Where lenders traditionally have relied on resources such as FICO or the IRS to determine borrower eligibility, they are now increasingly utilizing the many social media tools at their disposal.
Credit reports, for better of worse, can be a determining factor in a lot of major events in our lives.
How much does a late payment affect a credit score? And for how long?
Lenders concerned by the amount of student loan debt holding back the next prospective wave of borrowers will not be comforted to learn that more than half of those loans are in deferment, according to a recent consumer report study.
The level of credit risk among American consumers is on the decline, according to data recently released by one of the three major reporting agencies.
A recent survey from the National Foundation for Credit Counseling found that Americans are still falling short in regard to financial education.
As housing loans transition from a higher refinance share to growing purchase applications, mortgage credit has tightened.
Many would-be mortgage borrowers are giving up before they even apply for a loan.
In order to help borrowers get approved for loans, some banks are starting to tweak their lending standards.
Credit scores are one of, if not the most important financial metrics for consumers when it comes to applying for loans.