UltraFICO & Experian Boost Good Solutions to Your Credit Challenges?
Ever since the announcements regarding the new credit scoring systems "UltraFICO" and "Experian Boost" were made last year (and their subsequent implementation earlier this year), questions regarding their use, legitimacy, accuracy, and abilities have come my way ...
In most instances, the questions come from those considering home buying or refinancing but suffering from credit scores considered "fringe" or low scores ... either as a result of NO/little credit or credit issues having occurred. They're looking for answers and fixes for the challenges they face.
And challenges do exist. While FICO reports that, for the … (21 comments)
Credit advice is everywhere ... The internet, social media, news outlets, financial and lending institutions, and more provide a never-ending supply of it. So by now, you've probably seen and heard that your Credit Score is important ... and that you should check your Credit Report on a consistent and timely basis.
But where do you start? There are 2 simple ways to achieve this important task: 1: You can talk to your Lender. This is most commonly done when applying for a mortgage (or loan of some kind), but it can be accomplished at any time. (It must be … (19 comments)
No one cares more about your Credit and credit standing than you ... right? Or should ... While we expect creditors (banks, credit card companies, collection agencies, student loan lenders, medical providers, retailers, etc.) to act on our behalf regarding the recording of transactions, payments, and accounts, it's a fact ... errors occur. Errors that result in damage to our Credit History, Credit Scores, and our wallets. How's that? Errors on our Credit Reports have repercussions. Some errors remain undetected for long periods of time. But even if short in duration, errors … (26 comments)
But until you've talked to me (or your own local Mortgage Originator), don't even think about disputing an account found on your Credit Report.
Why? Unknowingly, you can be creating real problems for your Mortgage Application and Approval.
Consider this: A creditor can refuse to change their disputed rating. Too many disputed accounts on a Credit Report may result in your loan being denied.
Is that a really a risk you want to run at such an important time?
Have you reviewed your Credit Report and Credit Scores recently? If not, I urge you to do so. For a number of reasons. But if you have: I applaud you. Did you find a debt, account, or error there though? After finding it, did you contact a Creditor, a major Credit Bureau, or take action to "dispute" the account? If you're planning on borrowing money SOON ... I'd advise against disputing an account or error that's appearing on your Credit Report ... Mortgage Underwriting platforms have changed their stance on "disputed accounts". Disputes used to … (41 comments)
credit bureaus: How to Dispute Credit Report Errors While in the Mortgage Process
- 05/06/14 12:19 PM
How to Dispute Credit Report Errors While in the Mortgage Process Veterans of the Mortgage Industry can remember a time when clients suffering errors or inaccuracies within their Credit Report, were typically advised to "dispute" those errors ... But because of recent changes that have taken place in the Mortgage Industry's Automated Underwriting Systems (commonly referred to as AUS), the advice given to current mortgage clients may be quite different from that of the past. Today's advice ... and the suggestion as to the timing and direction of recourse, will be based on a variety of … (8 comments)
credit bureaus: Credit Card Security Breaches: How to Find if YOU Have Been Effected. How to Protect Yourself Moving Forward
- 02/06/14 05:01 AM
Credit Card Security Breaches: How to Find if YOU Have Been Effected. How to Protect Yourself Moving Forward The recent breach in security at multiple well-known retail stores has Credit Card holders more than a little nervous and concerned. Rightly so ... These breaches have led to a number of my clients (those currently in the Mortgage Process and past clients as well) to inquire ...
"How do I check to see if I'm a victim of these security breaches?" "What should I be doing about my account?" Unfortunately, there isn't one definitive … (9 comments)
In the last two or so years, my wife and I have become grandparents twice. Suffice it to say, "things have changed" a bit since we had our two babies ... now parents of their own at 33 and 29 years old.
Back when Marilyn and I had our two boys, we thought that as parents we were pretty on top of things when we got them their own Social Security numbers fairly early on. We thought … (8 comments)
Credit: Who Needs It? Why is it Important? How do you Establish it?
I've been receiving more and more inquiries from young potential Home Buyers as of late. That's reason for celebration, as I believe now is a great time to enter the housing market. With home prices still affordable and interest rates so low, there truly is a golden opportunity for young Buyers. But with the growing number of young Buyers, I am also seeing a larger number of hopeful clients with what is deemed as insufficient credit "histories". That can mean … (30 comments)
credit bureaus: Death and Credit: Some Things You Should Know
- 06/06/12 01:05 AM
Death and Credit: Some Things You Should Know Yesterday, I saw an infomercial starring Joan Rivers and her daughter, Melissa. The aging comedian was confronting a difficult, often uncomfortable topic head-on ... that of death. HER death. Melissa was having a very hard time speaking of this topic with her mother ... even covering her ears at one point. Now there can be debate about whether Joan Rivers is funny or not ... but with this particular presentation, I thought she did a great job. Even broaching the topic of death can … (4 comments)
credit bureaus: Errors and Disputes on Credit Reports. How and When to Move Forward ...
- 07/07/11 02:21 PM
I ran across the following issue with a recent client. After running their credit, we discovered what appeared to be an error on it. Positive that it was indeed an error, they wanted to address the problem immediately. My suggestion to these clients was to do nothing ... right now. I know. That sounds contrary to what common sense would dictate you do. But in this particular case, it was the best thing to advise for their current situation. Why did I make this suggestion? Why not address and clear-up their credit error immediately? Get the ball rolling?? Certainly this … (8 comments)
"Let the Sellers Beware" ... and Be AWARE! Playing Defense & Offense While Selling a Home ...
Huh? Beware? Thought that was the Buyer!
Not these days! Agents, buyers, and sellers must know how to play DEFENSE and OFFENSE throughout a property transaction. This "one-of-a-kind market" delivers much more for each of them to consider than ever before. Prior to the present challenging market, sellers asked their agents, "What will I net in proceeds at the closing of my sale"? Now, more often the question is, "If I sell my home for less than I presently owe on my mortgage, what … (39 comments)
credit bureaus: SCAMS ... Don't Be a Tomato Ripe for the Picking.
- 09/06/10 11:31 AM
I don't know where to start first when writing this post and addressing the issues contained within it. I believe there are multiple messages that need to be heard ... and heeded. As you read on, you will see what I mean. Over this last weekend, I received a call from very upset and frantic clients of mine. They are an older couple that I have known for decades and have become very fond of. This couple is also a long-time husband and wife real estate agent "team" that I have worked with throughout those many years. You just can't find sweeter people anywhere. … (17 comments)
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