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Credit Reports & Repair
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Credit Report Repair, Fixing A Borrower's Credit History And How Credit Affects The Mortgage Process
This department covers information specific to credit reports and credit repair strategies that loan officers can use to help their clients. If you can improve a borrower's credit score, you greatly increase your chances of securing a mortgage loan. Oftentimes a jump of just 10 or 20 points can make the difference in getting the deal done. This loan officer training would be helpful even on a personal level to improve your own credit score!
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Composite Credit Score Simplifies Mortgage Issues
Trying to qualify for a new mortgage can be very tough, especially if you aren't aware of the effect your credit report score has on your ability to get approved for loans. One of the first things a lender looks at to determine your suitability for a mortgage loan is your credit report, or FICO score. . . .
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DOWNLOAD = Short Sweet Credit Dispute Letter
Need to boost your borrower's credit score in a jiffy? Then use my short, sweet credit dispute letter. Waste no time and get straight to the point has always been my motto...and the sooner you get those deliquencies off the borrower's report the better. Most credit rescoring takes an average of 3 to 5 months before you see results, so don't delay. Use this letter and give some life support to those "dead" deals. It could mean an extra $3,000 to $5,000 in your pocket. This resource is in Microsoft Word format. . . .
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DOWNLOAD = An Overview Of Consumer Data And Credit Reporting
"An Overview Of Consumer Data And Credit Reporting" from the Board Of Governors Of the Federal Reserve is an excellent overview of the Fair Credit Reporting Act and the rights and responsibilities that the major credit agencies have is ensuring a fair and accurate system. Banks and lenders take credit reports as gospel and the liquidity of the mortgage markets depends on it. This report is a wonderful primer on some of the major issues affecting the credit side of the mortgage business. This resource is in Adobe PDF format. . . .
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Ways To Immediately Raise Your Credit Score
Is it important to raise your credit score? It may be. Lenders each have their own "break points" between scores that get you one interest rate or another. If you have a score of 688, and the lender drops the mortgage rate by .5% at 690, those two points can cost you an extra $20,000 in interest on a $170,000 loan (over 30 years at 6.5% instead of 6%). Is that important to you? What can you do about it? . . .
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Fixing A Credit Report Quickly
Fixing a credit report starts with seeing what's on it. You may get access for free online. Try a search for "free credit report." Alternately, when you are denied credit based on a report issued by a local credit reporting agency, you can request a free credit report from that agency within 30 days. . . .
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Buying A Home With Bad Credit
The worst thing about buying a home with bad credit isn't that it is that difficult. It is the fees and interest rates you'll have to pay for your home mortgage loan. Use the following techniques to repair that credit and so lower the rates you'll pay. If you can't take the time to do that, see part two for some other options. . . .
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Identity Theft And Mortgages
There have been several cases where Identity Theft has left individuals with no other option than to file for bankruptcy. While there are laws in place to protect consumers, there is a lot of work still associated with restoring your good name. . . .
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Getting A Mortgage After Bankruptcy
It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy. There are some simple steps that anyone who files a bankruptcy needs to take in order to restore themselves financially. . . .
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Real Estate Bankruptcy
Although real estate bankruptcy cases no longer dominate the bankruptcy courts' dockets as they did in the early nineties, but they continue to be filed with great frequency. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor. Real estate bankruptcy cases are typically filed after a foreclosure sale has been set. . . .
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Buyers Being Creative In A Soft Real Estate Market With A Challenged Credit History
The stars have lined up against many would be buyers with the amount of baggage they bring to the table in the way of challenged credit. They want to buy something. They need to buy something. Whether it be a recent bankruptcy, repossession, foreclosure, large medical bill collections, identity theft or judgements or recent unemployment any one of which can plummet a credit score and put the would be buyer in a financial hole. . . .
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FICO Scores: Are They So Important for Getting a Mortgage?
I first heard "FICO score" mentioned, about six or seven years ago, when one of my children worked for a mortgage company, and I found out from him that FICO score has been around since the 1950s, after Fair, Isaac and Co. (therefore the acronym FICO) developed a certain method to determine the credit risks of borrowers. . . .
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Mortgage After Bankruptcy, These Steps Could Help
If you want to increase your chances of qualifying for a mortgage after bankruptcy, here are some steps you can take: First, if you plan to apply for a mortgage after bankruptcy, you will want to have any inaccurate or obsolete negative information on your credit reports corrected or removed. This can help increase your credit score. . . .
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New Credit Scoring System
Basically, the scores are designed to help lenders determine the creditworthiness of loan applicants. It provides a viable indication of the capability and likelihood of a loan being repaid by the borrower. . . .
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Mortgage Credit Repair After Experiencing Mortgage Servicing Hell
First Frank and Janet thought it was a simple error. Their mortgage had been recently sold to a new company with a new servicing company. As with the prior lender, they had sent in their mortgage payment by way of a personal check between the first and the fifteenth of the month and the payment had been posted with little event as being received as agreed. . . .
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Raise Your Credit Score In 7 Easy Steps
Credit scores are tantamount to one's purchasing and borrowing power. Buying a new home, qualifying for a low APR credit card to shopping for a small business loan all depend on a consumer's credit history. A low credit score identifies that a consumer may be overextended in bills, is unable to manage accounts or has a poor repayment behavior. . . .
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Humpty Dumpty Sat On A...Winning With Credit Repair
When Humpty Dumpty fell off the wall the creditors started calling and sending threatening letters all about what they were going to do to you and your credit. With speed dialers and predictive dialing systems there is no escape from this onslaught of harassment. Only a positive and proactive plan can meet and beat this bombardment from the creditors. The pieces after the fall can be put together again and it won't take all the king's men, you can do it yourself. I'm assuming there is some cash flow and some continuing employment for what follows. . . .
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The Myth Of Easy Credit Report Repair
Do a search for credit report repair or navigate through the forums that are popular with consumer advocates and credit repair specialists and you will likely find more than a few contributors who claim that fixing your credit reports is a simple process. . . .
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How To Lose Credit Card Debt--Legally
There are millions of people who are 'up to their eyes' in debt. For the majority of these people it's difficult to see a way out of the debt trap. However, there are some practical things that can be done to alleviate the situation. Here are some tried and tested methods: . . .
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Adding Tradelines And Other Ways To Improve Your Credit Report
For many people, a credit report is something akin to a mystery novel. It's a little hard to understand, and you never know how it's going to turn out if you don't read the whole thing. But you really do have the power to take the mystery out of understanding what your credit report is, how it affects your life, and what you can do to improve that all important credit score. Let's begin with some basic definitions. . . .
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County Court Judgments Explained
Having a County Court Judgement or CCJ issued against you will have a severe impact on your credit rating, as it signifies that you have had serious problems paying back a loan or other form of credit, to the extent where your creditor has had to take court action against you to try and recover the debt. . . .
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Credit Repair Myths Exposed
If you've done any searching on the Internet for information pertaining to "Credit Repair," you've no doubt found that there's a great deal available. Unfortunately, there's also a lot of misinformation as well. . . .
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Fixing Your Credit Score Doesn't Have To Cost You Credit Repair
Credit repair advertisements claim to guarantee a quick fix on your credit report. They promise for a fee (not always disclosed at first) to clean up your credit history so that you can qualify for a new home, car, insurance, a job, or premium credit cards. Before you sign up with one of these companies, you need to know some facts. . . .
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DIY Credit Repair Tips
While many people believe that getting their bad credit repaired can only be done through a professional agency, this is simply not true. By going to a credit agency, you might find that it takes a great deal more time and money than if you just worked on it yourself. Before you get in touch with a professional credit repair service, refer to the steps listed below, and you might find that repairing your own credit is not that difficult at all. . . .
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Bad Credit Repair: Defining The Problem
Before you begin the process of repairing your credit, you first need to ask yourself why you are having credit problems? Poor credit is nothing to be ashamed of. It is far more common than you may realize. Often it may not even be your fault, like Gerald and Lisa. . . .
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Home Equity To Pay Credit Card Debt, Bad Idea!
Here is my problem with consumers taking out these types of loans. One, they are attempting to borrow their way out of debt, which is impossible and overall, just a terrible idea. Secondly, they are borrowing from what is essentially the savings account of their home equity. For most people, this is their single biggest investment and financial asset. So, this loan to pay off unsecured debt is secured by the roof over their heads which costs more each month when a loan is taken out against it. . . .
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Is Your Credit Report Costing You Money?
Everyone needs to take advantage of the new federal free annual credit report program, and everyone means you! Why? Because the odds are about 4 to 1 against your credit report being accurate at all 3 bureaus. That's one of the things the big three credit reporting agencies don't want you to know. And what you don't know, can cost you tens of thousands of dollars. Here's how to fight back. . . .
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