credit reports: Protect Your Financial Health & Credit During COVID-19 ... Take These Steps Now
- 05/27/20 11:55 AM
Protect Your Financial Health & Credit During COVID-19 ...
Take These Steps Now
Your physical health and mental well-being must always be an important focus. The grave challenges posed by the current COVID-19 crisis, make that even more true ...
But it's not only your physical and mental health that should remain of concern. Your financial health is important as well.
COVID-19 has delivered some severe financial health challenges to many Americans' doorsteps. Those include loss of employment, job furloughs, layoffs, diminished wages (and more) that have taken a real toll.
No amount of handwashing or wearing of masks protects your financial health. That has to be accomplished in other … (6 comments)
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credit reports: Arriving Summer of 2020: The New FICO 10 Scoring Model. Here's What to Expect ...
- 03/04/20 11:40 AM
Arriving Summer of 2020: The New FICO 10 Scoring Model
Here's What to Expect ...
Hotter temperatures aren't the only thing that will soon be rolling in. A hot new FICO Scoring model will also make its entrance at some point during the upcoming summer months ...
A new credit scoring model isn't that surprising of a development. Since its inception in 1989, FICO Scoring has evolved and changed many times.
This new and latest version, called "FICO Score 10 and FICO Score 10 T", is to be released to credit bureaus this coming summer or early fall. It will feature some broadened elements to the calculation of credit scores.
The latter … (25 comments)
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credit reports: NOW is the Perfect Time to Review Your Credit
- 02/08/19 10:31 AM
NOW is the Perfect Time to Review Your Credit
Below you'll find a weather report shared for the Chicagoland area just recently ...
Rain and thunderstorms are expected today before Chicago temperatures plunge from the mid-40's to single digits ...
It's well known that Chicagoland weather is notoriously fickle, but our area residents are a hardy bunch. Most won't even blink upon reading a weather prediction like the above. We're pretty used to the craziness ... The recent polar vortex freeze that descended upon the Chicagoland area is a good example of this. After suffering sub-zero winter temps for days, the local weather quickly changed to an upper 40's … (8 comments)
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credit reports: Don't Let the Equifax Breach Bite You at Tax Filing Time .. Protect Yourself
- 01/11/18 10:44 AM
Don't Let the Equifax Breach Bite You at
Tax Filing Time .. Protect Yourself
Things move quickly in this era of the internet and social media. Yesterday's news is quickly erased from our memories and replaced with today's headlines ...
An example of this is last Fall's Equifax breach (announced on September 7th, 2017). This breach quickly fell off the news radar.
That's not good because this devastating data compromise could now come back to bite the approximately 145 million Americans affected by the Equifax Breach.
How and Why?
Social Security Numbers. Social Security Numbers were part of the data put at risk by the breach.
Those stolen Social Security Numbers can serve as … (36 comments)
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credit reports: Do These Things During the Month of November
- 11/07/17 07:52 AM
Do These Things During the Month of November
November is one very busy month, no doubt about it. But no matter how busy life gets for you, there are a few tasks that you just shouldn't overlook.
So what are some of the important tasks you should be tackling throughout the month of November?
Things that will ensure your good health, comfort, and safety?
Following are the most important tasks:
Everyone:
Run your Credit Report: With the recent Equifax data breach, it's more important than ever to stay vigilant. Head to: www.annualcreditreport.com now. Think About Getting a Flu Shot: Especially if you're over the age of 65 … (13 comments)
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credit reports: Are Some Credit Reports "Fake News"?
- 03/27/17 03:24 PM
Are Some Credit Reports "Fake News"?
Per a Housing Wire report, Experian (one of the 3 major credit bureaus) was fined $3 million for representing that their "purchased" credit scores were the same scores used by Lenders for Mortgage Underwriting decisions. (Housing Wire article link)
Their consumers were, (and I am paraphrasing), "receiving the exact same credit scores that Mortgage Lenders use to make loan and credit decisions". This, they promised, would prove to be a great advantage to these consumers as they started their home shopping and mortgage search.
The CFPB (Consumer Financial Protection Bureau) found Experian's sales approach very misleading ... because it was. They took appropriate action and … (45 comments)
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credit reports: It's Time to Request Your FREE Credit Report
- 02/07/17 03:02 PM
It's Time to Request Your FREE Credit Report
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)
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credit reports: Is Paperless Billing Right for YOU?
- 01/02/17 10:27 AM
Is Paperless Billing Right for YOU?
These days, companies are under pressure to go "green" and become more environmentally friendly. As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills.
There are obviously many positives to be found within these paperless services:
Trees are saved Reduced postage costs Less paper documentation to organize or save/store Possible rewards for switching to paperless Payments can often be made/posted same-day Automated payments can be set-up More
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, … (12 comments)
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credit reports: Credit Reports and History: No One Will Care More Than You
- 10/14/16 12:50 AM
Credit Reports and History:
No One Will Care More Than You
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)
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credit reports: How to ROCK the Rest of your August - Gene Mundt, Chicagoland Mortgage Lender Newsletter
- 08/11/15 07:07 AM
How to ROCK the Rest of your August
Gene Mundt, Chicagoland Mortgage Lender Newsletter
Friends!
Hard to believe! We're already in the middle of August and School and Fall are just around the corner again. That means time is of the essence if you hope to tackle and complete some "end of Summer" tasks.
I've included: Timely ideas, tips, and reminders below. All will help you "rock" the rest of August and help prepare you, your finances, your family, and home for Fall.
Don't be shy ... when it comes to sharing this info. Pass it on (along with my name and contact info) to anyone you … (14 comments)
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credit reports: Disputing Disputed Accounts
- 07/10/15 06:21 AM
Disputing Disputed Accounts
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)
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credit reports: Millennials: How to Establish Credit Quickly and Easily
- 06/19/15 06:15 AM
Millennials: How to Establish Credit Quickly and Easily
Credit ... Credit Scores ... they're a big issue, no matter someone's age ...
But for Millennial-age hopeful home buyers, credit-related issues are of particular interest and importance these days. I'll add they may be a bit frustrating too ...
It's been very well-documented: The job market and financial problems have dogged Millennials.
As a result, many have poor credit. Or have avoided accumulating debt entirely. They pay cash for every purchase or bill they have.
Each credit issue presents its own challenge. Decidedly so when … (49 comments)
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credit reports: Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
- 11/06/14 04:34 AM
Think You Can't Buy a Home in Chicagoland? 10 Facts That May Change Your Mind
I've found that Home Buyers looking to be Pre-Qualified for a home loan purchase are sometimes quite surprised by their ability to successfully get a Loan Approval without having PERFECT credit.
To add to that (pleasant) surprise, they also find that they can obtain a Mortgage with just 3.5% down payment for a FHA loan, or even no (0%) down payment as a Veteran (VA Loan). In certain rural areas, USDA-Rural Development Loans are also available with no down (0%) payment requirements.
… (13 comments)
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credit reports: The Hidden Truths Within Bankruptcy Filings
- 10/20/14 10:38 AM
The Hidden Truths Within Bankruptcy Filings
We've arrived at an unique point in the world of home buying and financing. It comes on the heels of several years of financial hardships, unprecedented foreclosures, and job losses.
These challenges faced have often lead to the filing of Bankruptcy. What's been contained, or included, in these Bankruptcy filings, are referred to as "Schedules".
First of all, let's understand the "layers" and the timelines involved in a Bankruptcy.
First, there is a: Filing Date.
That is followed by a: Discharge Date, a date that's usually a few months after the Filing.
… (8 comments)
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credit reports: Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror
- 01/16/14 02:05 AM
Boomerang Buyers: What to do if you see a Short Sale in your Rearview Mirror
You've probably seen me mention the term "Boomerang Buyer" in a few of my posts before. This is a classification of potential Home Buyer that is contacting me more and more often for info, as of late. As the housing downturn gets further and further in our rearview mirror, I believe that will happen even more often in the future.
Because of the financial and real estate scenarios that gave birth to the "Boomerang Buyer" moniker, many of the questions … (11 comments)
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credit reports: When Inaccuracies Show on your Credit Report ... What Then?
- 11/07/13 10:54 AM
When Inaccuracies Show on your Credit Report ...
What Then?
Credit Scores and Credit Reports are very important ...
That's true whether someone is hoping to buy a home (or refinance) or not. But should you be someone in the hunt for Mortgage financing to purchase or refinance a home, the stakes get higher. Your Credit Scores and Credit Reports become paramount to the success you'll discover when financing and the end-costs you face.
Most of my Mortgage clients understand this when we speak the first time. Often one of their first questions is: At what … (5 comments)
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credit reports: Are YOU making your financial life harder than it needs to be?
- 05/17/13 07:47 AM
Are YOU making your financial life harder than it needs to be?
Are YOU paying more for utilities, insurance(s), rent, and cell phone plans than your friends are? You might want to take a look at your Credit ...
Seems I'm always compelled to write something on the topic of Credit. Why it's important to have good Credit. How to establish good Credit. How to improve or repair your Credit. How to keep good Credit Scores ... and much more.
It also seems there's good reason to be concerned about this topic too. … (12 comments)
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credit reports: "Nothing in Life Comes Free" ... just like the old saying goes
- 05/13/13 08:13 AM
"Nothing in Life Comes Free" ... just like the old saying goes
I'm sure you've heard the statement,
"Nothing in life comes free"
Well, a blog I read today, written by fellow mortgage lender Joe Petrowsky on ActiveRain, reminded me of the wisdom and important lessons contained within this statement.
Joe had started the mortgage process with a new client by running the client's credit report. His client had sought out the services of a credit repair company to help him improve … (16 comments)
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credit reports: Protecting a Child's Identity has Become More of a Challenge and Increasingly Important for Today's Parents.
- 04/19/13 09:02 AM
Protecting a Child's Identity has Become More of a Challenge and Increasingly Important for Today's Parents.
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)
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credit reports: There are Many Joys and Benefits to Working with Long Time Referral Partners and Friends ... But Today I Won't be Experiencing Them
- 03/19/13 08:31 AM
There are Many Joys and Benefits to Working with
Long Time Referral Partners and Friends ...
But Today I Won't be Experiencing Them
Having been in the mortgage business for so long and having served many of the same referral partners during that entire time, has its good points and its bad. I think the good ones are fairly obvious. Who doesn't love having established long term relationships and working with those that have, after so many years, become good friends too?
But as many pluses as there are to these situations, there … (43 comments)
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