Credit Tips

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Enhanced Standards for Public Records

Enhanced Standards for Public Records on Credit Reports (and What It Means for Lenders)

Recently, the credit bureaus released a statement that they will be implementing “enhanced standards for public records”. But what does that mean for lenders? With these “enhanced standards” as part of their National Consumer Assistance Plan (NCAP), TransUnion, Experian, and Equifax appear to be taking aggressive measures to ensure compliance with the Fair Credit Reporting Act (FCRA). According to the credit bureaus’ press release CDIA public statement: The new standards will apply to new and existing public record data on their respective credit reporting databases


Should I use my tax returns to pay off old collection debt?

Many consumers believe that paying off collections is the best way to improve their credit when in reality paying off collection will almost always HURT your credit scores. When you pay a collection or make a payment on a collection you update the Statue of Limitations or SOL. The SOL determines the amount of time a creditor or collection company can attempt to collection a debt. When a payment is made on a collection account the Date of Last Activity


What to do if you know are going to be late on a bill

Sometime you KNOW that you are going to be late on a bill. It might be for your cell phone or your credit card, but the day might come where you just don’t have the money to get all those pesky bills paid in a month. There are many monthly bills you pay which don’t report to the credit bureaus. These include utility payments such as electric and water, cell phone bills, car insurance, rent unless specified that it is being report,