How Resellers Improve Credit Scores For Mortgage Buyers
Wednesday, March 31st, 2010
How Resellers Improve Credit Scores For Mortgage Buyers
Big mortgage companies was pressing CRAs (Credit Reporting Agencies) to allow fast re-scoring for their clients to get them approved for mortgage. As a result now we have a 3rd party facilitators called “resellers”. Resellers help mortgage prospects to improve their credit score. They are paid by mortgage lenders. They are not allowed to advertise their services to general public.
Resellers can achieve fast results because they receive “preferred” fast service from CRAs (they don’t have to wait 30 days), and because they concentrate on activity which provides fast results. You can achieve the same results (it will take just couple of weeks longer). Here are the main focus points:
(1) Late payments – make “Good will” request to the lender (credit card company) to remove it.
(2) Make a payment on an account – and get a signed letter.
(3) Maxed out or high balance on revolving account (more than 30-35%) – pay, get a letter.
(4) Account that has been paid in full, but shown as having a balance – request a letter from the creditor confirming that the account is paid in full. Be careful about old ‘charge-offs’: if they are old – better let them stay ‘as is’. For more details why look here: http://www.101creditrepair.com
(5) Account which is not yours – dispute.
(6) Records which are too old (for example, an account beyond 7 year limit) – ask to remove
(7) Other accounts that should not be in report, for example a collection that has been already paid to another collection agency.
(8) Multiple references to the same account – dispute.
(9) An account on which you are only an ‘authorized user’. Authorized users are not legally obligated for payments. Yet the FICO scoring model still scores authorized user accounts as if they were joint users. Dispute.
For more information visit http://www.101creditrepair.com
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