BBB Tip: What you need to know about zombie debt

 

Zombie debt is debt that has been “raised from the dead,” so to speak. It could even be something you never owed at all.

When a person doesn’t pay a debt, the lender will take action – by phone, letter, or even a court case – to collect the money they are owed. In some cases, though, the debtor simply can’t pay or can’t be found. In other cases, the debtor files for bankruptcy and, depending on the kind of debt owed, the debt may be put on hold, renegotiated or discharged completely.

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Credit Score Sick?

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Why your credit score might be rising: FICO scores hit all-time high

The average FICO credit score reached a record high of 711 in July despite the financial havoc wreaked by the coronavirus pandemic, according to multiple reports.

That’s up from 708 in April and 706 in July 2019, according to Fair Isaac Corp. data reported in CNBC and the Wall Street Journal.

 

Ranging from 300 to 850 – higher is better – FICO scores assess the credit risk of individual consumers based on their credit card debt, spending limit, payment record and past loan applications. Lenders often use credit scores to determine whether to extend

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Smaller Firms Could Escape Scrutiny in CFPB Enforcement Shakeup

The Consumer Financial Protection Bureau’s reorganization of its enforcement and supervision unit could mean less oversight of small firms such as payday lenders and debt collectors

The CFPB’s enforcement office has since its 2011 inception had the power to initiate its own investigations and research matters into financial companies. But a reorganization announced inside the bureau Oct. 14 means that CFPB enforcement attorneys may lose that power and would have to rely on agency supervisors to send them cases.

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Credit Score Need Help?

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Fico vs Fake-O

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Mortgage Rates Hit Record Lows but Applications Fell Flat

The volume of mortgage applications dipped slightly last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was down 0.7 percent on a seasonally adjusted basis during the week ended October 9 and was 1 percent lower on an unadjusted basis.

The Refinance Index slipped 0.3 percent from the previous week and was 44 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 65.6 percent of total applications from 65.4 percent the previous week.

The seasonally adjusted Purchase Index decreased 2 percent from one week earlier and 1 percent unadjusted. The Index was 24 percent higher than the same week one year ago, continuing a string of year-over-year gains that started during the week ended May 22.

 

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Qwestcredit Testimonials

#qwestreview #testimonial #creditrepair #creditscores

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Mortgage Rates Under Pressure as Market Volatility Picks Up

Mortgage rates have been spoiled, relatively, by an extraordinarily calm/narrow trading pattern in the bond market.  That’s important because the bond market directly affects the day to day changes in mortgage rates.  A narrow/calm trading pattern means bond prices aren’t moving.  The implication is that mortgage rates wouldn’t need to move much either.

That WOULD be the case were it not for the new adverse market fee being phased in by every lender that offers conventional refinances (pretty much all of them).  Additionally, the historically low rates forced lenders to change their pricing based on their capacity at times.  In other words, there have been a few solid reasons for mortgage rates to move on any given day/week even though the underlying bond market hasn’t suggested much movement since mid-August at least.

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The Market That Drives Mortgage Rates Just Had Its Worst Day in Weeks

Mortgage rates don’t just magically appear.  Lenders don’t choose them arbitrarily.  To sustain the pace and scope of the mortgage market in the US (and indeed of most any debt), the cost of money over time has to be carefully considered before a lender knows where to set its rates.  When it comes to something like the money the US government borrows, it’s the Treasury market that determines the cost of money over time.  In other words, open trading in financial markets results in the yield (aka rate) on a 10yr Treasury note being at one level while the rate for a 30yr Treasury note is at a different level.

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