In terms of money, your FICO score is one of the most important numbers you have. This three-digit number can tell you if you can get a loan, credit card, mortgage, utility service, and more. But what is the FICO score, how is it calculated, and why is it so important? Read on to find … Read more
Quick Answer: Experian is a credit bureau that maintains your credit report. FICO® is a credit scoring model that uses the information in your credit report to calculate a credit score. Your Experian or FICO credit score might be different from the one you see elsewhere because of the credit scoring model being used to … Read more
A strategic use of debt may help your clients achieve their short- and long-term financial goals. Americans are no strangers to debt. The average debt balance held by U. S. consumers is $101,915. 1 Depending on how and why they’re borrowing, however, debt can be useful. People who deal with money and building wealth often … Read more
Some business lines, like rent, may show up on your credit report if your landlord or service provider tells the credit bureaus about your payments. This reporting is not mandatory, but some financial apps can help you report rental payments and other bills to credit bureaus, which can help you build credit if you make … Read more
A debt doesn’t generally expire or disappear until its paid, but in many states, there may be a time limit on how long creditors or debt collectors can use legal action to collect a debt. In many states, creditors and debt collectors can’t go to court to collect on an old debt because the time … Read more
The VA loan is one of the most popular benefits for veterans, active-duty and reserve service members, and qualifying spouses in the United States. With attractive rates and the ability to buy a home or refinance all of your equity with no money down, its easy to see why. Still, there are certain requirements put … Read more
The Federal Housing Administration (FHA) has more lenient borrowing requirements than some other types of home financing. The catch: extra FHA closing costs. Before you apply for an FHA loan, learn more below about what you’ll pay. Key takeaways. Getting an FHA loan to buy a house can be a great option, especially for first-time … Read more
Equifax’s business credit score is one of the most commonly used measures of creditworthiness, and it is considered to be a reliable indicator of how likely a borrower is to repay a loan. The scoring system that Equifax has in place factors in credit history, the amount of debt, the number of late payments, and … Read more
Getting a mortgage after being late on a few payments in the past year depends on a lot of things, like the lender’s requirements, how bad your late payments were, and how good your credit history is overall. Some recent late payments won’t hurt your credit score, so you might still be able to get … Read more
Numerous websites claim there is a magic 11 word phrase to stop debt collectors from collecting debts. That is false. The notion of an 11 word phrase to stop debt collectors is pretty much an Internet myth. It was created and perpetuated by individuals and marketing companies to sell advertisements and books. The truth is … Read more