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Yours Electronically, The Mortgagee:States Embrace the Uniform Electronic Transactions Act

National Mortgage Professional
Nov 19, 2001

Poll Finds Direct Payment Improves Credit Scoresmortgagepress.comcredit socres, direct deosit, direct payment, FICO, late payments, According to a recent national poll by the Direct Deposit and Direct Payment Coalition, many consumers are unaware that late bill payments can damage their credit rating. The poll reported that 35 percent state that they had been late with major credit card payments, 19 percent late on car loan payments, and 17 percent late with payments to gas station or department store accounts. However, approximately half of those polled identified a negative impact on their credit rating when asked to name "any possible consequences of paying bills late." "The findings highlight a serious gap in consumer knowledge about an important aspect of personal finance management," says Susan L. Robertson, assistant vice president of the Federal Reserve Bank of Atlanta and spokesperson for the Direct Deposit and Direct Payment Coalition. With Direct Payment, consumers authorize a bill to be paid directly from their account on a designated day each month, so the payments are made on time. "Payment history generally carries more weight than any other element in determining your credit score, which lenders often rely on when deciding whether to give you a loan or other form of credit," said Craig Watts, consumer affairs manager at Fair, Isaac and developer of the mathematical formula used to generate FICO scores. Credit scores are a snapshot of a consumer's credit risk profile and are used by lenders, banks and credit card companies to assess whether or not a potential customer is reliable with their payments. Last year, Fair, Isaac revealed the factors that comprise its credit scoring formula. Approximately 35 percent of the FICO score is based on a consumer's payment history, including details on both timely payments and late or missed payments. For more information, visit or
Nov 19, 2001
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