24…that is the average number of points scores increased in 2013 as a result of a rescore. Think about it…how many more loans could have been closed with an extra 24 points? Rescores had an average success rate of 91% in 2013 with 60% of those rescores being accomplished simply by the borrower paying down … Read more
In a word… no. Per all credit reporting agencies’ contracts with the national credit bureaus, “any costs or fees bureau charges client for the service will under no circumstances be charged back to the customer, either directly or indirectly…” The reason for the credit bureaus implementing this policy over 15 years ago is based on … Read more
Did you know…Starting mid November there should no longer be the need to beware of the number 9! Fannie Mae has announced that during the weekend of November 16th, they will be rolling out their Desktop Underwriter (DU) version 9.1 in which they have solved the issue of their software reading short sales as foreclosures. … Read more
Did you know…How a short sale affects your credit? Typically the short sale will show up on a credit report as “settled for less than the full balance”. This will have a negative impact on the borrower’s credit score, however it will be less hurtful than if it were to show as “foreclosure.” How much … Read more
Did you know…adding your child or spouse as an authorized user on a credit card can help them establish credit? It should only be used as a stepping stone to help them establish their own credit, and should not be a long term solution. Once the authorized accounts have helped them establish new credit and … Read more
Did you know…Paying off a collection account does not normally have a positive effect on a credit score? On the contrary, it can actually have a negative effect. The reason being is that the bureaus will not back date the payment date. So that means when a collection is shown as paid off, it will … Read more
Did you know…One of the biggest factors in determining a credit score is balances on revolving debt? Optimally the bureaus want to see no more than 3 revolving debts with balances and those balances being below 30% of the high credit. They also want to see several other open revolving accounts with no balances. Having … Read more
There are a lot of reasons to avoid credit repair companies. They usually don’t live up to your expectations, you end up with a lot of money out of pocket and typically, they end up doing more harm to your credit than good. A big downfall of these companies that most people don’t take into … Read more
We all know there are differences in credit scores because of different scoring models (i.e. FICO,Vantage or other proprietary credit scores). Credit scores will also vary depending on the permissiblepurpose behind your accessing a credit report. For example, when a consumer applies for a credit card,the credit score delivered is different than the credit score … Read more
What is it? The Financial Crimes Enforcement Network (FinCen), a Bureau of the Department of the Treasury, recently published final rules regarding the requirements for Residential Mortgage Lenders and Originators (RMLO) to establish a Customer Identification Program (CIP) anti money laundering program (AML) and file suspicious activity reports (SAR) under the Bank Secrecy Act (BSA). … Read more