Always be wary of people who are happy to take your money to “help” you. Newspapers, radio, and television are filled with advertisements from loan companies that “specialize” in people with problem credit. Granted, some are an effective last resort for some people with below-600 credit scores. You should always go to the top of the food chain first — conventional lenders — and have an intelligent, open conversation with them about what it will take to get the best mortgage deal even in your situation. It also helps to sit down with an informed financial adviser in planning such a strategy. Don't be fooled by the ads; there are always better choices.

The evolution of credit scoring will continue to be a controversial discussion as time goes on. However, in a world growing heavier with electronic data and a need for more transparency of that data beyond the commercial marketplace, it makes sense for ordinary consumers to keep a close eye on where credit technology is going, how data is being used, and more important, how it will be collected in the future.