credit report: “There is Nothing Worse than Little Knowledge”
- 09/13/17 07:18 AM
“There is Nothing Worse than Little Knowledge”
Good morning Joe,
So I checked our credit scores last night and they changed a little since last month. I guess because we had to use our cards more due to unexpected expenses this past month but that's all getting paid back tomorrow so hopefully that will help it go back up a little more but we are both listed as fair at the moment. Attached is a copy for you to review. Hope you are having a great morning! Greg
This client did not feel comfortable having me pull a credit report as he … (5 comments)
|
credit report: “Many are not Aware of What is on their Credit Report
- 01/12/16 12:29 AM
“Many are not Aware of What is on their Credit Report"
Joe,
The Credence Resource that you have * on my report has been resolved for a long time now, will find paid receipt and not sure why they are reporting to the three bureaus each month. I can take care of the other balances asap as I use the cards regularly. Once I do all the homework you gave me, do you think my scores will come up enough?
It is never surprising when someone contacts me for a mortgage and when the credit report is done, there are surprises. This … (19 comments)
|
credit report: “Not ALL Credit Reports are Created Equal”
- 09/11/14 05:19 AM
“Not ALL Credit Reports are Created Equal”
I am often faced with someone saying to me, I already have a credit report and my scores are this or that. I explain that I need to do my own credit report, as not all credit reports are the same.
The question is why can they possibly be different. To make this as simple as I can, lenders have very specific criteria and information that is asked of the three credit bureaus, Equifax, Experian and Trans Union. The resulting answers to this information creates a set of credit scores and these … (21 comments)
|
credit report: “Why Do So Many Think, Credit Scores Have Something to Do with INCOME?”
- 08/12/14 10:34 PM
“Why Do So Many Think, Credit Scores Have Something to Do with INCOME?”
I hear this statement much too often and I just don’t know where this is coming from. Income has nothing to do with your credit scores. The three credit bureaus have no way of getting your income information.
I was doing a preapproval over the weekend. During the process I asked about credit and the person told me that he was out of work about a year ago. The unemployment lasted about 4 months before he was able to find new employment. He told me … (53 comments)
|
credit report: What to do When You Can’t Get a Credit Report Corrected
- 07/24/14 10:39 PM
“What to do When You Can’t Get a Credit Report Corrected” I tell my clients to go online to access the laws that deal with these issues:www.ftc.gov then check out the Fair Debt Collect Practice Act (FDCPA). Three months out diligent calling and email the creditor and credit bureaus these prospective home buyers couldn't get a paid collection account to show as paid or settled. What is worse they kept reporting the derogatory information each and every month which kept hurting the credit scores. When they came to see me, they shared this unbelievable story with me, I shared … (30 comments)
|
credit report: I’ve Been Working with a Credit Repair Company for One Year
- 07/03/14 04:23 AM
“I’ve Been Working with a Credit Repair Company for One Year”
When I hear this kind of statement it drives me crazy and worse yet, I have been paying them $300 per month.
I asked what his credit scores were and what are they now. The mid score was 565 and now it is 581. I asked if he was advised to set up a couple of secured credit cards to boost the scores, unfortunately no such luck.
Fixing existing credit is great, but once it is fixed and there is nothing on the credit report … (25 comments)
|
credit report: Getting Rid of Disputes from a Credit Report
- 06/15/14 10:27 PM
Getting Rid of Disputes from a Credit Report Lenders today have a problem with accounts on a credit report that indicate that the accounts are in dispute. I wish I could completely understand why, but they want the dispute removed from the credit report. Very often, folks that hire companies to repair credit, will literally dispute any and all derogatory accounts, even when they are correct. I’m assuming they expect the creditor to just go away, but most of the time the accounts will show as being disputed and the obligations remains on the credit report. The normal … (47 comments)
|
credit report: “You Got Me a Mortgage, When No One Would Talk to Me”
- 05/17/14 10:12 PM
“You Got Me a Mortgage, When No One Would Talk to Me” As I heard these words, I immediately thought, no one else was crazy enough to have taken on a credit report that had a dozen outstanding IRS obligation, but because it was IRS, I decided to take it on. There is something about someone telling me that he doesn’t owe IRS any money and they have a credit report filled with bad information, well it just doesn’t sit well with me. The credit report was a mess. I got his accountant and attorney involved. It was very … (27 comments)
|
credit report: “Credit Report Shows Two Late Payments in the Last 12 Months”
- 04/09/14 10:54 PM
“Credit Report Shows Two Late Payments in the Last 12 Months”
The client sent me evidence that neither payment was 30 days late. He gave me evidence that both payments were received by the lender before the end of the month and yet the existing servicer shows that both payments were late.
The client contacted the servicer and they won’t correct the information they sent to the credit bureaus. We sent the documentation, to the three credit bureaus for them to correct the problem. This is one of those examples that a servicer takes advantage of a consumer.
… (21 comments)
|
credit report: “When a Client Starts Rate Shopping”
- 01/23/14 01:13 AM
“When a Client Starts Rate Shopping”
I started a mortgage application a couple of weeks ago. She had a 646 mid score, sufficient to qualify for a USDA loan and based on her scores, her debt ratio worked just fine. At the time of the application I always give each person a list of do’s and don’ts to make sure scores don’t drop through the application process.
It would not have occurred to me that this client would have gotten onto a site which ended up having a number of mortgage people pulling her credit over and over … (26 comments)
|
credit report: “Credit Report for a Rental Application, Turns into a Purchase”
- 01/06/14 10:16 PM
“Credit Report for a Rental Application, Turns into a Purchase”
From time to time I will do a credit report for a Realtor that rents homes as part of her real estate practice. She arranges, obtains a rental application and authorization for me to run the credit.
The Realtor indicated that the property that she was renting has been for sale and she hadn’t been able to find a buyer. She told me that these renters would love to buy the home, but didn’t have a down payment.
After I ran the credit report, the … (24 comments)
|
credit report: “I Can Make the Mortgage Payment”
- 12/02/13 09:54 PM
“I Can Make the Mortgage Payment”
I reviewed a credit report to find that Mary has been late on her mortgage 9 times this year, but called to borrow additional money to put on a new roof.
This was not going to be a comfortable conversation so I decided to ask few questions in hopes that Mary could come up with the right answers. When someone tells me they can make a larger payment and yet they are having difficulty making their current payments, well they can’t.
Mary, let me ask a few questions:
If … (19 comments)
|
credit report: “Late Payments on a Mortgage Compared to Credit Cards”
- 11/17/13 09:12 PM
“Late Payments on a Mortgage Compared to Credit Cards” Last year I met with clients to do a refinance. At the time they were behind on their credit cards and a refinance was not possible, so we discussed what they had to do to improve their credit scores. Last week I got a call from Lester again saying they were ready to get their refinance done. That they had their credit cards right up to date. I gave him a list of everything I would need them to bring and set up a date and time to meet. … (18 comments)
|
credit report: “Two Years of Credit Improvement Coaching, a Bust”
- 11/16/13 09:18 PM
“Two Years of Credit Improvement Coaching, a Bust” In September 2011 I met with a young lady that wanted to begin the process of getting ready to purchase a home. I ran the credit and it was obvious that credit wise, she was nowhere near ready. There were 3 collection accounts and no credit that was positive at all. I coached her on working out a settlement for the collection items and on arranging 3 secure credit cards. I explained that once the cards were set up, to charge something each month and pay off the balance each month. … (20 comments)
|
credit report: “I Don’t Want You to Pull MY Credit as it will Drop My Credit Scores”
- 11/13/13 10:30 PM
“I Don’t Want You to Pull MY Credit as it will Drop My Credit Scores”
From time to time I will get a call from someone to discuss getting preapproved, credit or credit issues and the person says I don’t want you to pull my credit. Most time I explain that the only way for me to have good information is to review the credit.
I explain there will be little or no change in the scores if I run a new credit within 14 days of any other credit that was previously pulled. There is so much bad information … (28 comments)
|
credit report: “I Finished My Homework”
- 10/05/13 11:53 PM
“I Finished My Homework”
I originally met with Rosemary in March. There were 7 items on her credit report that were in collection. Her mid credit score was a 544, so we had a lot of work to do. I coached her on how to negotiate the collections, starting with the smallest ones first.
She arranged for 3 secured credit cards and charged something on each one and paid the balance as soon as the bill was received.
As of October 1, 2013, all of the collections have been settled and show as settled on the credit … (16 comments)
|
credit report: “I Was Supposed to Close at 8:30 This Morning”
- 07/24/13 10:31 PM
“I Was Supposed to Close at 8:30 This Morning”
I got a call this morning from James who was pretty upset, telling me that he was supposed to close this morning. I called my attorney and he was never told the transaction was ready to close and for the three days I haven’t been able to speak to the loan officer.
He told me that he was referred by his boss and asked what I could do to help. I told him most of what he told me makes no sense, but I will qualify him right now. … (15 comments)
|
credit report: “Sub 700 Credit Scores on the Rise”
- 07/22/13 10:31 PM
“Sub 700 Credit Scores on the Rise”
I am always tracking credit scores and how they relate to mortgages. For the last couple of months, the information reported indicates that nearly 50% of all mortgages written had sub 700 credit scores.
There are many folks coming into the housing market that have had a foreclosure or short sale in the history. I am doing more and more preapproval for folks that have this kind of credit history. Unfortunately many are not even aware that they might … (20 comments)
|
credit report: VT Realtor says, She will Never Use a CT Mortgage Broker Again
- 07/13/13 10:20 PM
“VT Realtor says, She will Never Use a CT Mortgage Broker Again” I don’t know about you, but I would rather hear good things about me, but learn much more from the not so good comments. A little background. This Vermont Realtor contacted me as a result of a blog that I wrote on credit. She told me that she had a transaction no one could get a mortgage for and would I speak to her client. After talking to the client, I told her they have a 50% chance of getting this done and it would take more … (15 comments)
|
credit report: “Would You tell Your Client NOT to Make Their Mortgage Payments?”
- 07/12/13 10:45 PM
“Would You tell Your Client NOT to Make Their Mortgage Payments?” Of course you wouldn’t, but it continues to happen. I continue to interact with clients that want to refinance after doing a mortgage modification. When I ran the credit I could see that they have had 3-4 late payments on their mortgage in the last couple of years. I am constantly being told the same story over and over again. The story continues to be the same and continues today. Folks are being told that they can’t get a modification done while they are current on their mortgage. … (18 comments)
|
“There is Nothing Worse than Little Knowledge”
;)
;)
;)
