Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Page 17
Page 18
Page 19
Page 20
Page 21
Page 22
Page 23
Page 24
Page 25
Page 26
Page 27
Page 28
Page 29
Page 30
Page 31
Page 32
Page 33
Page 34
Page 35
Page 36
Page 37
Page 38
Page 39
Page 40
Page 41
Page 42
RealMoney101www.hesaa.org3011.TheanswerisdAllofthese.Federallawrequiresmort-gagelenderstoinormapplicantsothegenericcreditscoreorscoresthelendersuseinevaluatingtheirloanapplications.Aso2011italsorequiresmortgageandconsumerlenderswhousegenericscoringmodelstosettermsortheirservicetodiscloseacreditscoreorscoresusedtoreachthatdecisionwhenaconsumerisnoto-eredthelowestinterestrateorbesttermsavailable.12.TheanswerisdAlloftheabove.Althoughittakesmuchlongertoraisealowscorethanlowerahighone.Themakeupoeachindividualscreditlewillimpacttheamountochangeseeninacreditscore.Forexamplesomeonewithagoodscoremayloseupto30pointswhenpaymentsaremissedonmultipleaccountslikecreditcardsandautoloansorpossiblymorethan100pointswhenamortgagepaymentismissed.Howevertheymaygainonlysomeothesepointsbackbymakingallmortgagecarandcreditcardpaymentsontimeorsixmonths.13.TheansweriscNeverduringa1-2weekwindow.Inqui-riesduringthisperiodaretreatedasoneinquirybyFICOandVantageScorecreditscoringmodelsandusuallybyotherscoringmodels.Aninquiryaterthiswindowhasclosedmaybeconsideredasecondinquirywhichcouldhaveanegativeimpactonaconsumerscreditscore.Butkeepinmindthatmultipleinquiriesrarelyloweracon-sumerscreditscoreasmuchasamissedloanpayment.14.TheanswerisdAllofthese.Astudentloanaccountisjustlikeanyotherco-signedaccount.Boththeapplicantsandtheco-signerscreditscoresmaybeimpactedbe-causetheircreditactivitieswillbereportedtothethreenationalcreditbureaus.Beoretheloanisissuedbothapplicantandco-signeraresubjecttocreditinquirieswhichcanlowercreditscoresslightlyandwhichtypi-callyafectscoresorjustaewmonthsintheabsenceolatepaymentsorothernegativeevents.Oncethestu-dentloancomesdueloanpaymentsarereportedtothecreditbureausandlatepaymentscansignicantlylowerthecreditscoresobothloanrecipientandco-signer.15.TheanswerisaVeryimportant.Lendersmayhaveprovidedinaccurateinormationorailedtoaddaccu-rateinormationaboutyourpaymenthistorytoyourcreditreports.Sincemanyconsumershavesimilarnamesevenaccurateinormationmayhavebeenaddedtothewrongle.EachothethreemaincreditbureausEqui-axExperianandTransUnionwillprovideareecopyoyourcreditreportonceayearuponyourrequest-perederallaw.Aneasywaytogeteachreportistovisitwww.annualcreditreport.comorcall1-877-322-8228.16.TheansweriscordOccasionallyornever.Expertsdis-agreewhetherthecorrectanswerisoccasionallyornever.Butallexpertsagreethatcreditrepaircompaniesotenoverpromisechargehighpricesandperormservicessuchascorrectingcreditreportinaccuraciesthatcon-sumerscoulddothemselvesbyjustcontactingthelenderandthecreditbureaus.Federallawsprohibitcreditrepaircompaniesromchargingeesuprontandconsumerad-vocatesagreethatyoushouldthinktwicebeorepayingthesecompaniesmorethanseveralhundreddollarsintotal.DebtManagement