Credit Scores Perpetuate Past Discrimination

Credit Scores Perpetuate Past Discrimination A report by the National Consumer Law Center entitled Past Imperfect: How Credit Scores and Other Analytics “Bake In” and Perpetuate Past Discrimination shows how past discrimination perpetuates low credit scores. Credit reporting and credit scoring are supposed to be objective, with no room for flawed tools such as human judgment and biases. Yet for years, study after study has found that African-American and Latino communities have lower credit scores as a group than whites and Asians. The report discusses how credit scores perpetuate racial and economic inequality. Eliminating the impacts of past discrimination may...

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How Hard and Soft Inquiries Affect Credit Scores

How Hard and Soft Inquiries Affect Credit Scores Consumers are often confused about the effect of inquiries on their credit scores. CreditCards.com consulted experts about the differences between hard and soft inquiries, how the big three credit bureaus’ report on inquiries, and inquiries’ effects on credit scores. Their experts explained that a hard inquiry means the consumer actively applied. for credit. Soft inquiries are reported anytime you review your own personal credit report, your credit is evaluated by existing creditors, or you receive a promotional credit card offer in the mail. Soft inquiries have no impact on your credit report...

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Specialized Credit Reports You Don’t Know About

Specialized Credit Reports You Don’t Know About Credit.com has a report on some relatively unknown credit reports. For example, Equifax has a report it calls “work number” that provides employment and income verification data obtained from private companies. Fannie Mae said mortgage companies could use this report in lieu of pay stubs effective mid-2016. Landlords often look at applicants’ credit reports before deciding whether to rent an apartment or other living space. There are many such credit reports that include former addresses, eviction history and the like. Cable companies and utilities have an “exchange” with information on customers’ history of...

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Getting and Keeping a Good Credit Score Depends on Your Credit Reports

Getting and Keeping a Good Credit Score Depends on Your Credit Reports Your credit scores depend on what is in your credit reports. Your credit reports have information on how you have used credit, how much credit you have available, how much credit you are using, whether you made payments when due, and whether any creditor has sent an account to a debt collector. Credit scores are numbers that designed to predict how likely you are to pay back a loan. The most basic and important actions you can take to get and keep a good credit score are as...

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Using “Rapid Recheck” to Correct Inaccuracies in Credit Reports

Using “Rapid Recheck” to Correct Inaccuracies in Credit Reports An inaccurate negative report on one’s credit report can slow down the process of getting a mortgage. The challenge is to get the credit bureaus to correct the report in a timely manner paving the way to obtaining a mortgage. CoreLogic Credco is a leading reseller of three-in-one or “trimerge” credit reports tailored for the mortgage industry. Credco has a service called Rapid Recheck that speeds up the bureau-level dispute process. Credco promises the process provides a faster way to update a borrower’s credit reports and get an updated FICO score....

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