FICO vs FAKO – What’s the difference?


Do you understand the difference between FICO and FAKO? If you’ve ever applied for credit, you’ve heard the term credit score. FICO is the industry (read: lender) recognized score but others are becoming popular too. FAKO scores are credit ratings produced by website like Credit Karma or Credit Sesame, Identity Guard,, etc. Sometimes the FAKO score will be close to your FICO score, but we have also seen them over 100 points off (higher and/or lower). It’s important to understand that the only scores that really matter in the end are FICO scores. Over 90% of lenders use FICO scores to make their lending decisions.

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Ways to Budget for the Holiday

Ways to budget for the holidays

The turkey has been eaten and the pounds have been gained! The holidays are upon us. Along with holiday cheer, we’re faced with a number of financial decisions that can truly stress us out. To make the process easier so you can enjoy this special time of year with family and friends, we offer the following ways to budget for the holidays:

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CFPB Hearing on Medical Collections

On Thursday December 11, the Consumer Financial Protection Bureau will be holding a public hearing on Medical Debt Collection.So many of our clients are dealing with medical collections. Because of HIPPA privacy laws, medical providers cannot directly report to your credit file. Instead they will send the debt to collections if it has not been paid within 90 to 180 days. Of course the collection agency’s primary method of collection is to report it to your credit report. We have seen many cases where the provider never even billed the insurance. Continue reading