The East Vally Tribune published a very informative article yesterday on the top five credit (and debt) misconceptions. According to the EVT (citing Transunion), the top five credit misconceptions are:

Co-signing a loan doesn’t make you responsible for the account.
Paying off a negative record will get it removed from your credit report.
Paying off a debt will [...]

From CNNMoney (August 28):
NEW YORK (CNNMoney.com) — American consumers are defaulting on their credit cards at a sharply higher rate compared to last year, in what could be another consequence of the recent subprime mortgage market crisis, according to a report published Tuesday.
In addition, late payments are also up, cardholders are showing signs they are [...]

You may not realize that, for mortgage qualifying purposes, if you are receiving 1099 income you will be considered self-employed. This is regardless of your ownership stake in the business. So even if you are just a regular employee and are receiving 1099 income you’re treated like the owner. Back in the day (really, just [...]

Behind the numbers, behind the loan, behind the ratios and the loan conditions there is always a live, breathing human being. That is why sometimes when I do a loan it causes me to have some feelings about what I’m doing. At times I am extremely happy for someone and at other times I feel [...]