Are you a credit geek?

CreditBloggers.com is running a contest for credit geeks. So all you credit geeks (you know who you are), head over to credit bloggers, read the entries and enter to win.

I think I could have come up with something better if I had more time to think about it, but here are mine:

You might be a credit geek if you...

Ask to see his credit reports (yes all three bureaus) before you agree to a first date.

Your idea of a relaxing weekend is to curl up on the sofa and review your credit report for errors.

You give all your friends the same wedding gift--a copy of Evan Hendricks' book, "Credit Scores and Creidt Reports".

VantageScore...Beyond the Hype

John over at CreditBloggers posted a very insightful post about this whole Vantage Score thing. From reading his post, he obviously knows his stuff--he's been in the industry for years.

The main point I got from his post is that the new VanageScores aren't really anything new at all, it's just a way to cut Fair Isaac out of the loop so they can take a bigger cut of the $$$.

Major Credit Bureaus Unite to Create FICO Alternative

In a move that has potentially huge repercussions, the credit bureaus announced yesterday that they have created a single, unified scoring method. The new scoring index is called the VantageScore. The new Vantage scoring system ranges from 501 to 990. The credit bureaus claim that this new credit score will be more accurate than current scores such as FICO.

This is from an article in the Salt Lake Tribune:

The nation's three major consumer credit bureaus have created a new credit scoring system designed to make it easier for financial institutions to evaluate loan applications and to give consumers a better way of measuring their financial health.

The credit reporting agencies - Equifax, Experian and TransUnion - announced Tuesday that they're introducing VantageScore to banks, mortgage lenders and credit card companies immediately. The new scores will be available to consumers after the lender rollout, probably later this year.

I like the idea of a unified credit score system rather than all the different scores (and different ranges) currently in use. Hopefully the VantageScore will help to reduce the confusion related to credit reports rather than add to the confusion.

For more information about VantageScore, visit VantageScore.com.

Eliminating errors from your credit report

From a MarketWatch article on March 1:

Repairing bad credit should be a priority for anyone with a checkered financial history but even those with spotless records should take notice: A 2004 survey found that 79% of credit histories contained some type of error and one in four included flaws grave enough to result in credit being denied.
Here's the good news: viewing your credit reports, finding errors and disputing them is easier than ever.
You are entitled to a free copy of your credit report from each of the three nationwide credit-reporting agencies once a year. The reports have been available online to everyone since last September through a joint Web site and telephone number set up by the agencies, Equifax, Experian and Trans Union.

Full article

Request your free credit report

Get Gephardt: Credit Report Mistakes

Our local consumer advocate Bill Gephardt tackles the issue of mistakes on credit reports...

Imagine not being able to buy a home because you have similar personal information as your neighbor. When two Riverton women with striking similarities crossed credit accounts, and no one would fix it, it was time to Get-Gephardt.

Two women with the same name have had mixed-ups on their credit reports most of their lives. It's always been a hassle, but now one of them can't buy a house because of the mess. Let's see how I can help.

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