New banking decisions in the midst of a recession mean even responsible borrows may see their credit scores drop.
Elaine
It’s legal in America to rent a great credit score to use to get huge mortgages which are then sold to foreign suckers like European banks,Asian investors and pension plans world wide. FICO,US Regulators and Wall Street all know about the scam but don’t care because the risks are sold to foreign suckers and american pension plans. Sources: www.washingtonpost.com news.search.yahoo.com www.insidebayarea.com instantcreditbuilders.com www.examiner.com
April
Richie and Eric dig into the business of buying your FICO credit score up legally….for now!
Jacob
“What is a FICO score and how can I get one?” Loan Professionals call 858-270-0251. We can help you close 25-50% more deals.
Edith
Fair Isaac Corp., the company responsible for FICO credit scores, has decided that when it unveils a new version of its credit score system in September, it will close the loophole that allowed piggybacking. Angry proponents of piggybacking say they’ll organize a grass-roots campaign to fight against the change. With piggybacking, a consumer with poor credit is placed as authorized user on the credit card of a person with a stellar credit history. Authorized users benefit from having the payment history of the primary cardholders show up on their credit reports, thereby improving their credit scores. Lenders have complained that it is fraud and distorts the credit score system. Internet companies have created an industry by playing middleman — paying a small sum to those with good credit to take on those with bad credit as authorized users, then collecting healthy fees from those consumers. Now one of those Web-based firms has threatened to organize an effort to expose problems in the credit scoring system. “Our very existence (proves) that the FICO system is so flawed,” says John Coates, spokesman for Instant Credit Builders based in Largo, Fla. Fair Isaac says that starting in September it will ignore authorized users as it calculates the renowned FICO credit score. “Fair Isaac has become aware that Web-based services are using authorized trade lines to defraud lenders,” says Craig Watts, spokesman for Fair Isaac. “While we work with the financial services industry on …
Chester
(Click “More Info” to see full video script!) www.60minuteloanmodification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http Our credit scores have become much more than simply a financial reward for prudent use of credit. With the information explosion of the past 25 years, credit scores have become a measuring stick used by prospective employers, insurers, private investigators, marketers and lenders of all types. Further, during the economic run-up of the past 7 years, a persons FICO score became a status symbol of the new real estate wealthy class. And so, it is with great trepidation that many of us face the untenable prospect of trashing our good credit standing by missing payments as part of a real estate workout with the lenders. But, tough times require tough decisions by tough people. And, like in any impending emergency we can minimize the damage and speed the recovery by understanding it and preparing for it. Specifically, you should know: 1) how the credit rating system works, 2) how much damage will be done by a mortgage late payment, short sale, deed-in lieu, foreclosure, and bankruptcy, 3) street-smart ways to minimize the damage and 4) street-smart ways to speed our recovery. Most of my clients miss 3-5 mortgage payments and most suffer at least a 100-150 point FICO decline. Not fun, not financially rewarding, and not something to be proud of …
Jacob
creditleaper.com This Credit Repair 12-Video Course outlines how to increase your FICO score by 150 points in days. Delete bankruptcies, foreclosures, etc. Go to at http
Roland
While many Americans know that credit reports are easy top obtain, they may now the consequences of their credit score. AP Personal Finance Editor Trevor Delaney explains how to obtain your personal score. (Oct. 22)
Delores
After Fourth of July Weekend, Todd reminisces over the time he had and what he did…Also, more importantly, he goes over a VERY IMPORTANT FHA CHANGE.
Kelly
Credit problems? A better score means money in your pocket. It is possible to raise your credit score up to 249 points in 90 days. Take these steps to improve your score and get your financial life back on track.
Hector