure on, do the data tell you enough? And I think one of the things that I hear you're asking is, is there enough openness and risk-taking by lenders and banks in the financial sector generally, to allow for and appreciate the diversity that may be coming through, depending upon what the particular small business may be selling, who that small business is, what the geography is that the lender is sort of evaluating. I think it's a, I think you're absolutely putting your finger on an interesting question is, you know, that sort of risk taking, are we clamping it down further? We may be mitigating some of the explicit discriminatory bias that we have seen historically, because now it's really, you know, how long is that business been a business or what is that, sort of, expected small business planning to do? Now we have the ability for lenders to think about a small business idea of, look across the country to compare what's that business endeavor look like in another marketplace? And what are the factors then that you would want to consider when making a decision to make a loan? On the other hand, is it further driving away the willingness to take risks? And clearly lending and small business is a lot about risk taking, right? I mean,   Eve: [00:26:26] Absolutely.   Melissa: [00:26:26] A lot of small businesses, you don't make it. And no doubt we have, you know, too many small businesses right now struggling.   Eve: [00:26:34] Oh, it's awful.   Melissa: [00:26:35] But yeah.   Eve: [00:26:36] And this is the rise of equity crowdfunding, which is really barely an industry at this time. It's very nascent but, you know, the fact that people will take a risk in other people rather than a financial institution between them is, is a really direct and interesting idea because, you know, people in my neighborhood would band together and buy a house to stop it falling into the hands of a slum-lord.   Melissa: [00:27:03] In Australia?   Eve: [00:27:04] No, no in Pittsburgh, in Pittsburgh.   Melissa: [00:27:06] In Pittsburgh? That's great.   Eve: [00:27:09] That's a very direct relationship with a place you're in. Maybe it's a direct relationship with a developer. Maybe it's a direct relationship with a business, you know?   Melissa: [00:27:19] Well, and what's interesting about what you just said there is it's all human relationships too, right? It's your relationship with your neighbor, your sort of shared interest and commitment to taking a risk together all the way to having a relationship with somebody who's a developer in the neighborhood who's going to join you in, yeah, taking some level of risk. Yeah, it's a good question, Eve, I think, you know, how do we make sure that we don't both lose the sort of human aspect of this, the willingness to take risks because there is such importance and diversity of who the small business owners are, what they provide. Who gets to take advantage of whatever they happen to be building or selling?   Eve: [00:28:05] So what's your big hope for, big hairy goal for FinReglab? How do you think, or how might you like to change the world?   Melissa: [00:28:14] Goodness. We know to be, we are a small and mighty team,   Eve: [00:28:23] Small and mighty, I like that.   Melissa: [00:28:25] But we are taking on, I think, some of the big and important questions when it comes to technology and data being used to make decisions in consumers financial lives. Our ambition is to sort of be looking around the bend and really, sort of, keep an eye on what are the technology or data applications that will have real scale impact for bringing more people into the financial system? And also being really careful in recognizing there are real risks, too, potentially. We want to grow up and we want to be effective at informing across the entire financial marketplace. I think we have been quite good so far. We're still pretty little, pretty young. But I think we've been good at, sort of, being able to spot what are trends where there is real opportunity, but also the need to assess the risk. Cashflow data was one particular type of data. And I think we did a good job of that evaluation. We're now actually turning to look at some of the technologies and in particular some of the algorithms, the more sophisticated machine learning algorithms that are being considered for credit underwriting, right? This gets to this whole question of, to what extent is the decision engine for who gets credit and who doesn't q black box??And so we're really honing in on this question of, well, is that black box explainable?   Melissa: [00:30:01] And so we've embarked on a research project. We're partnering with a team from Stanford to evaluate some of the explainer technologies that may help to determine how was a credit decision made, if it was a machine learning algorithm that was applied? Is the information able to be explained to a consumer, right? How is the information, is it able to be explained to a regulator? And then, really importantly, how is what's coming out of that machine learning algorithm understandable for making sure that we are not perpetuating bias? And differences between protected classes and non-protected classes. And so, again, there is, the academic literature suggests there's real promise in using what I call fancy math. We also really need to make sure that we are able to assess it and understand what comes out of those black boxes so that our policy objectives, our societal objectives are able to be met. So one day at a time for us, but..   Eve: [00:31:18] It sounds like you're shooting for the stars and  I can't wait to see what comes out of your...   Melissa: [00:31:24] Oh, thank you.   Eve: [00:31:25] ...Small and Mighty Team next. And thank you, thank you very much for talking with me.   Melissa: [00:31:31] Absolutely. Thank you so much for reaching out to me. I'm glad we've done this.   Eve: [00:31:54] That was Melissa Koide. FinReglab is tackling a fundamental issue, the need to create a more inclusive and safe financial marketplace for everyone. Melissa believes that technology can solve some of the problems of the inequitable marketplace we operate in now. And she wants FinRegLab to be looking around the bend to identify technology that can advance financial inclusion. While her team is still small, they are tackling a mighty big problem. Small and mighty is how she describes them.   Eve: [00:32:36] You can find out more about impact real estate investing and access the show notes for today's episode at my website, evepicker.com. While you're there, sign up for my newsletter to find out more about how to make money in real estate while building better cities.   Eve: [00:32:53] Thank you so much for spending your time with me today. And thank you, Melissa, for sharing your thoughts. We'll talk again soon but for now, this is Eve Picker signing off to go make some change.

In this Episode, Kisha Jo from @TheThirtyGirl Podcast & certified Credit Repairer joins Radiohead to talk about that frightening little word “CREDIT” . That word has instilled trauma and anxiety in my life by my mother since i was kid. As immigrants we were told that you AINT SHIT without CREDIT in the great USA. Kisha Jo breaks down good credit, bad credit, debt , first time home owners Credit , pension and even student loans. Join me as we discuss how to stay above water with our credit with the Credit Plug herself! Guest: @TheThirtyGirl   www.TheThirtyGirl.Org Credit Repair Services and Podcast Host: @HowdoIexplainthishittomymom  Check you VantageScore with: WWW.CreditKarma.com Check your FiCO scores  with www.MyFICO.com --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Las batas de hospital escasas, las inyecciones dolorosas y las temperaturas bajo cero en la sala de examen de su médico no siempre son la peor parte de recibir tratamiento médico. Recibir una factura médica considerable después de una visita al médico o al hospital puede ser una píldora especialmente amarga para tragar. Además de agotar su cuenta bancaria, las facturas médicas pueden afectar su crédito si no las paga a tiempo.  La clave para curar el problema es tomar medidas de inmediato. Esto es lo que necesita saber para evitar que las facturas médicas afecten su puntaje de crédito. ¿Las enfermedades médicas afectan su crédito? Simplemente recibir una factura médica no afecta su puntaje de crédito, por supuesto. Tampoco pagar la factura unos días tarde. Las facturas médicas afectan su puntaje de crédito solo si una agencia de cobranza se involucra. Si no paga su factura y se vence significativamente, su proveedor de atención médica puede renunciar a cobrarle la deuda y venderla a una agencia de cobranza. La agencia de cobranza luego se hace cargo de la deuda y comienza a contactarlo para obtener el pago. ¿Cuándo es exactamente una factura vencida? El consultorio de cada proveedor de atención médica tiene sus propias prácticas. Por lo general, los proveedores esperan 90 días antes de pasar su deuda médica a cobros; sin embargo, algunos proveedores esperarán 180 días, mientras que otros esperarán solo 60 días. Para ayudar a estandarizar los informes de deuda médica y proteger los informes de crédito de los consumidores de ser afectados indebidamente por la deuda médica, las tres principales agencias de crédito (Experian, TransUnion y Equifax) ahora emplean un período de espera de 180 días antes de que la deuda médica aparezca en su historial crediticio. Este período de gracia de seis meses está diseñado para darle tiempo suficiente para corregir cualquier error en su factura, pagar la factura o hacer que su compañía de seguros la pague, descifre un plan de pago o resuelva el problema. Al tomar medidas dentro de los 180 días, puede evitar que las facturas médicas afecten su puntaje de crédito. ¿Cuánto tiempo permanecen las colecciones médicas en su informe de crédito? Las facturas médicas impagas pueden permanecer en su informe de crédito durante siete años a partir de la fecha de morosidad original. Debido a que su historial de pagos es el factor más importante en su puntaje de crédito, representa aproximadamente el 35% de su puntaje, tener una cuenta de cobro como deudas médicas no pagadas en su historial de crédito puede tener un impacto negativo significativo. En los últimos años, los costos de atención médica han aumentado, lo que hace que la deuda médica sea una carga grave para más y más estadounidenses.  En los EE. UU., La estadía promedio en el hospital para pacientes hospitalizados cuesta más de $ 22,000, según un estudio del Institute for Health Metrics and Evaluation. El último modelo de calificación crediticia FICO, FICO 9, así como los modelos de calificación crediticia VantageScore 3.0 y 4.0, dan menos peso a las colecciones médicas no pagadas que a otras colecciones. FICO® Score * 9 también ignora las cuentas de cobro si el saldo no pagado original era inferior a $ 100. Además, las tres principales agencias de calificación crediticia eliminarán la deuda médica de su historial crediticio una vez que una aseguradora la haya pagado. El problema es que diferentes bancos y prestamistas pueden usar diferentes modelos de calificación crediticia. Cuando solicite un préstamo para automóvil, una hipoteca o una tarjeta de crédito, no sabrá exactamente qué modelo de calificación crediticia se está utilizando, por lo que no tiene idea de cuánto se pondera la deuda médica al determinar su solvencia crediticia. Claramente, las facturas médicas impagas pueden dejar su puntaje de crédito en estado crítico. Para mantener su puntaje de crédito saludable, debe hacer todo lo que esté a su alcance para evitar que una factura médica vaya a cobrar en primer lugar. Cómo mantener las facturas médicas fuera de su informe de crédito La buena noticia es que en la mayoría de las situaciones, un poco de vigilancia, conocimiento y organización es todo lo que se necesita para evitar que sus facturas médicas vayan a cobranzas.  Siga estos pasos cuando planifique una visita al médico o un procedimiento médico: sepa qué esperar. Familiarícese con su plan de seguro de salud para saber exactamente qué cubre, qué no cubre y cuál será su copago por una visita o procedimiento. Armado con esta información, es menos probable que cometa errores costosos, como visitar a un médico fuera de la red o no solicitar una versión genérica de un medicamento recetado. Si no tiene seguro médico o su seguro no cubre la visita o el procedimiento, averigüe con anticipación cuánto puede esperar que le cobren. (Probablemente no obtendrá una cifra exacta, pero puede obtener un rango o una estimación).  Este también es un buen momento para averiguar si el proveedor de atención médica ofrece planes de pago o acepta tarjetas de crédito médicas, como CareCredit. Lleve un registro de sus facturas médicas. Acostúmbrese a leer las cartas, correos electrónicos u otras comunicaciones de su proveedor de atención médica tan pronto como las reciba. De esa forma, detectará los errores rápidamente y podrá comunicarse con el proveedor para solucionar cualquier problema de inmediato. Si recientemente se sometió a un procedimiento o visitó a un médico y no recibió una factura, comuníquese con el proveedor de atención médica para asegurarse de que tenga su dirección correcta y que no se haya perdido una factura. ¿Recibe facturas por correo electrónico? Mamá  Disclaimer Translated blog :  https://www.experian.com/ has published the original content in English but has not reviewed or approved this translation.” Any rights not expressly granted herein are reserved.

Have you ever pulled your credit score from different places and wondered why the score is sometimes drastically different? That’s because there are different score models available. This week we discuss the two big hitters in the credit reporting industry and how they calculate your credit score. Listen in and heart what your credit score says when you pull your Vantage Vs your FICO score. Visit mycredittalks.com to subscribe to the podcast join the mailing list and submit your questions about today's show. Visit thinknextpoint.com for all of your financial, business, and credit consulting needs. Want to learn more about what we do and how we can help you. Our information sessions are FREE! Lets chat. Check out these resources to get you on track to reaching your Next Point: Need to build positive credit? $200 Credit Line credit card click here Self lender saving loan with payments starting as low as $25/mth click here Up to $5000 credit line click here Are you monitoring your credit? Credit Monitoring with Identity IQ Click here Credit Monitoring with Smart Credit Click here --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/credittalks/message

In August of 2019, the Federal Housing Finance Agency (FHFA) ruled that Fannie Mae and Freddie Mac are now required to consider alternative credit scoring models. This has now established a clear path for VantageScore and other new and innovative model developers to compete and elevate the predictiveness and inclusivity of credit scoring models required by the two GSEs. We've got Barrett Burns, President and CEO at VantageScore Solutions on the podcast today to discuss the significant growth of VantageScore since the ruling by the Federal Housing Finance Agency. Want to know more about Barrett Burns? Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Read more... In August of 2019, the Federal Housing Finance Agency (FHFA) ruled that Fannie Mae and Freddie Mac are now required to consider alternative credit scoring models. This has now established a clear path for VantageScore and other new and innovative model developers to compete and elevate the predictiveness and inclusivity of credit scoring models required by the two GSEs. We've got Barrett Burns, President and CEO at VantageScore Solutions on the podcast today to discuss the significant growth of VantageScore since the ruling by the Federal Housing Finance Agency. Want to know more about Barrett Burns? Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Read more...

In August of 2019, the Federal Housing Finance Agency (FHFA) ruled that Fannie Mae and Freddie Mac are now required to consider alternative credit scoring models. This has now established a clear path for VantageScore and other new and innovative model developers to compete and elevate the predictiveness and inclusivity of credit scoring models required by the two GSEs. We've got Barrett Burns, President and CEO at VantageScore Solutions on the podcast today to discuss the significant growth of VantageScore since the ruling by the Federal Housing Finance Agency. Want to know more about Barrett Burns? Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Read more...

In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust's Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One's auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode... In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust's Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One's auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode...

In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust's Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One's auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode... In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust's Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One's auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode...

In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust’s Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One’s auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode...

In this episode of Lykken on Lending we have Barrett Burns, President and CEO of VantageScore Solutions as our guest in the Hot Topic segment. Barrett Burns is president and chief executive officer (CEO) of VantageScore Solutions, LLC, an independently managed joint venture of the three national credit reporting companies, Equifax, Experian and TransUnion, and the company behind the VantageScore® consumer credit scoring model.   Prior to joining VantageScore as CEO during its formation in 2006, he was executive vice president at U.S. Trust, heading the National Private Banking Group and a member of U.S. Trust’s Executive Committee and the Senior Management Team of parent company, The Charles Schwab Corporation.  Previously, he served as executive vice president of global risk management and chairman of the Credit Policy Committee at Ford Motor Credit Company, and as senior vice president and COO of Bank One’s auto finance division, the largest non-captive lender in the U.S. at the time. Burns also spent more than a decade with Citibank, lastly as group credit officer for an international consumer banking division that included operations throughout the U.S. and Europe.  Topic Covered in this Interview: How does VantageScore broaden access to credit but respect safety and soundness principles?What observations has VantageScore had about Millennials?What is trended credit data and how is VantageScore leveraging it? Read more about this episode...

This episode lifts the curtain on the great and powerful credit score. Learn about what makes up the FICO score and a new score on the market called the VantageScore. Empower yourself with ways to enhance your credit score today.

What to watch out for with your credit cards. Avoid these credit card mistakes. Tradeline: why?

I tell you the real reason why your Credit Karma score is different from your FICO score. Plus, how many credit cards is too many or not enough.

Lenders often use credit scores to help decide if they will extend credit to consumers. We talk about what does and doesn't affect your credit score. 10 Credit Score Myths and Truths Behind Them was our guide for this show. https://www.msn.com/en-us/money/credit/10-credit-score-myths-and-the-truths-behind-them/ss-BBMDIAMThe 3 credit reporting agencies each have websites with consumer information about credit scores:https://www.equifax.com/personal/education/credit/score/https://www.experian.com/blogs/ask-experian/https://www.transunion.com/credit-scoreThe 2 companies that calculate your credit score are:FICO https://www.fico.com/VantageScore https://www.vantagescore.com/ See acast.com/privacy for privacy and opt-out information.

VantageScore vs FICO, Car negotiations

Today we break down the VantageScore, and how it works. 

Ron Siegel discusses local and national current events, politics, personal and business finance with a few mortgage tips along the way. A Southern California mortgage expert and bonafide political junkie, Ron Siegel delivers intelligent, entertaining radio that makes the hard news of the week easy to understand!   Ron Siegel will discuss: Low Inventory Pushes Home Prices Higher; What is VantageScore and How Will it Change the Housing Market; What Is a Money Market Account; Real Time Real Estate; Your Credit Matters; Mortgage Minute; Word on Wealth; and so much more. Ron Siegel, consumer advocate and mortgage lender, discusses anything that affects the roof over your head, your bank account or other items that will benefit you / your family. Reach Ron Siegel at  800.306.1990 Ron@RonSiegelRadio.comwww.RonSiegelRadio.comwww.SiegelLendingTeam.com your Newport Beach Mortgage LenderMortgage Calculator: www.MBELinks.com/RFToolKit  Your Newport Beach Mortgage Lender offers: Conventional Loans, FHA Loans, USDA Loans, Refinancing, and Reverse Mortgages

Ron Siegel discusses local and national current events, politics, personal and business finance with a few mortgage tips along the way. A Southern California mortgage expert and bonafide political junkie, Ron Siegel delivers intelligent, entertaining radio that makes the hard news of the week easy to understand!   Ron Siegel will discuss: The #1 Reason to Sell Now Before Spring; What Is a Money Market Account?; 5 Red Flags to Look For Before You Sign Up for a Store Credit Card; What is VantageScore and How Will it Change the Housing Market; Real Time Real Estate; Your Credit Matters; Mortgage Minute; Word on Wealth; and so much more. Ron Siegel, consumer advocate and mortgage lender, discusses anything that affects the roof over your head, your bank account or other items that will benefit you / your family. Reach Ron Siegel at  800.306.1990 Ron@RonSiegelRadio.comwww.RonSiegelRadio.comwww.SiegelLendingTeam.com your La Quinta Mortgage LenderMortgage Calculator: www.MBELinks.com/RFToolKit  Your La Quinta Mortgage Lender offers: Conventional Loans, FHA Loans, USDA Loans, Refinancing, and Reverse Mortgages

There are some important economic changes and recent news items from our housing market that you need to be aware of. First, the minutes from the Federal Reserve’s last meeting showed concerns over sluggish inflation. Lack of inflation in the past has helped keep interest rates low. The labor market continues to show strength. The private sector added 250,000 jobs this past December of 2017, which is our biggest increase since March of 2017. In housing news, home prices continue to soar. The Federal Housing Finance Agency is considering using the VantageScore model over the FICO model for mortgage lending. This could result in more qualified buyers. “It’s a great time to buy or sell your home.” The federal tax reform plan just reduced the mortgage cap from $1 million to $750,000. Previously, homeowners were able to itemize and deduct interest on a new loan for up to $1 million, and now that’s down to $750,000. This affects buyers who are purchasing in excess of $750,000 by possibly shifting their purchasing habits—instead of purchasing in those high-priced areas, they’ll be looking to purchase in more rural or suburban areas. The president just passed an executive order to improve high-speed internet for homes in rural areas, which should make those homes more competitive. More people are working and making money, the stock market is good, interest rates are low, buyers are purchasing, and inventory is still very low. It’s a great time to buy or sell your home. If you have any questions about these latest changes or you’re thinking about buying or selling a home in our market, don’t hesitate to reach out to me. I’d be happy to help you.

Next month, the credit bureaus will have to drop information about tax liens and civil judgments from credit scores unless they can independently verify the data. Eva Wolkowitz, manager of the Center for Financial Services Innovation, and Sarah Davies, senior vice president of VantageScore, share their take on what this means for the credit scores lenders use.

Ron Siegel discusses local and national current events, politics, personal and business finance with a few mortgage tips along the way. A Southern California mortgage expert and bonafide political junkie, Ron Siegel delivers intelligent, entertaining radio that makes the hard news of the week easy to understand! Ron Siegel is joined by attorney John Ellingson. Ron Siegel and John Ellingson will discuss: What are the different Types of Divorce Processes; If Your Home Hasn't Sold Yet… Definitely Check the Price!; What Is a VantageScore?; All About the Right of Rescission; Real Time Real Estate; Your Credit Matters; Mortgage Minute; Word on Wealth; and so much more. Ron Siegel, consumer advocate and mortgage lender, discusses anything that affects the roof over your head, your bank account or other items that will benefit you / your family. Reach Ron Siegel at  www.Facebook.com/RonSiegelRadio800.306.1990 Ron@RonSiegelRadio.comwww.RonSiegelRadio.comwww.SiegelLendingTeam.comFind Your Dream Home before Someone Else does: www.MBELinks.com/nest                 

FICO vs Vantage. Whats new? How to get paid collections removed. To close a credit card or not to close...that is the question.

Credit Scores Explained, Credit Explained, Scores Explained   This time I want to explain what a credit score is and what it’s really indicating. There are many different versions of credit scores available and there are many different companies that provide credit scores. FICO® for example has 49 different scores available to lenders that they pick from, depending on their specific needs. VantageScore® is the new company on the block, that has come along and created a scoring models similar to FICO®’s and Vantage is on their third version of credit score. A credit score is not judge of your good or bad credit behavior. It is simply trying to predict the likelihood that a borrower is going to have problems paying in the future based in  past payment behavior. Credit scores only look at your past payment history, it does not look at your age, race, where you live, it doesn’t look at your income it doesn’t look at  ethnic background credit scores don’t look at anything like that.   It simply looks at how someone paid in the past and predicts how they will pay in the future. That is all that is included when you create a credit score. If  a borrower has a 600 credit score, every other loan is probably going to be a collection problem. If you look at loans provided to borrowers at 680 credit score you have one bad loan for every twenty one good loans. A bad loan is not predicting that the borrower will default, but that there will be a collection problem. It may default, but there is a wide variety of things it indicate a bad loan. Someone who pays late all the time, somebody who misses some payments, that’s what they’re predicting. Credit scores predict the likelihood that you’ll pay your bills on time in the future based on how you paid in the past. I can tell you very recently FICO® has entered into an agreement with a company to do some research on Facebook activity and how that could impacts credit scores so there looking at more sources of data than ever before.

Stacy Johnson answers today's question about credit scores; specifically, the difference between two popular scores, FICO and VantageScore.Support this podcast at — https://redcircle.com/2-minute-money-manager/donations