credit reports: Length Of Time Information Remains On Credit Reports - 03/20/17 01:51 PM
Length Of Time Information Remains On Credit Reports. I regularly try to posts and update blogs with information related to a Borrower ability to obtain financing, and credit information is among the most important I try to keep Borrowers informed with.  I feel strongly about providing credit information, because it is the one thing Borrowers have a significant level of control over in obtaining financing.
As a Loan Originator I work with many Borrowers who need to improve their Credit in order to qualify for a mortgage.  There are several factors I need to consider to help a Borrower improve their Credit Scores, … (32 comments)

credit reports: Information Contained In Credit Reports - 02/10/16 04:12 AM
I have written a number of blogs in the past about Credit Scores and Credit Reports.  I even did a series on the history of Credit Reports back in 2007.  Also earlier this year I posted a blog about up coming changes to Credit Reports.  So I thought it would be good to also post a blog on Information Contained In Credit Reports which most people are not aware of.
Most people are aware Credit Reports contain information such as:
Credit Scores Debts such as: Credit Cards Student Loans Car Loans Mortgages Utilities Payment History such as: Length of Credit Available … (37 comments)

credit reports: Up Coming Credit Report Change - 02/02/16 12:13 AM
Fannie Mae will be coming out with Desktop Underwriter (DU) Version 10.0 the weekend of June 25, 2016.  DU Version 10.0 will begin to incorporate additional credit information in evaluating mortgage applications.  DU Version 10.0 will look at a snap shot of a Borrower's credit history by looking at a Borrower's credit balances, and how well the Borrower has managed their accounts over a period of time.  This new expanded look at a Borrower's credit history is referred to as "Trended Credit Data", and will require an Up Coming Credit Report Change by Credit Report Providers in how Credit Providers currently provide information … (49 comments)

credit reports: Codes Used For Short Sales, And Foreclosures On Credit Reports - 06/13/15 06:20 AM
I keep reading about proposed changes for Credit Reports, but there is little to no talk about a change which really needs to be made to the Codes Used For Short Sales, And Foreclosures On Credit Reports. 
Presently homeowners who have sold their property thought a Short Sale, have an issue they will have to overcome when they go to purchase a home in the future.  The issue is most Credit Reporting Systems now in place do not provide separate codes for Short Sales and Foreclosures, even though there is a big difference between the two.  Presently the code for Short Sales … (19 comments)

credit reports: Length Of Time Information Remains On A Credit Report - 06/16/14 07:49 AM
As a Loan Originator I work with many Borrowers who need to improve their Credit in order to qualify for a mortgage.  There are several factors I need to consider to help a Borrower improve their Credit Scores.  Among the information I need to know in order to help them is the Length Of Time Information Remains On A Credit Report. For example:
Judgments always need to be paid in order to qualify for a mortgage, but if a Judgment is close to reporting for 7 years on a Credit Report it may be wise to not pay it. Tax Liens do not have a time … (35 comments)

credit reports: How Long Does Information Remain On A Credit Report? - 08/17/13 07:08 PM
A question I am often asked by Borrowers who have negative items reporting on their Credit Report is How Long Does Information Remain On A Credit Report?  How long information remains on a Credit Report is a major concern for Borrowers with credit issues, because some of the items on the Credit Report are beyond their ability to correct.  In those situations the Borrower will need to wait until the item is no longer being reported on their Credit Report before they can qualify for a mortgage.
The three negative items which tend to show up the most on Credit Reports … (44 comments)

 
George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) Ambassador large

George Souto

Your Connecticut Mortgage Expert

Middletown, CT

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George Souto NMLS #65149 FHA, CHFA, VA Mortgages

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Office: (860) 573-1308

Mobile: (860) 573-1308

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