You may have heard the buzz surrounding credit booster programs. Experian Boost and UltraFICO are two programs designed to give a facelift to the credit profiles- and the credit scores- of many. But they’re not for everyone. Here’s how to determine whether a credit booster program is right for you.
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Credit Score,
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Credit Report
Last week, the Consumer Financial Protection Bureau issued a report indicating that a credit builder loan could increase the probability of developing a credit history for those without one. The study also found that the financial product can help boost the credit profiles for those with no current outstanding debt.
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credit reports,
Improve Credit Score,
credit history
As a loan originator, you’re exposed to many different credit profiles. You’ve run the gamut, and you’ve seen the good, the bad, and the ugly. But nothing can compare to denying a mortgage to someone on the basis of their credit risk. Not only is it frustrating to lose business, but having to break the bad news to a mortgage applicant can be crushing.
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Credit Score,
Improve Credit Score,
credit cards,
Credit Bureau
In today’s financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.
Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.
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Identity theft,
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Mortgage compliance,
mortgage fraud,
AVM's,
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credit cards,
credit history,
Automated Valuation Model,
Compliance,
mortgage news
Want to save thousands of dollars on all your biggest purchases? Then there’s only one thing you need to do: MAINTAIN GOOD CREDIT
Today's economy runs on credit. If you want to get a mortgage loan for a house, or a student loan to pay for college, or if you simply want to purchase lunch, or gas on a credit card, somewhere a company is extending credit to you based on your creditworthiness. Your “creditworthiness” is defined by your three-digit credit score and is the key to your financial life.
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credit reports,
Credit Score,
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credit cards,
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A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all. In the current state of matters, letting a loan “die on the vine” is not acceptable. You must explore every avenue possible to drive that loan to the closing table. While time is of the essence, you also know that dealing with less than reputable “credit repair” companies is not the direction you want to take.
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Topics:
Mortgage loan,
Credit Score,
Improve Credit Score,
Mortgage Lending
A recent study conducted by the Consumer Federation of America and VantageScore Solutions found that 18-34 year-olds are far less informed than all other adult Americans on credit knowledge and understanding. Only 6% could accurately pick out the factors that actually impact a credit score, and less than half of all millennials have ever even bothered to order a copy of their free credit report.
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credit checks,
credit reports,
Millennials,
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credit history,
Credit Bureau
Today, February 14th is the most romantic day of the year. In fact over 2.2 million people will get married today and millions more will become engaged. Getting married is a wonderful moment in life, but it can affect many things, including your credit. So in the spirit of the holiday that love built, we’ve decided to debunk some credit myths associated with marriage, and its effect on credit.
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divorce,
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Credit Bureau
The prevalence of mortgage fraud is still a scary fact.
According to the FBI, 13 billion dollars were lost in fraudulent mortgage loans in 2012. Over 60% of mortgage fraud includes ID discrepancies and in most cases the fraudster uses a mixture of accurate and “borrowed” information. These crooks operate this way hoping that lenders will not check every bit of information and the loan will be approved.
Luckily, there are reports available to mortgage lending companies to combat this issue, and offer some protection. This can help preserve the bottom line.
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Data Facts blog,
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Identity theft,
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wordpress blog,
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Mortgage,
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mortgage fraud,
AVM's,
Improve Credit Score,
credit cards,
credit history,
Automated Valuation Model,
Compliance,
mortgage news
Data Facts will be introducing a full suite of products that will help streamline the lending process and keep Lenders in compliance. In today's financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.
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Topics:
Data Facts blog,
Identity theft 2012,
Identity theft,
FCRA,
wordpress blog,
Data Facts,
Mortgage loan,
MBA,
Mortgage,
Credit Score,
Mortgage compliance,
mortgage fraud,
AVM's,
Improve Credit Score,
credit cards,
credit history,
Automated Valuation Model,
Compliance,
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mortgage news