August 30, 2006

Mortgage Loans Made To People With Bad Credit

Bad credit doesn’t make someone a bad person.  Bad credit is a fact of life.  Someone may be at one station in his or her life at one point in time and then later, an entirely different set of circumstances prevails.  This could be going from good fortune to bad or vice versa.  No matter where we find ourselves, our focus should always be on the future and what we are doing today to prepare.  Unfortunately, in the credit world, banks are quick to scrutinize an applicant’s past credit problems and slow to forgive their misfortune.  This mentality is further emphasized in the widespread use of credit scoring.  A certain score must be realized or no approval.  Where is the understanding?  (more…)

August 29, 2006

Mortgage Credit Repair

Was your mortgage payment erroneously reported as late?  If so, then you’ll be pleased to learn that mortgage credit repair has a powerful tool and it’s called the “Qualified Written Request”.  Send a “Qualified Written Request” to your mortgage company and upon receipt, it must stop reporting the alleged past due payment to the CRA for a period of sixty days.  Specifically Section 6 of RESPA (12 USC Section 2605) states the following: (more…)

August 27, 2006

Who’s Looking At My Credit Report?

Filed under: Credit Reports

Apply for a credit card, car loan or mortgage and it’s no surprise to us that a decision will be made based on our credit report.  We are all aware of the importance of maintaining an acceptable credit score – it can be the difference between an enjoyable experience or a depressing occasion.  You may however, be a little shocked to find out that there are others taking peeks at your credit report and they too are making decisions about you.  We’ll discuss some of these curious spectators – some of whom are invited, others are not.  Either way, I thought you should know, that a credit score is more important than ever.  So let’s find out – who is looking at my credit report? (more…)

August 24, 2006

Rent Builds Credit

Hey Paul…Is it possible to have your monthly residential rent payments reported to the credit bureaus?  If it is possible, does it help increase your credit score and how do you get this accomplished?  

Thank you,
Cathy (more…)

August 22, 2006

FTC Reports to Congress on the FCRA Dispute Process

Filed under: Credit Repair

Section 313(b) of the 2003 Fair and Accurate Credit Transactions Act (as published in Federal Register, Vol. 69, No. 153, August 10, 2004) required the FTC and Board to jointly study the “extent to which, and the manner in which, consumer reporting agencies and furnishers of consumer information to consumer reporting agencies are complying with the procedures, timelines, and requirements under the FCRA for the prompt investigation of the disputed accuracy of any consumer information”.

The FTC’s August 2006 report concluded that “The FACT Act imposes a number of new requirements on CRAs and furnishers that should enhance the consumer dispute process and improve accuracy, including measures to reduce identity theft and new requirements on furnishers.  Many of these requirements are still being implemented, and their effects on the dispute process have yet to be seen.  The FTC and the Board believe that the FACT Act requirements should be given time to take effect before legislators and regulators consider making additional changes to the dispute process”.

August 20, 2006

Credit Cards, Bill Gates, The Housing Market, & Saving Money

I’ve noticed a few things lately, not the least of which is that the Broken Credit Blog is gaining in popularity.  I’m hopeful that’s because we’ve been providing valuable information on the subjects of credit repair and responsible mortgage lending.  Today I’ll offer some insight into credit cards, Bill Gates, the housing market and saving money. (more…)

August 18, 2006

Mortgage Broker or Direct Lender?

Filed under: Mortgage

Which is preferable – the mortgage broker or the direct lender?  The answer will vary depending on whom you ask.  The broker touts a variety of sources and claims that this yields the most favorable loan terms.  The lender says that the mortgage broker is just a middleman and if you go directly to the lender then you’ll avoid paying broker fees.  If you walk into a store that sells blue shoes, then I’m sure you’ll hear that blue shoes are your color and if you walk into a red shoe store then, conversely, red shoes are more becoming.  And as this author is typing, he is wondering whether you think he works at the red shoe store or blue.  I’ll tell you that I’ve worked at both and I’m not impartial; but, rather than giving you my opinion, I’ll present some facts.  Pay attention, ‘cause the red shoe store charges too much. (more…)

August 12, 2006

Bankruptcy Credit Repair Advanced

In a previous article we discussed credit repair for a bankruptcy that had been discharged.  You can read about that at Bankruptcy Credit Repair.  It’s fairly cut and dry; the bankruptcy has been discharged and the bankruptcy credit repair steps will undoubtedly lead you on the path to a higher FICO score.  Now we’re going to enter the murky waters of a bankruptcy that has yet to be discharged.  As you will see, it’s a roily topic indeed – one that has puzzled even the President and CEO of the Mortgage Bankers Association.  Specifically, the question is how should a creditor report a tradeline on the credit report of an individual who is making payments under a Chapter 13 Bankruptcy?  (more…)

August 10, 2006

Bankruptcy Credit Repair Basics

This information is a must read for anyone with a previous bankruptcy.  It is important to note that an acceptable FICO score can be achieved shortly after the discharge of a bankruptcy; however, vigilance is essential to contain the harm that a bankruptcy causes to your credit report and credit score.  Once your bankruptcy has been discharged, you need to obtain a free copy of your credit report and follow these bankruptcy credit repair steps.  (more…)

August 5, 2006

Rapid Rescore Your Way To Mortgage Bliss

Love the house, but hate the payment.  It’s a common theme in today’s real estate marketplace.  To say it in another way – you would love to buy your dream house but can’t afford such a high payment.  And for some, “we’re already in this house and HELP!  We can’t afford this payment!”  Many wonder: is it possible for you to have your cake and eat it too?  Is it possible to own your dream home and have an affordable mortgage payment?  If the stumbling block is a problem with your credit report, then I’ll answer for you with an enthusiastic “Yes”.  For those searching for the key that opens the door of equilibrium between house and payment, please allow me to share with you an elixir of sorts.  Sadly though, till now it’s been a lonely bottle that goes unnoticed, gathering dust on the shelf of nearly every mortgage company in the United States – strange because the contents of this proverbial bottle have the power to restore your credit rating in an instant, thereby lowering your interest rate and mortgage payment to a comfortable level.  Perhaps this article will change some of that and give credit where credit is due.  And now without further ado, may I introduce the Rapid Rescore. (more…)

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