TheCreditGuyTV Podcast Dave Sullivan

The CARES Act Section 4021 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, amended the Fair Credit Reporting Act The “covered period” is either period beginning on January 1, 2020, and ending on the later of (i) 120 days after the enactment of the CARES Act or (ii) 120 days after the termination of the national emergency declared on March 13, 2020. Under the new subsection, [I]f a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall— (I) report the credit obligation or account as current; or (II) if the credit obligation or account was delinquent before the accommodation— (aa) maintain the delinquent status during the period in which the accommodation is in effect; and (bb) if the consumer brings the credit obligation or account current during the period described in (aa), report the credit obligation or account as current. While the language of the CARES Act fails to specify, it would be wise for furnishers to assume that the new subsection applies retroactively and implement these changes to any account for which accommodation was made on or after January 31, 2020. Note, however, that these changes do not apply to charged-off accounts.

Experian Boost® Score Today we’re going to take an in-depth look at Experian Boost score,
One of the problems that FICO® has had in the past with other versions of a new FICO® score was trying to score people with a thin repository file. FICO® was trying to create a reliable scoring model that used fewer data inputs.
The Experian Boost® score is the first-time additional data has been used from a financial intuition to supplement the repository file. They’re connecting bank payment history into this repository file, looking for consistent payments to creditors. Experian Boost® will be included in FICO 8 and FICO 9 credit scores
FICO® has tried this in the past, they called it XP, they called it new FICO®, many times over the years they’ve tried to create a FICO® score using less information and it never worked. What’s different about this is that they are getting more information from financial institutions.
What Experian Boost® is looking for is a series of payments to a creditor like a utility company or a cell phone provider, something that the consumer has set up to automatically pay or to pay through a bank account. Experian Boost® is linking consumer accounts much like an online mortgage application or TurboTax, they’re interfacing with the consumer’s financial institutions. Creating a credit history based on past payments that the consumers have made and adding it to the Experian repository file.
I had made some payments out of my Bank of America account and when Experian Boost® reviewed that information. it gave me a few more points now this is not designed for somebody with a long credit history is really designed for somebody with a thin credit history somebody who does not have a lot of credit.
The drawbacks from a lending perspective is that Experian Boost® will not look at derogatory information. It looks at payment history in consumer’s bank accounts. In my specific situation, it found a few payments out of one of my accounts and added it to my repository file.
My DTE account added to my Experian® Boost score; 19 payments, a utility, average payment amount, then it calculates my score new score. In this situation, my score happened to go up, a few points from the boost.
Experian Boost® will improve both FICO 8 and FICO 9 scores if your financial institution uses one of those scoring models then it could help you get a better rate on some financing.
If a consumer is planning to apply for a mortgage Fannie and Freddie do not accept any other credit score other than FICO5 score. The Experian Boost® score will not impact a consumer’s mortgage credit score. Right now, Fannie and Freddie still require FICO5 I’ll be at the Building Community Conference in Lansing speaking about all the latest developments in credit scoring.

Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website

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All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website

Subscribe http://www.youtube.com/subscription_center?add_user=sullythecreditguy
For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv
Join me on LinkedIn at http://www.linkedin.com/in/thecreditguytv
Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV
Like the Facebook Page http://www.facebook.com/TheCreditGuy
Follow my Pinterest board http://www.pinterest.com/thecreditguy
All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website

Subscribe http://www.youtube.com/subscription_c... For more free information on credit and credit scoring check out my blog at http://www.thecreditguy.tv Join me on LinkedIn at http://www.linkedin.com/in/thecreditg... Follow me on Twitter at http://www.twitter.com/TheCreditGuyTV Like the Facebook Page http://www.facebook.com/TheCreditGuy Follow my Pinterest board http://www.pinterest.com/thecreditguy All Material included in the presentation, class, video or website is protected under copy write law and the property of Hammer it Out LLC. No portion may be used without express written consent. This class, video, the website contains ideas and opinions of its author. It is designed to provide knowledge in an accurate way with regard to the subject matter covered. It is to be consumed with the understanding that the author, publisher, or any affiliates are not engaged in rendering legal advice. If legal advice is required, the services of a lawyer should be sought. Although every precaution has been taken in the preparation of this information, the publisher, author, and affiliate assume no responsibility for errors or omissions. No patent liability is assumed with respect to the use of the information contained herein. The author, publisher, and affiliate specifically disclaim any responsibility for any liability, loss, or risk. Personal or otherwise; which in incurred in consequence, directly or indirectly, or in the use and application of any of the contents of this book, class, video or website