Archive for the ‘Credit Restoration’ Category
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Jan
14
Posted by tom beno
Case in point: I have a couple that have been clients for years, here is their situation. He has a high score and medium income, and she has a low score and high income. From a mortgage underwriting standpoint, we need her income to qualify because of their debt load, but her score is too low to qualify. Much of the negative stuff on her credit report is ancient history, some of it is of material error, some from a prior relationship that was supposedly legally separated years ago. Five months of going through credit restoration and now her score has gone up over 100 points! Now they become lendable because her score is now high enough and we can count her income.
This is a fairly typical story of people who can restore their credit, and take action to do so. I previously wrote a series of 4 posts on this topic, and I am more excited than ever about helping people everywhere restore their credit. Please contact me at tom@thomasjbeno.com if you have any questions, and please take a look at my prior posts.
Have a great week.
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Jan
07
Posted by tom beno
This is the fourth (and final) in a series on credit restoration.
Illegal reporting of your credit can cost you thousands of dollars a year in higher interest, and higher premiums on auto and home insurance. It could cost you a job or a promotion. It can hurt your chances of starting your own business. It could prevent you from renting an apartment or obtaining a mortgage.
You can fight back and take control of your credit. Credit restoration is permanent. Once a negative item is removed or changed, it cannot be re-reported.
My team consults with people who may need this service. If appropriate, we refer you on to a service that will further educate you and start you on the way of restoring your credit. Our consultation is free and confidential. We are paid a small commission on those that go ahead with the process. How about that for full disclosure?
My real passion is helping real estate agents be more successful by overcoming obstacles and helping their clients achieve their dreams. Now more than ever it takes a team and hard work to get things done, and I’m proud to be part of that process. My company, Real Education By Thomas, is an approved real estate school in Washington state, and we offer both required and elective continuing education for the real estate professional. My background includes real estate sales, mortgage lending; I have passed the series 7, series 63, series 65, and both life and disability insurance exams. I have a BS in Finance. I am here to help and a phone call away. Please call me at 425.351.6869 or email me at tom@thomasjbeno.com. I hope this series has been helpful. Obviously there is more to it, I am here to answer your questions.
Have a great week.
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Jan
06
Posted by tom beno
This is the third in a series of posts on credit restoration.
Two things have happened since the 2007 mortgage meltdown. Minimum credit scores to obtain credit have gone up significantly; and clients’ credit scores are coming in lower than expected. Both make sense because of what has happened.
These two things are contributing greatly to our inability to get the economy moving again. Many real estate transactions (for responsible and credit-worthy buyers) are not happening because of these two things. And our economy depends on a healthy real estate market to thrive. I care deeply about people being able to buy homes, real estate agents making a decent living, and mortgage loan officers successfully serving the needs of their clients. I have formed a real estate education company to help achieve these goals. And I believe they are healthy goals that will contribute to a successful recovery of our economy.
To that end, credit restoration can help many to get back on their feet again. I have personally seen numerous people who got turned down on loans 4 to 6 months ago, become fully qualified again by using the law to challenge derogatory history on their credit reports. Does having one or two lates on your history mean you shouldn’t qualify for a loan in the future. I don’t think so. But because the credit bureaus make so much money selling derogatory information to lenders, insurance companies, and would-be employers, they have crossed the line of what the law says. And now something is being done about it.
I am available for a free and confidential consultation to address possible solutions. Call me at 425.351.6869 and I will be glad to answer your questions. Next post will address more of the process. Have a great week.
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Jan
04
Posted by tom beno
This is the second in a series of posts on credit restoration.
As previously discussed, section 609 of the Fair Credit Reporting Act (FCRA) requires credit bureaus to have verifiable proof of anything they report about you. What does this really mean? Well, let’s say that you were 31 days late on a mortgage payment; meaning you made December’s payment on January 1. According to section 609 the bureaus would not only have to have your complete pay record, but they would also be required to have a copy of the original Note with your signature showing you as the responsible party. The creditors, banks, and credit card companies keep those documents, the credit bureaus don’t have them. The FCRA is very clear on this point, the bureaus must provide verifiable proof that they have these documents or they don’t have the right to report those negatives. Upon failure to provide that proof, the negatives must be permanently removed. Again, if they don’t have the documents, they can’t report derogatory information. The company handling this service has been in business over 10 years, and have assisted over 125,000 clients and they have never lost a single case.
This sounds too good to be true, but here is the real truth. The credit bureaus make money by selling information about you and me. But they have not been living up to the law according to the FCRA and now someone is challenging them, and winning. I got my start in real estate in 1978, and never have I seen anything to help the consumer like this.
In my next post, I will get into more detail about this process. In the meantime, as always, if you or someone you know, is challenged with difficult credit history, I am available for a free and confidential consultation to address possible solutions. Call me at 425.351.6869. See you next time.
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Jan
03
Posted by tom beno
This is the first in a series on Credit Restoration.
In all my years as a real estate agent and a mortgage lender, never have I seen such a tough time for so many of my clients, friends, and relatives. Unemployment, lower income due to the economy, and the increase of challenging regulations (in banking and lending) have made it far more difficult to maintain a high credit score. It has led to late payments, no payments, foreclosures, short sales, bankruptcy, collections, etc. And many things become difficult, impossible or much higher cost if your credit score is not maintained at a high level. The cost of a loan and of many types of insurance goes up as your credit score goes down. Underwriting rules have substantially raised the minimum score of obtaining a mortgage, and without a relatively high score, the cost of the loan has increased dramatically.
There have been two different solutions put forth for consumers to try and improve this. One is called credit repair. This is typically a series of letters sent to the credit reporting agencies that dispute the validity of the reporting. This is a way for attorneys to make money and is very rarely completely successful. The other, and the whole point of this series, is credit restoration. The fulfillment center has developed a proprietary way of disputing the right of the credit bureaus to report any negative information without documentation. The bottom line is this. Section 609 of the Fair Credit Reporting Act (FCRA) requires the credit bureaus to have “verifiable proof” of anything they report about you the consumer.
This is one of the reasons I got into education. Helping clients, agents, lenders, virtually anyone party to a real estate transaction, has become one of my passions. Difficult times sometimes require sophisticated solutions; and this one of them.
This is the first in a series on credit restoration. As always, if you or someone you know, is challenged with difficult credit history, I am available for a free and confidential consultation to address possible solutions. My personal cell phone number is 425.351.6869. Please don’t hesitate to call. I’m here to help. This series will go into more detail in future blog posts.
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