FTC study finds 26% of credit reports have errors

The FTC, as required by FACTA, released a new study today of credit report accuracy which found that 26% of participants had at least one error in their credit files. Big shock. Even the CDIA, the trade organization for the national credit bureaus, admits that at least 19% of consumer reports have erroneous information. It [...]

The Cities with the Best and Worst Credit Scores – Or Not

Few things entertain me more than press releases from data cartels. This past September, Experian released its third annual State of Credit report (eye roll), the cover of which boldly lists the top 10 cities with the highest and lowest credit scores. Then a few days ago, not to be outdone, Trans Union released a [...]

FICO is moving to Silicon Valley

Happy New Year. Fair Isaac Corporation, the company behind the FICO score, officially announced today that it will be relocating its world headquarters from Minneapolis to San Jose, California. According to the company, the primary reason for the move is access to the larger talent pool in Silicon Valley. There are two ways to view this [...]

Getting a mortgage in 2012 is tougher than ever

Real Estate analytics firm Ellie Mae recently released its November 2012 Origination Insight Report, which provided data the confirms that qualifying for a mortgage is tougher than ever. Here are some highlights: The average FICO Score for approved loans of any type was 748 The average FICO Score for conventional-type approved loans was a lofty [...]