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credit repair: What Does My Credit Score Mean?
- 06/02/08 06:01 AM
The concept of credit started back in 1956 with two men named Bill Fair and Earl Isaac. Fair, a mathematician, and Isaac, an engineer, founded the Fair Isaac Company; otherwise, known to us today, as the FICO score. This credit system has standardized the way the financial industry extends "credit".
The 3 National Credit Bureaus:
1. EXPERIAN - uses the Fair, Isaac Model 2. EQUIFAX - uses the Beacon scoring Model3. TRANS UNION - uses the Empirica scoring Model
EXAMPLE:
These scores represent a composite of the borrower's credit history, employment, ability to save, and so … (2 comments)
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credit repair: You might be interested to know What do I do and How do I do it...
- 05/22/08 07:37 AM
Perhaps the best way to describe it would be with a short story.
About 6-7 months ago a young couple came to my office with a lot of questions, concerns, and a clear sense of urgency. The owner of the house that they were renting advised them that he was going into Foreclosure and that they have 6-8 months to move out and find another place to live. It was a shock for a young couple because the house that they were renting was close to work, their kids had friends in the neighborhood homes, and the wife had her little garden that she put some … (0 comments)
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credit repair: Time to put your Mortgage in Reverse!
- 05/19/08 03:04 PM
Until recently, there were two main ways to get cash from your home: you could sell your home, but then you would have to move; or you could borrow against your home, but then you would have to make monthly loan repayments.
Now there is a third way of getting money from your home that does not require you to leave it or to make regular loan repayments.
A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value … (0 comments)
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