September 29, 2006

Free Credit Repair Seminar Saturdays

The Broken Credit Blog would like to take a moment to thank everyone who has participated in the free credit repair seminar titled “Raise Your Credit Score”.  To date, the registrations and feedback have been overwhelming.  This free thirty-minute credit repair class has been available online every Saturday at noon and we will continue to offer this free credit repair class for an indefinite period of time(more…)

Buying A Condo On Mars

Buying a Condo on Mars

This contract is for an astronaut to buy a condo on Mars. I think he qualifies, but I’m not sure who we can get to do the appraisal….

….is Han Solo available?

September 28, 2006

New Year Begins for Free Annual Credit Report Program

September marks the first anniversary of every consumer’s right to a free annual credit report from each of the three nationwide consumer reporting companies – Equifax, Experian, and TransUnion. Consumers can order reports online at, or by calling toll-free at 1-877-322-8228, or by mailing a completed Annual Credit Report Request Form (available at to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. (more…)

September 27, 2006

The “No Doc” Mortgage

Filed under: Mortgage,Real Estate

“Go down to the pool hall on the corner of 4th and 8th and ask for a guy named Vinny-The-Chin.  Tell ‘em Vito sent ya and he’ll loan ya the money no questions asked”, says a shady character with a raspy voice.  The ‘no questions asked’ aspect of such a transaction could technically qualify it as a No Documentation loan (also referred to as “No Doc”), but of course, if you don’t make the payments, then your arms will be broken or you’ll find yourself attempting to swim with cement shoes.  In this article, we’ll discuss another type of “No Doc” loan that’s been quite popular in the mortgage business.  It’s a little different than the Vinny-The-Chin loan.  If you don’t make the payments then you won’t lose your life – you will however lose your house and your credit rating.  But don’t make your decision about the virtues (or lack thereof) of the “No Doc” loan just yet.  There are certainly some individuals who are a perfect match for this loan type.  In the next few paragraphs, you will learn who they are and who they are not. (more…)

September 26, 2006

What Is A Mortgage Blog?

Filed under: Credit Repair,Mortgage

Mortgage Blog, it’s a Mortgage Blog!  I can almost hear the music playing from an old Star Trek episode – da-na, da-na, da-na, da-na – look out, it’s a mortgage blog!  As I type this, I see that my spell check continues to highlight the word “blog” and it apparently was not included in the dictionary (ok, I’m using Word 2000).  In any event, blogs are relatively new and there’s no reason to feel bad if someone doesn’t know what exactly is a blog, let alone what is a mortgage blog.  A year ago, I didn’t know what a blog was.  Today, Google has listed on the first page of 100+ Million sites for the search terms: credit blog.  How that happened, I do not know.  What I can share with you is our concept of a blog and how it applies to the mortgage industry. (more…)

September 25, 2006

Credit Report Dispute Letter

Is there anything more powerful than words?  Words can bring about war or conversely, usher in peace.  Harsh words cause divisions among us, while carefully chosen words heal wounds.  If the ultimate objective in composing a credit report dispute letter is to heal a credit report, then your chosen words are of critical importance.  Today we will discuss some words that should not be included in a credit report dispute letter – I’ll give you a hint: be original. (more…)

September 23, 2006

Credit Score Goes From 618 to 658 in 5 Days!

Dear Paul,
I am very glad to have communicated with you last week about an impossible deal for my client who had a middle credit score of 618 and needed at least a 620 to qualify to purchase a second home.
After discussing the credit report for a few minutes, you suggested me to have a collection account deleted prior to requesting a rapid re-scoring.  I am very excited to let you know that today his new credit report came back with a middle credit score of 658, so we went from no-deal to having options to choose from.
So once again thanks a bunch for taking the time to listen and to apply your knowledge to help us cope with our frequently challenging cases. Good Job!

P.S.  Here is the letter from collection agency requesting DELETION of this medical collection!

September 21, 2006

The Debt Consolidation Loan – A Lifesaver

Filed under: Mortgage

Swimming against a current may be dangerous.  Swimming against a strong current can be deadly.  The savings rate at the end of the second quarter ’06 was negative 1.5%.  Even more alarming – American consumers have spent more than they have earned in each of the past five consecutive quarters.  The American public seems to have decided to take on this strong current.  What is the solution?  That’s a good question.  It would be irresponsible for me to suggest one answer for everyone.  I can’t do that anymore than a doctor could prescribe a panacea for all without thoroughly examining each patient.  I can however tell you this.  For some, who are currently being pummeled by the waves of debt, the solution is a debt consolidation loan.  A debt consolidation loan can take them out of deep water and place them on dry land.  A debt consolidation loan can get them back in control of their finances and give them the freedom to enjoy life.  In short, it can be a lifesaver.  Let’s talk about a debt consolidation loan and see if it’s right for you. (more…)

September 19, 2006

Having Bad Credit Removed Through “Re-Aging”

If you have fallen behind on your bills but are now ready and able to start paying again then you should know how re-aging can benefit you.  Through re-aging, your credit history is re-written and you are given a fresh start on that account. This can dramaticaly improve your credit score.  In 2000 the Federal Financial Institutions Examination Council (FFIEC) clarified guidelines on re-aging accounts for delinquent borrowers. (more…)

September 18, 2006

A Collection Agency Can Not

Filed under: Bad Credit,Collections

Are you dealing with a collection agency?  You should know your rights.  The following is a partial list of what a Collection Agency Can NOT do. (more…)

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