Red Phoenix Freaks!!!! Unfortunately when it comes to anything on the internet you can find the answer you want if you look hard enough. I get a lot of questions on a daily basis which I love, seems people our more concerned than ever with credit. If the US loses its Triple A rating, maybe I can help!??! HA!, no that rating is something different than us the consumer but it won't be good if our country loses its credit rating. This blog will cover a couple things for you, just because they seem to be the most common. Ready set go!!!
I pulled my credit on the web-site and got my score, then when I went to my mortgage professional it was way off!?!? Why? When you pull your score you are getting what's called a Vantage score. Vantage scores are something created by the credit bureaus. All those web-sites are owned by the bureaus, they wanted to be able to sell a score because it seems that's what consumers want to know the most. I've seen Vantage scores inflated by 10 points and as high as 50 points. Secondly, if you do the free trial odds are you only got one score. There are 3 bureaus which means 3 different scores. Mortgage professionals pull what is called a tri-merge credit report which gives them all 3 scores on one report. The scores used by mortgage professionals and banks are FICO scores, which are used 85-90% of the time. Fico is the WORLDS largest when it comes to evaluation of risk and is separate from the bureaus. If you want to check your scores, pay a couple bucks and check out www.myfico.com
Next most common; I paid that off, why is it on my credit still?!?! Reminder friends, if you go late or have a collection paid or un-paid, it will remain on your credit for 7 years. If you're going to pay that bill, which you should! Get something in writing from the collection agency so you can get it removed. They say it will be removed, but they will say anything to get you to pay.
Last one for the day, I heard you CAN'T get things removed off your credit? Not true, yes you can. Happens everyday friends. As a consumer you have the right to question, dispute or request an investigation of items on your credit report anytime you wish. If these items can't be verified or your dispute is valid that item gets deleted. Check out the FCRA (Fair Credit Reporting Act) at www.ftc.gov to see for yourself, the media that says you can't found what they wanted to just like anyone else. I have so much more, but how would I keep all my Red Phoenix Freaks coming back?!?! If you have a specific question or need me for anything you know how to reach me, I'm always around...
john@redphoenixco.com
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