Evergreen, Colo., November 7, 2013 – Advantage Credit, Inc. is continually striving to improve the customer experience by offering valuable and innovative products and services. Their newest offering, Undisclosed Debt Notification, is a service designed to monitor a borrower’s credit profile throughout the entire loan process helping to ensure a smooth closing. This new service … 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
Evergreen, Colo., September 23, 2013 – Advantage Credit Inc., a leading provider of credit reporting services, is pleased to be announced as a preferred credit partner of Stearns Lending. This partnership will allow Advantage Credit customers to reissue their credit reports directly to Stearns Lending’s automated underwriting system, eliminating unnecessary re-access of the information. The … 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
Evergreen, Colo., August 27, 2013 – Fannie Mae and Senator Bill Nelson (D) of Florida recently announced a fix to an issue with how short sales are conveyed on credit reports. Fannie Mae, according to its August 22, 2013 Desktop Originator/Desktop Underwriter Release Notes, has provided a mechanism allowing lenders to override incorrect foreclosure tradeline … 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