Posts Tagged Mortgage
A New Horizon Credit Counseling Reports Mortgage Modification Chances Double with Foreclosure Counseling
Posted by admin in Consumer Credit Report on January 9, 2012
A New Horizon Credit Counseling Reports Mortgage Modification Chances Double with Foreclosure Counseling
Fort Lauderdale, FL (PRWEB) January 03, 2012
National Foreclosure Mitigation Counseling (NFMC) in a report issued by NeighborWorks America reported that homeowners who received NFMC counseling were nearly twice as likely to obtain a mortgage modification. Those homeowners also received a new payment that averaged $ 176 lower than before. Even more important, the report found that 67 percent of the homeowners were more likely to remain current on their mortgage nine months after receiving the modification states A New Horizon Credit Counseling Services, a nonprofit credit counseling organization that has been helping consumers since 1978.
Stephen Marcus, President of A New Horizon Credit Counseling Services said, “The program also provides the homeowners with more long-term sustainability. Not because of the payment reduction, but because of the financial counseling that is a part of foreclosure prevention and helping homeowners improve their financial management skills”.
The study was conducted to compare the counseling provided by NFMC with mortgage modification applications from individuals without assistance.
A New Horizon provides credit counseling, financial education and debt management assistance for distressed consumers. “A well planned debt management program, in conjunction with proper financial skill training and assistance through a mortgage modification is a powerful solution to the anguish caused by foreclosure,” added Marcus.
If a homeowner is faced with difficulty paying their mortgage, experts advise that they don’t avoid the problem, instead take action immediately. The further behind you fall on your mortgage payments, the more difficult it is to cure the defaults and the more likely you are to lose the home. Contact your lender who can suggest options to help the borrower and be prepared to explain your financial hardship. Consult with a Certified Credit Counselor at a reputable credit counseling organization and consider a debt management plan to assist with your other finances.
A New Horizon Credit Counseling Services is a nonprofit debt consolidation organization that has been helping consumers since 1978. For more information about their programs, contact 1-800-556-1548.
###
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Mortgage Lenders New Policies Restrict Potential Borrowers — CRE Credit Services
Posted by admin in Dispute Credit Report on June 13, 2011
Mortgage Lenders New Policies Restrict Potential Borrowers — CRE Credit Services
Plano, TX (PRWEB) September 14, 2010
There are hundreds of millions of Americans with errors and inaccuracies on their credit reports. Consumers are encouraged by credit bureaus and the government to dispute those items if they feel they are incorrect. Their options are to file an automated dispute, send a letter, or call on the phone after purchasing a credit report. The credit bureaus investigate the allegedly incorrect account with the lender that is reporting it and then get back to the consumer with the results. This process was established to be a way to protect consumers from unfair practices by banks and other lenders. It is outlined in The Fair Credit Reporting Act (FCRA).
Another part of this law states that is allows, and sometimes requires that, statements of continued dispute are to be placed on accounts within a consumer’s credit report. This idea behind this was that it was a way to further protect consumers and give them the right to add their own version of what happened with an account to their personal credit reports. Unfortunately, this is starting to cause major headaches for potential home buyers all over the United States. CRE Credit Services has a solution!
Due to the economic downturn, lending and banking organizations have been attempting to search for ways to lower their risk without cutting their profits. One way they are currently experimenting with is to punish consumers who have listed disputes on their credit reports. As of this writing, loans underwritten by Fannie Mae or Freddie Mac are being denied for having as few as one account listed as “under dispute” on a consumer’s credit report. Many times a customer may not even realize that the account is under dispute. There are some investigations that require a company to place a notice of continued disagreement even if the customer agrees that the problem has been resolved. Thousands of disappointed people have gone to purchase their dream home only to find out that an error they disputed on an account that may not be accurate is preventing them from qualifying for a mortgage even though they would otherwise qualify. Also, if the account, accurate or not, were to appear on their credit report without being “in dispute” they would actually qualify for that same loan they are being rejected for.
There is no has been no assistance for consumers that can explain how a consumer would go about removing such a comment. The turnover is so high within the credit reporting agencies that even if a consumer did somehow figure out a way to request its removal from their credit report, the inexperienced person working on it would probably not even know how to properly process it. With a need to stimulate the economy and home sales we see home buyer tax credits, but no way to help consumers who are hindered for following their legal rights? How could it be illegal for companies to make this lending criterion? The simple answer, is that it is probably not legal.
The Fair Credit Reporting Act (FCRA) is one of many laws that are collectively referred to as the Consumer Protection Laws. Another one of these laws is the Equal Credit Opportunity Act (ECOA). The ECOA states that you can’t discriminate against someone solely based on his or her gender, race, etc. Also, it states that you can’t discriminate against a consumer based solely on someone exercising their rights under these consumer protection laws. By virtually any reading or interpretation of this law, what lenders are doing when they deny a loan based on the notices of investigation is a violation of federal law. Although it means that the practice will probably be challenged and overturned in the future, it does not give much hope to consumers right now. There is, however, hope, in the form of a reputable, experienced company headed by a former member of Experian’s elite CASS department in CRE Credit Services.
Although the credit reporting agencies would prefer they did not exist, there is a truly knowledgeable and respected credit services organization that, through years of experience and research, has developed strategies and methods to help consumers. This information would be nearly impossible for a consumer to figure out on their own. In situations like this, contacting a company like CRE Credit Services, at http://www.CRECreditServices.com might be the only real chance a consumer has to correct the problem. CRE Credit Services has designed a proprietary process to help remove these disputes. Designed by a former member of Experian’s elite CASS department there is no other like program in existence. There is no other credit services organization that employs that high level of a former member of any of the credit bureaus. They have already helped many clients get into homes by removing these disputes and improving their credit. CRE Credit Services has expert national credit consultants ready to speak with potential borrowers or mortgage professionals and they offer a no cost, no obligation consultation.
# # #
Attachments
©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Find More Dispute Credit Report Press Releases
Do Credit Inquires Hurt Your Credit Score?
A credit inquiry is an item on your credit report that shows with permission a creditor requested your free credit score report.
Not all credit inquiries affect your credit score:
You may notice when you pull your credit report there are inquiries on there from a business you are not familiar with. The only inquiry that affects your credit score is the one where you are applying for credit. This is considered a hard pull on your report.
Inquiries that affect your credit score:
There is only one type of inquiry that affects your score. This type of inquiry is applications for a mortgage, auto loan and other credit, by you authorizing these creditors to access your credit report. This type of inquiry prompted by your own actions ends up on your personal credit report and affects your score.
An inquiry that does not affect your credit score: Checking your own personal credit report or any business that offers goods and services that requests your report. A business that you already have a account with that requests a check. A potential employer that does credit checks. Some of these types of inquiries might show up on your report but do not affect your credit score.
Checking your credit report does not affect your score:
Checking your credit report on a regular basis to ensure it is accurate and error free is recommended by Fair Isaac the inventor of the FICO Score. Maintaining a error free report is part of credit management which will improve your credit rating over time. Ordering your credit report at CreditScoreQuick.com does not hurt your credit score.
How credit inquiries are factored in your Credit Score:
There are five types of information used to calculate your credit score. Each category accounts towards a percentage of your score.
Payment History – 35%
Amounts Owed – 30%
Length of Credit History – 15%
Types of Credit in use – 10%
New Credit – 10%
Don’t let inquires scare you. There is nothing wrong with shopping for a better rate, or better terms on a loan. As you can see in the about chart, payment history is the biggest factor in calculation process of your credit score. The second biggest factor is how much of your approved credit limits are charged up. But of course you don’t want to go out and start applying for every credit offer out there either. Be responsible and have a good mix of credit, but stay away from too much credit as well You really on need 3 lines of credit reporting on your report.
Example:
1. credit card
2. car note
3. installment loan
This type of credit mix accounts for 10% of your score.
Alvin
How to Arrange Credit Checks on Individuals
The credit check is very important step for back ground check in HR. The credit worthiness of some candidate can have significant importance in the decision of hiring especially if there is some unexplained area. The access of credit check is however not that easy, there are easy to understand legal requirement regarding the privacy of person to protect the personal credit history. The request to bank for credit check can include the following documents.
1- Request for obtaining Credit Report
2- The key information (simple or comprehensive report)
3- Permission for obtaining the credit report (endorsed by the future employee)
The legal requirements for the check in case of employee assessment is that the person should endorse in writing the request for the credit report. The reason for issuance of this information might be to obtain the honesty and credibility of the future employee. The bank however should provide the partial credit information not the complete credit history of employee.
If some decision like promotion is done based solely on the report, the legal requirement is there to disclose that information to the employee. This will automatically give him the right to challenge if he is not satisfied.
There are some cases where the other person can easily have the access to the personal information especially the credit reports; these include the case where the person might have given the power of attorney to bank for obtaining it. The minor, children and legal hires can obtain the credit reports, the procedure will be to send a request with due documents attached stating the reason of obtaining this information.
The exceptional cases for obtaining of the credit report can also include the credit report relating to some transaction to assess the credit worthiness, for example the credit checks done for the re mortgage or credit debt settlement cases.
Another similar situation where the credit can be requested is in case of insurance, or assessment for credit worth for underwriting purpose. This request is normally provided to the bank with due reason, so in return the bank shares the particular information with the insurance company or the other financial institution involved.
The eligibility of someone for obtaining some official benefit can also be attached to it. The government benefits and licenses are some times attached to certain income groups, as the result the agencies responsible for dispersal of these benefits can ask for the credit report too.
Elaine
Why Should I Get My Totally Free Credit Report?
Your credit file is a document that presents a complete picture of your financial situation, both past and present, and is the primary deciding factor that leads your creditors to accept or decline your applications. So you can clearly see how important your credit report is! It’s also really important that you make sure the information recorded on your report is up to date and accurate. It is estimated that 7 in every 10 credit reports requested contain an error or incorrect entry of some sort! Just imagine the effect this must be having on your applications.
Your credit report is used to decide not only if you should be approved for a credit application, but it will also affect the rate of interest you pay, and also whether you will be required to provide a deposit or guarantor. Checking your credit file can be a quick and easy task that could mean the difference between getting that next credit card, motor loan or even a mortgage, so the sooner you check your report the better!
There are 3 main companies that collect and record your details and these are known as ‘credit referencing agencies’. The major 3 are Experian, Equifax and Trans-Union. You can apply individually to these agencies who are required to provide you with a copy, however there may be a fee associated with it.
Alternatively you can get a free copy of your credit report from all three companies here. These companies also offer subscription services to protect and monitor your files, which also helps prevent identity theft, but don’t think you have to pay for this! Regular credit report checks and common sense with your personal details (such as shredding) will certainly help keep you one step ahead!
Once you have copies of your report take a few minutes read through your file and highlight any potential problems you see. Once you have a list you can contact the referencing agency and let them know your disputes, they are legally obliged to look in to these for you. It may also help to write to the company who has entered the inaccurate info.
The most important thing for you to do is to get a copy of your report and check the details! You could be very surprised at what you discover! Remember you can get a free copy of your Free Instant Credit Report here, it really won’t cost you a dime. Good luck!
Maurice
Which Credit Bureau Should I Use To Check My Credit Report?
There are three main credit bureaus in the United States; Equifax, Experian and Trans Union. Each bureau collects your personal and financial information which is then sold to lenders such as banks, credit unions, credit card companies, mortgage and auto loan lenders. Your credit report is the product of this collected information. Lending and credit companies use your credit information to determine if they will approve you or not and at what interest rate you will pay.
Many people are recognizing the importance of checking their own credit report to verify its accuracy and to make sure that they know where they stand in the credit world. Until they begin the process to obtain a copy of their credit report, some people do not realize that they actually have three credit reports instead of just one. The three main credit bureaus keep separate credit records from one another and produce their own credit reports. Instead of the credit bureaus working together and sharing information among themselves like some people may think, they are actually competitors. That is why the information provided on one credit report will more than likely be different from the information provided on the credit report from another credit bureau. Therefore, it is recommended to check your credit report from all three credit bureaus in order to see the complete picture.
There are a couple of options to checking all three of your credit reports. You can contact each of the credit bureaus individually to request a copy. Or you can go through one of the many companies that provide a 3-in-1 credit report like [http://www.credit-report-credit-score.com]. Obtaining a 3-in-1 credit report is usually more convenient and user friendly to the consumer compared to requesting individual copies.
Verifying the data on all three of your credit reports is the only way to know that the information that potential lenders and creditors are evaluating you on is correct. When considering you for a loan, some lenders will pull your credit report from only one or two of the credit bureaus while other lenders will pull your credit report from all three. It is always a good idea to check your credit reports BEFORE applying for your next big purchase. Covering your bases beforehand can often times save you a lot of time and hassle during the application process.
————————-
Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
————————-
Renee