7 cfpb report on the use of remittance histories in credit scoring people who send remittance transfers may be less likely to use the credit sources that trigger the creation of a credit record or some of them may have recently im migrated to the united states and had insufficient time to establish a credit history. Report on the use of remittance histories in credit scoring the dodd frank act directed us to study the potential for remittance information to enhance consumer credit scores we issued a report to congress on this subject in july 2011. On july 3rd the cfpb released a report on the use of remittance histories in credit scoring the report section 1073e of the dodd frank wall street reform and consumer protection act required the cfpb director to study the feasibility of and impediments to using remittance transfer information ie information regarding electronic fund transfers made by us consumers to . A few late payments are not an automatic score killer an overall good credit history can outweigh one or two instances of late credit card payments however having no late payments in your credit report doesnt mean youll get a perfect score your payment history is just one piece of information used in calculating your fico scores . Thats why its very important to be cautious about your payment history relative to all other types of credit report information being evaluated by the fico scoring formula payment history can always be expected to have the most impact both positively and negatively on a persons fico score paperno says
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