New Credit Reporting and Scoring Coming!

Dated: February 19 2021

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Credit report

Your credit score is a mystery right now. The three credit bureaus do not use identical scoring ranges; when you get dinged, it seems to be a secret until the last minute, and it almost takes an act of Congress to get a false bad mark removed. Any bad mark can lower your score, which results in a higher interest rate when you take out a loan.

Right now mistakes in the current credit reporting system keep people from qualifying for a home loan because of credit reporting errors and even racial disparities, in spite of equal opportunity housing and lending!

The plan is to move the credit reporting away from the "big three" over to the Consumer Financial Protection Bureau (CFPB), which is coming up against huge opposition from private industry. Why? The three credit reporting bureaus are private. The Consumer Data Industry Association, the trade group (i.e. lobby group) that represents the credit bureaus, is authoring articles in various magazines, such as Forbes, posing as experts, in an effort to discredit the move and garner support against it.

Read for yourself and see who is there for you or for themselves. Click here.

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Santiago Ogradón Cortés

I am passionate about client empowerment. I keep them as educated and informed as they are comfortable with being. I personally tend to their business, never passing them to someone else, and my TC is....

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