Credit Reference for Mortgage Loan

Article by Anirban Bhattacharya

What if I don’t have any credit references on my credit report or just a few accounts? Will I have a credit score? Will I be able to get a mortgage loan?
You can obtain a mortgage loan even if you have limited credit references or no credit at all on your credit report. It is also not a requirement for you to have a credit score in order to obtain a mortgage.
Even if you have limited credit as little as one credit reference a lender can still obtain a credit score for you. If you have little or no credit references on your credit report, the lender will work with you to develop what is called a “nontraditional” credit report that will contain information on how you manage financial obligations like rental payments, utility payments, and other items that do not normally appear on a credit report.
Will my lender tell me my score? The decision is up to the lender and they are not required to share credit scores with borrowers. The lender can tell you if a credit score was used as part of the decision to approve or deny your loan. If your loan is denied, the lender can help you understand what reasons caused the denial and what you can do to get on the path to homeownership.
How do I know if the information used to calculate my credit score is correct? How do I get a copy of my credit report?
Your credit report reflects the information reported to the credit bureaus by each of your creditors. This information changes every time something is added or deleted from your credit file. For in

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Suggested Ways of Reducing Debt Fast

Article by Chris Jenkinson

How can you get started at reducing debt fast? Read on for some helpful tips. Aspiring to get your debts as low as possible (or even eliminated) is wise. Why pay someone more than something is worth due to their carrying your debt load?

Being debt-free is something a lot of people don’t even bother to aspire to. Many think they can’t live a life without having a mountain of bills to pay. Sure, some expenses may take years and years to pay off but with the exception of a mortgage payment; there really is no reason to stay in debt longer than necessary. It may take some effort but you could have substantial financial freedom if you reduce debt.

The longer you stretch out your bills, the more you’re paying in interest. By paying things off sooner, you’ll put more of your money in your own pocket — enabling you to do what you want, such as put money away for the future, pay your mortgage off years sooner than expected, and live a life without reliance on credit.

How do you get started at reducing debt fast? Here are some tips:

1. Detail a list of all your debts so you have a clear picture of exactly how much you owe.

2. Highlight or circle the debts with the highest interest rate. Those are the debts you should aim to pay off first. The sooner they’re gone, the less money you’ll be wasting.

3. Set a budget. Make sure you’re planning to pay an aggressive amount to your creditors that’s above the minimum payment.

4. Stop buying things on credit. Live on a cash only budget.

5. As your highest interest debts are paid off, start using the money freed up to target the next highest interest debt.

By eliminating your creditors and then allocating their former payment to other debts, you’ll soon find that your debt load is shrinking fast. Tightening your belt for a few years could result in your becoming free of debts.

Not able to get really aggressive about debt reduction quite yet? If you’re facing reduced income and are finding it hard to make minimum payments, let alone get aggressive by increasing your payments, you could get help temporarily reducing those payments to allow you to catch your breath.

If you need some help, don’t hesitate to get some professional advice to help you with your debts. A financial debt counsellor could help you set a budget and if your debts are currently out of control, the counsellor could even work with your creditors to come to an arrangement. Once things are better, you can start to get aggressive about reducing debt fast.

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will be removed?
will my score get higher?

I’m so clueless as to what will happen after I pay them all off and its kind of embrassing Im only in debt by 3000.00 how sad

Best answer:

Answer by Cato
So you’ve come into a bunch of money…time to repair your credit.

First thing I would do is get a copy of your credit reports and find out what you need to settle. Secondly, don’t deal with the collection agencies unless the original creditor absolutely won’t talk to you.

I would recommend paying off your open credit cards first. Then tuck them away and don’t use them. This will take care of the “%available credit” part of your credit score”

The next part is cleaning up your delinquint accounts. Call your creditors and see if they will settle for 50% or less of your delinquent balance.

Demand that you get a copy of the settlement in writing BEFORE you send them a check. Make sure that any settlement agreement you reach includes what they will do with your credit report…you can see if they will take it off of your report, but if they won’t at least demand that they put the phrase “pays as agrees” or “paid in full” on there. The ideal is that they remove the item from your report entirely.

If the creditor sent an item to collections, call the collection agency and demand that they remove the collections item from your report. (This will improve your score).

Start with the lowest delinquent balance first and work your way up…the more line items you can remove from your credit file the better.

Good luck!

Add your own answer in the comments!

Best answer:

Answer by Curious1
I had a friend who was a financial aid representative and she suggested Sally Mae.

What do you think? Answer below!

Removing Inaccurate Information From Your Credit Reports

Article by Stephen Snyder

I want to explore the one of the most important action you can take to increase your credit scores: removing inaccurate negative information from your three credit reports.

Be warned: should you decide to tackle this process yourself, it can be time consuming and frustrating.

What the Credit Reporting Agencies are Legally Required to do on Your Behalf when You Ask

The credit reporting agencies are required by federal law to remove inaccurate information from your credit reports free of charge. However, nowhere in the law does it say they have to make it easy for you.

Because the credit reporting agencies can’t charge you to remove inaccurate information from your credit reports, they make you jump through hoops…climb over walls…and inconvenience you in any way possible to accomplish this.

And just try calling them and getting through their phone menus. Sheesh!

How to Increase Your Credit Scores by Removing Inaccurate Information from Your Credit Reports

The concept is quite simple…you want to make sure there is no inaccurate, outdated, misleading, incomplete, or unverifiable information on your credit reports…especially if it’s negative.

Any negative inaccurate information that appears on your credit reports can have a dramatic impact on your credit scores.

And by dramatic, I mean bad.

<bMy recent experience talking with one of the credit reporting agencies…

I had a recent experience that once again proved how difficult it is to try to work with the credit reporting agencies.

I took time to review my credit reports a few months ago. With yellow highlighter in hand, I highlighted numerous inaccuracies on each of my three credit reports.

I hadn’t tried to speak with the credit reporting agencies directly over the telephone for years. But I was feeling adventurous…I thought I’d give them the benefit of the doubt, so I performed a little experiment to see if their customer service had changed in the last 13 years.

I mean, how bad could it be?

It should go something like this: you call each credit reporting agency…they promptly answer the phone…you talk to a real person…your issues get resolved quickly…you hang up in a few minutes…and everyone moves onto something else.

Right?

Wrong!

Not today.

Maybe on The Brady Bunch…but in the real world of mandated free credit reports…it’s just the opposite.

What I found was the entire experience was even more frustrating and stressful than I remembered. I almost needed to ask my doctor about anxiety pills.

It’s Obvious that the Credit Reporting Agencies do not want to Talk with You Over the Telephone

One credit reporting agency even forces you to go online. Talking to a person is not an option!

What about all the people who don’t have internet access or aren’t computer savvy? I guess the protection of the Fair Credit Reporting Act doesn’t apply to them.

You see, each credit reporting agency buries their telephone numbers deep into their websites. So deep it took me forever to uncover their contact information (and I consider myself to be pretty internet savvy).

And if that wasn’t enough, one credit reporting agency forced me to purchase my credit reports directly through them if I wanted their telephone number to dispute inaccurate information.

Here I am calling the credit reporting agency to dispute items on my credit report, and I can’t talk to anyone unless I know the secret code.

I already had my free credit reports.

I already purchased my credit reports-just not from them.

I even had my credit reports from my mortgage lender from a recent mortgage closing.

But the three sets of credit reports I already had weren’t enough!

In order to talk to someone at one particular credit reporting agency, I needed a certain ID code from my reports. None of the codes on any of the credit reports I already had worked.

So I bit the bullet and purchased my credit reports AGAIN…this time directly from the credit reporting agency.

And the ID still didn’t work!

I was about to call my doctor for the anxiety pills. I’m not kidding!

How they get away with this is beyond me. No wonder they frequently get in trouble with the Federal Trade Commission (FTC) for not abiding by the Fair Credit Reporting Act (FCRA).

It just became too frustrating and time consuming for me to fight with the credit reporting agencies to do something that is supposed to be my right under the FCRA.

I had enough.

I did exactly what they wanted me to do…I gave up…surrendered…waived the white flag…cried, “Uncle.”

Hey, I have books to write; seminars to conduct; planes to catch; employees to manage; etc. Life is too short to waste my free time jumping through hoops to appease the credit reporting agencies.

So I hired a lawyer.

But I didn’t hire just any lawyer.

Why a law firm is the best solution to helping you remove inaccurate negative information from your credit reports

I chose a law firm that specialized in this specific area of law.

After all, if you needed an eye operation-would you go to a foot doctor? Or when you filed bankruptcy-did you hire a divorce attorney? I hope not. Lawyers have specialties.

Don’t use your bankruptcy attorney to help you with errors on your credit reports. Lots of people assume that since the bankruptcy attorney helped with the bankruptcy, the attorney would know all about the credit reporting agencies. This is rarely the case.

Bankruptcy attorneys are good at helping you file bankruptcy, but pretty much useless in helping you remove inaccurate negative information from your credit reports.

So I did lots of research on how to find the best law firm to help me.

Here were my expectations for a law firm:

1. They had to live and breathe the Fair Credit Reporting Act. The FCRA basically tells us our rights regarding our credit reports. If you have a few hours to spare, you can go here to read it.

2. I wanted former employees of the credit reporting agencies on their board of directors, within their company rank and file, or at least as consultants. Having an insider’s perspective on how the credit reporting agencies work was essential for success and is what separates the real thing from the scumbag credit repair clinics that advertise on telephone poles.

3. They had to abide by the legal guidelines Congress created for this type of service. These guidelines are known as the Credit Repair Organizations Act (CROA).

4. I wanted to make sure they had many years in business with a clean record with the Federal Trade Commission.

A pretty tall order-I know.

But considering the FTC makes a regular sweep of credit repair clinics and shuts down the crappy ones…finding the right law firm was easier than I thought it would be.

Is the term “credit repair” naughty or nice?

Law firms that specialize in helping you remove inaccuracies from your credit reports are often grouped in with other credit repair services that are not law firms. But there are major differences between the two.

You see, the companies that give this service a bad name are the credit repair clinics with no real experience in the credit reporting industry. Maybe the people who started these clinics got lucky getting inaccurate information removed from their own credit reports and decided to make a business out of it?

So I began researching.

I read boring stuff like court opinions, court settlements, case law, depositions…you name it-I read it.

It became very clear who I should steer away from…anyone advertising they were in the “credit repair” business and didn’t follow the Credit Repair Organizations Act (CROA).

Incidentally, I also became an expert in understanding CROA. Mainly because the way CROA is written-any person giving credit advice (like yours truly) could easily fall under CROA if they aren’t careful.

And if you violate CROA, very bad things can happen. So I try to be very careful with everything I write. After all, I don’t want to wind up with a new roommate named Bubba.

In early 2003, I was given a sneak-peek of a new credit-related product co-created by a very large company (that shall remain nameless because I still like them very much) and was co-branded with a semi-famous, yet irritating “know it all” blonde from CNBC.

I smelled trouble.

So I kept my mouth shut and didn’t bring it up…because, as you know, I don’t like pointing fingers and upsetting the apple cart.

Yeah right! Are you kidding?!

I told them exactly what I thought…

“This product, although very nice, will violate CROA and will land you in a class-action lawsuit.”

They ignored my advice.

I’m not kidding. I looked their vice president in the eyes and flat out told him what would happen as if I had a crystal ball in my hand.

Just recently, that company began wrestling with a class-action lawsuit concerning the very same product. (The vice president and most of his management team are now gone.) As a matter of fact, right now all three national credit reporting agencies are fighting similar class-action lawsuits. The plaintiff’s consider each of them credit repair organizations, which in-and-of itself isn’t illegal…it’s just illegal if you violate CROA.

One of the biggest myths surrounding credit repair is that people think
it’s illegal. Nope, it’s not illegal. If done properly…and if they
follow the federal guidelines…then it’s as legal as voting at 18 or
driving a car at 16.

You just have to follow the rules. And the rules are clearly spelled out in CROA. Many companies will try to sell

Thao with the Get Down Stay Down at Doug Fir on 12/10/08


Image by Christian Reed
This image is provided under a Creative Commons Attribution License, please credit "Christian Reed – Concert Co-Op" and link back to this page if you’d like to use it.

A quick email at staggerwing@gmail.com letting me know that you’re using it is always nice too. I like to see where they end up.

For commercial uses the subjects will need to be contacted for consent and/or license. Please contact me if you’d like to discuss license for use with no attribution.

See more of my photos at concertcoop.com/users/christian, and submit your own images to get featured on Concert Co-Op at concertcoop.com.

Thao with the Get Down Stay Down at Doug Fir on 12/10/08


Image by Christian Reed
This image is provided under a Creative Commons Attribution License, please credit "Christian Reed – Concert Co-Op" and link back to this page if you’d like to use it.

A quick email at staggerwing@gmail.com letting me know that you’re using it is always nice too. I like to see where they end up.

For commercial uses the subjects will need to be contacted for consent and/or license. Please contact me if you’d like to discuss license for use with no attribution.

See more of my photos at concertcoop.com/users/christian, and submit your own images to get featured on Concert Co-Op at concertcoop.com.

Thao with the Get Down Stay Down at Doug Fir on 12/10/08


Image by Christian Reed
This image is provided under a Creative Commons Attribution License, please credit "Christian Reed – Concert Co-Op" and link back to this page if you’d like to use it.

A quick email at staggerwing@gmail.com letting me know that you’re using it is always nice too. I like to see where they end up.

For commercial uses the subjects will need to be contacted for consent and/or license. Please contact me if you’d like to discuss license for use with no attribution.

See more of my photos at concertcoop.com/users/christian, and submit your own images to get featured on Concert Co-Op at concertcoop.com.

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Storm Freerunners leap around London’s Southbank


Image by Credit Confidential
Freerunners took to the streets of London to remind city-dwellers that their credit rating is with them wherever they go – as new service Credit Confidential launches to give consumers access to their credit records.

Handstand: Storm Freerunners hit London


Image by Credit Confidential
Freerunners took to the streets of London to remind city-dwellers that their credit rating is with them wherever they go.

The freerunners swept the streets of London as part of the launch activity for Credit Confidential’s online credit report service.

Storm Freerunners hit London


Image by Credit Confidential
Freerunners took to the streets of London to remind city-dwellers that their credit rating is with them wherever they go – as new service Credit Confidential launches to give consumers access to their credit records.