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HSH.com Weekly Mortgage Rate Radar: 2012 Kicks Off With Low Rates, More Fed Guidance

Sun, 29 Jan 2012 19:21:07 +0000

HSH.com Weekly Mortgage Rate Radar: 2012 Kicks Off With Low Rates, More Fed Guidance

Foster City, CA (PRWEB) January 04, 2012

Rates on the most popular types of mortgages increased slightly, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (.01 percent) to 4.07 percent. Conforming 5/1 hybrid ARM rates increased by 2 basis points, folding the Wednesday-to-Tuesday wraparound weekly survey at a mean of 3.02 percent.

“There’s often little movement in rates during the holidays,” said Keith Gumbinger, vice president of HSH.com. “Markets will start to return to normal levels of activity over the next couple of days, and that should set the tone as we move deeper into January.”

The Federal Reserve announced on Tuesday the intention to begin providing quarterly projections of the likely direction of future interest rates. “This important change to the Fed’s communication strategy will help to provide a better sense of when interest rates can be expected to begin rising,” said Gumbinger. “The Fed’s current timeline is to consider raising rates starting in mid-2013, but rates may not rise until possibly even later than that.”

However, Gumbinger noted that mortgage borrowers should not rely on projections of the federal funds rate to set expectations about mortgage rates. “For this year at least, short-term rates should remain at or near record lows, but fixed mortgage rates don’t follow short-term rates very closely,” he said. Mortgage rate projections for the coming year can be found at HSH.com’s expectations for mortgage rates and housing markets for 2012, which was also released Tuesday.

Average mortgage rates and points for conforming residential mortgages for the week ending January 3 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average rate: 4.07 percent Average points: .25

Conforming 5/1 ARM

Average rate: 3.02 percent Average points: .21

Average mortgage rates and points for conforming residential mortgages for the previous week ending December 27 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average rate: 4.06 percent Average points: .27

Conforming 5/1 ARM

Average rate: 3.00 percent Average points: .23

Methodology
The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changed market conditions. Unlike mortgage rate surveys that report totalled rates only, the Weekly Mortgage Rate Radar’s inclusion of both average rates and average points rendering a more accurate view of mortgage terms currently offered by lenders.

Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visit HSH.com.

About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and taking the products, services and brands that meet their required. The accompanying is a leader in visitor-friendly marketing exercise. For more information, please see QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

National Mortgage Complaint Center Mocks The Feds’ Transparency Mortgage Fee Attempts & Says It’s Time For A US Mortgage Revolution

Mon, 09 Jan 2012 19:20:45 +0000

National Mortgage Complaint Center Mocks The Feds’ Transparency Mortgage Fee Attempts & Says It’s Time For An US Mortgage Revolution

(Vocus/PRWEB) March 01, 2011

The National Mortgage Complaint Center is saying, “The US mortgage system is broken, it needlessly wastes the consumer’s money, it gouges the consumer with schemes like title insurance costs, or lacks transparency with respect to kickbacks such as the afford spread premium, and it really is time for a revolutionary change in the mortgage world.” They say, “Most consumers have never heard of a give spread premium kickback mortgage brokers have to disclose, or are supposed to disclose, but banks have no such requirement, even though they get the very same kickback.” The group is saying, “Most current US homeowners have no clue they are paying a high monthly mortgage payment because of the give spread premium kickback scheme–but they are. We are simply saying it’s time for a change. The future of the mortgage industry is a flat fee approach regardless if the home costs $ 100,000, or $ 500,000–not this nonsense we have today.” http://NationalMortgageComplaintCenter.Com

But the Federal Government will fix the US mortgage mess when it comes to financing, or refinancing a home, right? The National Mortgage Complaint Center says, “We have lost all faith in the federal government’s ability to protect consumers in the mortgage process. Had the US Department of Housing & Urban Development, or the US Congress been on top of things in 2003 or 2004, we probably would not have the current US real estate disaster. Tragically they were all asleep at the switch, and with the federal government’s or Congress’s recent mortgage transparency attempts like the new Good Faith Estimate, it appears to us they are all still asleep at the switch, or worse yet, bought and paid for by the banking, mortgage banking or title insurance industry’s special interest groups.” http://NationalMortgageComplaintCenter.Com

So how would the new flat fee mortgage process work? The National Mortgage Complaint Center says, “Initially the flat fee mortgage fee service would be designed to service borrowers who have very good credit, with FICO scores of 740+. There would be a flat fee that would cover everything including loan origination fee, credit report, appraisal fee, processing, tax certification, and flood certification, all bundled into one fee, say $ 2500 to $ 3000, regardless if the home costs $ 100,000 or $ 500,000. This would save the typical borrower $ 1000′s.” They say next, “We would propose a completely brand new national title insurance company that would offer rates perhaps as low as one-third of what they are now–perhaps even closer to one-quarter of what they are nowadays, there literally is that much profit in title insurance.” The group says, “and finally we would have escrow hubs in each state, that do nothing more than prepare documenting for closing, and disburse funds to sellers, mortgage holders, etc. All closings would be done by mobile notaries that come to the borrower’s housing for closing.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, “There is an old saying–build a better mouse trap and people will line up to get it. The flat fee, bundled mortgage service is the future for US high credit rated mortgage and equity-driven originations. Why is the cost of doing a $ 500,000 mortgage greater than a $ 150,000 mortgage cost when the same amount of work is done in each transaction?” They say, “The flat fee, bundled mortgage service is not only the future, it instantly makes all major US banks or existing title insurance companies obsolete, and they would be instantly forced to change or face extinction.” The group says, “The win for the consumer would be obvious–instead of paying $ 6000 to $ 10,000 for a mortgage directly or indirectly, they would be paying close to half of this amount, and because the service has a flat fee, the service would be designed to get the borrower the lowest possible rate. The flat fee mortgage service would make its profits from volume, as opposed to gouging every consumer as much as possible.” http://NationalMortgageComplaintCenter.Com

Ever hear of a Service Release Premium? The National Mortgage Complaint Center says, “A SRP, or Service Release Premium, is the amount an investor will pay a bank or mortgage banker for your loan. It’s rarely, if ever, disclosed to the borrower.” They say, “In the flat fee concept, the SRP will be included and disclosed to the consumer up front. It can range between $ 1000 to $ 3000 depending on the loan amount and the quality of the borrower.” The group says, “The US Mortgage System is blemished, it is inefficient, it needlessly gouges consumers, it really is time for a change. So who wants to be the next Bill Gates?” http://NationalMortgageComplaintCenter.Com

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©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Steady But Expected to Fall on Greek Bailout Uncertainty

Thu, 10 Nov 2011 19:20:53 +0000

HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Steady But Expected to Fall on Greek Bailout Uncertainty

Foster City, CA (PRWEB) November 02, 2011

Rates on the most popular types of mortgages eased by a small amount this week, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages fell by a single basis point (.01 percent) to 4.22 percent. Conforming 5/1 hybrid ARM rates likewise dropped by 1 basis point, folding the Wednesday-to-Tuesday wraparound weekly survey at a mean of 3.07 percent.

“While mortgage rates are pretty steady so far this week, there are several reasons to expect them to decline somewhat by week’s end,” predicted Keith Gumbinger, vice president of HSH.com.

“It would look that the Greek bailout plan isn’t going very swimmingly, causing anxious investors to plow money backward into Treasurys, which drives downwardly rates,” Gumbinger said. “Couple that with a Federal Reserve which seems to be leaning toward additional future support for the mortgage market, and mortgage interest rates will have a hard time holding these levelling.” Mortgage rates had risen slightly above entered low a few weeks ago.

Average mortgage rates and points for conforming residential mortgaging for the week ending November 1 were, according to HSH.com:

Conforming 30-year fixed-graded mortgage

Average rate: 4.22 percent Average points: .27

Conforming 5/1 ARM

Average rate: 3.07 percent Average points: .23

Average mortgage rates and points for conforming residential mortgages for the previous week ending October 25 were, according to HSH.com:

Conforming 30-year fixed-rate mortgage

Average rate: 4.23 percent Average points: .34

Conforming 5/1 ARM

Average rate: 3.08 percent Average points: .28

Methodology
The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.com’s survey helps consumers find the best rates on home loans in changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radar’s inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.

About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSH’s market research and commentary has helped homeowners, buyers and sellers do smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is had and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visit QuinStreet.com.

Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com

###

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

High FICO Score Gets Low California Home Mortgage Loan Rates

Sat, 08 Oct 2011 11:35:41 +0000

High FICO Score Gets Low California Home Mortgage Loan Rates

(PRWEB) September 14, 2004

“We have programs specifically designed for California residents who have a high FICO score and therefore qualify for a low home mortgage loan rate that could potentially save hundreds of dollars a month,”

For more information call 866 398 4664 or please go to:

http://www.goldmedalmortgage.com

“As an example on a $ 150,000 30-year, fixed-rate mortgage a borrower with a high FICO could pay as low as $ 895 a month, where somebody with a reef score could pay $ 1238 on the same loan.”

“FICO credit scores can range from 300 to 800. Remember, the higher the FICO credit score the better the home mortgage loan rate!”

“A high FICO score is your reward for paying bills on time. This is 1 of the most important factors that determine your home mortgage loan rate. A borrowerÂs high FICO score is the best signal to the lender of how well youÂll make your mortgage payments”

The best known ascribed score is called the FICO score, developed by Fair Isaac and Company (FICO).

“The most important information that the credit agencies use to determine your credit score are:

Credit History – How long have you had credit? The longer youÂve had good credit the higher the FICO credit score. Payment History – Do you pay your bills on time? One 30 or 60 day late payment can damage your good FICO credit score. Credit Card Balances – How much do you owe and how many accounts do you have? A person who has many credit cards even if there are small or no balances on the accounts has a greater potential to incur debt. Close out the credit cards that you donÂt use! Credit Inquiries – How many times have you had your credit checked? The fewer inquiries on your credit report the better the FICO credit score. So when you sign up for a free gift at the mall and your imputed gets checked you might have lowered your FICO score even if you have no intention of using the new card!”

“It is very important to know your FICO score even if you are not in the market for a home mortgage loan rate. You could have errors on your credit report which are lowering your FICO score.”

About http://www.GoldMedalMortgage.com
Www.goldmedalmortgage.com is powered by Infiniti Mortgage Capital, Inc with officies and affiliates nationwide. They have programs specifically designed for California residents who have a high FICO score and therefore qualify for a low home mortgage loan rate.

They also offer a full portfolio of home loan products including debt consolidation loans, and home refinancing. First time home buyer loans are available.

For more information call 866 398 4664 or please go to:

http://www.goldmedalmortgage.com

# # #

©Copyright 1997-

, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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This Holiday Season A New Store Credit Card Could Cost $15,996 More on a $250,000 30-Yr. Mortgage

Tue, 30 Aug 2011 11:19:43 +0000

This Holiday Season A New Store Credit Card Could Cost $ 15,996 More on a $ 250,000 30-Yr. Mortgage

Norwalk, CT (PRWEB) November 29, 2010

This holiday season, if a person’s credit score goes downwards, his or her mortgage rate can go up when applying for a loan. And, according to simulations of credit score changes among adults 18+ conducted by FreeScore.com, opening an unexampled credit card account with a $ 2500 limit (which many Americans will do this holiday season) could strike a credit score downwardly by as much as 52 points. Or, increasing a credit card balance by $ 2,000 can lower credit scores by as much as 68 points. So, grinded on late published mortgage rates colligated with credit scores, the effect of a 40-point plop could be paying $ 15,996 more on a $ 250,000 30-year repaired mortgage.

According to Carrie Coghill, Director of Consumer Education at FreeScore.com, “If you are going to be in the market for a home, saving 10% on purchases by obtaining a new credit card from a retailer this holiday season can cost thousands in the end. First time homebuyers should be especially wary of new cards because consumers with shorter credit histories had the greatest reduction in the credit scores during our simulations. New credit cards and mortgages do not mix,” she warned.

FreeScore.com based its findings on FreeScore.com members who conducted 78 simulations on the FreeScore.com Credit Score Predictor. The results are:

Action – Range of Credit Score Changes

Open new credit card with $ 2,500 limit -52 points to +14 points

Increase balance $ 2,000 on existing card -68 points to +16 points

Add 1 credit inquiry plus getting
1 new credit card with a $ 2,500 limit -55 points to +14 points

The Mortgage Difference table, which was derived from a Mortgage Calculator, shows that a few points can cost a person tens of thousands of dollars.

For a complete table of possible cost of changes in credit score and associated mortgages ranging from $ 50,000 to $ 300,000, please contact Aaron Berger at aaron.berger(at)mediafirstpr(dot)com.

Please note, for consumers to simulate their score, they must be members of FreeScore.com. The FreeScore.com Credit Score Predictor requires access to a member’s credit scores and history to perform simulations. Anyone can have a free trial membership to FreeScore.com for seven days. After seven days, a person automatically becomes a paying member, or he/she can cancel before the trial period ends and not be charged.

About FreeScore.com

FreeScore.com is the leading online consumer credit place providing consumers with affordable, unlimited access to all three of their credit scores and complete credit profile. Launched in 2009 with an award-winning advertising campaign featuring actor, economist, and lawyer, Ben Stein, FreeScore.com has serviced more than 750,000 members. Members have unlimited access to their credit scores from all three bureaus, a complete credit profile, and expert tips, articles, videos and other educational information about credit management. For more information, go to FreeScore.com.

Become a Fan of Free Score on Facebook
Follow Free Score on Twitter
Check us out on YouTube

The articles and information available are for educational and reference purposes only. They do not constitute, and should not be construed as, legal or financial advice. Any legal or financial principles discussed here are for general information purposes only and may differ substantially in individual situations and/or in different states or countries. For specific legal or financial advice, please consult a licensed attorney or a financial professional. FreeScore does not control or guarantee the accuracy of any information provided through external links from the articles on this website to any other website, nor does the FreeScore Privacy Policy apply to any personal information that may be collected via the external links.

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How to Fix Your Credit Score

Sat, 08 Jan 2011 21:00:48 +0000

Ryan J. Taylor asked:

If you know you are going to need an auto loan or mortgage soon, you are going to want to find out what your credit score is so you know what types of options you have. If you credit score is too low for a loan, there are multiple ways you can quickly fix your credit score in order to get the loan you need at the rate you want.

The first thing you want to do before shopping for a loan is to pull your credit report. Take a good look at it to find any discrepancies. Studies show that 1 in 5 credit reports have errors on it that hurt the borrower’s credit score, so look closely.

While the personal information on your credit report is important, chances are it doesn’t effect your credit score. Things such as a wrong apartment number or a misspelling of your previous employer are pretty much irrelevant. The correct spelling of your name and current address, however, is important. If this is incorrect, you could possibly have false information on your credit report… information that belongs to another person but has a similar name than yours.

Once you’ve double checked for accurate personal information, the most important thing that can quickly fix your credit score is any false information on delinquent accounts or late payments. Your payment history makes up about 35% of your credit score and has the biggest impact, so you want to make sure this is accurate.

Check to see if there are any credit cards or loans that don’t belong to you. If there are, and they are marked delinquent, you want to get that resolved immediately. Similarly, if you there are late payments posted for accounts that were never actually late, that should be addressed as soon as possible. These are errors that can quickly get resolved and will instantly increase your credit score when removed from your report.

If you find these errors, immediately notify the credit reporting agency. They are obligated by law to contact the lender/creditor and investigate the situation and respond within 90 days.

This will get you started, but there are several more things to look for and tricks to instantly improve your credit score.

Franklin

How Do I Quickly Fix Bad Credit? 2 Simple Steps to Improving Your Credit Score Fast

Sun, 05 Sep 2010 22:16:23 +0000

Ian Hollander asked:

Let’s take a quick look at one of the most POPULAR questions being asked in 2008 amongst people of ALL financial types and stripes: “how to I fix bad credit FAST…?” The simple truth is, with the financial markets in a slide, the housing and mortgage crisis showing NO sign of letting up, there appears to be NO shortage of people struggling with credit problems, does there? Continue reading as we lay out a quick and easy explanation to those who are struggling with first time credit questions…and crisis! Read on..:-)

What Can I do About MY bad Credit?

You can do the very same thing people have been doing for YEARS! Challenge the information that is bringing your score down. If your credit problems are VERY recent (within the last 3-6 months) your best best is to wait a little bit longer before you start the credit repair process. (depending of course on your situation and immediate needs) But if you have multiple negative items on your report, and they date back 6 months or more, the best time to start is right now!

What is the Process of Credit Repair Like?

Simple! You look at your report. You check it for 100% accuracy. Things that are NOT accurate, are disputed. This means balances, dates of last payment, names, addresses, date of delinquency, etc – EVERYTHING that is derogatory, and is not 100% correct is challenged. Of course you need a game plan, and a bit of strategic wisdom ( you don’t just challenge EVERYTHING at once if you’ve got a mess for a credit score..:-) but overall, this is the foundation of credit repair as it’s currently practiced. (and is laid out by the FCRA and all of it’s amendments and interpretations)

Ronnie

So What If I Don’t Know My Credit Score?

Thu, 12 Aug 2010 13:28:56 +0000

Jon Arnold asked:

It is beyond my comprehension to note that many people don’t have a clue what their credit score is. For one thing, this is easy to find out and determine. But even more importantly, especially in these dire economic times, your credit score is something you should know as well as you know your phone number or street address because of the huge importance it has on virtually every aspect of your life.

You think you don’t need to know your credit score because “what it is is what it is and I can’t do anything about it”? Nothing could be further from the truth. In fact, multiple studies over the years have shown that the majority of consumer credit reports have errors in them, which impacts how your credit score is calculated. Just one error in your credit report, such as reporting someone else’s charged-off account as being part of your report, can lower your score to a level which may disqualify you from getting approved on that mortgage or new car loan.

And there definitely is something you can do about it. If one or more of the three major credit bureaus are reporting inaccurate information about you, it is actually your duty and responsibility to do something about it to get it corrected. One common myth is that those inaccuracies will self-correct over time, but again, that is a myth. If you do not dispute the inaccurate information being reported about you, that inaccurate information will continue to be reported for many years and may never “self correct”.

So you think you don’t need to know your credit score because you have no plans to apply for a loan or new line of credit? Although applying for a loan is the most common place your credit score is used, it is far from the only place. More and more, this score is being used to evaluate a person who is applying for a new job, to determine if they should be approved to rent this house or apartment, and even for car insurance. Car insurance companies allegedly have statistics that prove that people with lower credit scores make more claims on their car insurance, so if your credit score is low, chances are good that your car insurance is costing you more than it needs to.

Get a free copy of your credit reports today, one from each of the three major credit bureaus. Chances are better than excellent that your reports are different at each credit bureau since different accounts report to different bureaus, and therefore each agency has a different view of your and your usage of credit. But this aspect only compounds the issue of having errors on your report, which you need to get corrected.

Betty

How to Fix Your FICO Score

Wed, 28 Jul 2010 16:21:40 +0000

Tom Tessin asked:

Everyone knows that if you have a bad FICO score, you’re not going to be able to get a loan for your next home, auto, or even a personal loan. Since most of us can’t just throw down a few hundred thousand for a house, it’s important that we get a mortgage. Now having a bad FICO score doesn’t mean you can’t get a mortgage ever again. There are just some steps you need to take in order to improve your FICO score so that you can get that loan once again.

Get a credit report – If you haven’t received a credit report yet, you should go out and get a copy of your credit report to look it over. Make sure that you get a free report that the government allows you to get every year. When you get a hold your credit report, look it over and see if anything looks wrong or shady. If something looks fishy, you’ll want to fix it as soon as you can. There are many steps you can take; the first step I suggest you take is by calling the credit bureaus and seeing what you can do from there.

Pay your bills – No matter what you do with your bills, make sure you always attempt to pay off the minimum at least. If you don’t pay your bills, you’re going to get hit with late payment fees and this will affect your credit score a lot. Make sure that you pay at least the minimum. If you can’t afford to pay the minimum, I suggest you go out and find another ways to get money. There are many part time jobs out there that you can pay you a few extra hundred dollars a week like pizza delivery or working a retail store.

Get rid of your balances – When you’re trying to get out of debt, make your number one focus to pay off your credit card balance. Try and put as much money toward your debt as possible. This means you’ll want to cut back on the leisure expenses and focus on debt. So, instead of eating out for thirty dollars, make a five dollar meal at home and put that twenty five toward the debt.

Close a few accounts – If you have a few accounts laying around that you don’t use anymore, call up the credit card company and close them. Make sure that you know what you’re doing thought because some of your old accounts may be helping you. Credit companies love to see older established accounts. If your report shows nothing but new accounts, the companies will be a little suspicious of this. Make sure that you close a few accounts that aren’t as old as your oldest one.

If you can focus on paying off your debt and making a lot of money, fixing your debt shouldn’t be that hard at all. As long as you’re focused and determined to pay it off, you should have a problem at all.

Louise

Your Credit Report Score Has Errors – Fix It Or Get Over It

Sat, 24 Jul 2010 08:17:23 +0000

Jon Arnold asked:

It probably comes as no surprise to most people that “somewhere” there is a credit report on them that knows everything they ever did, good and bad, financially. Unfortunately, this is where their knowledge stops though, and not knowing the real scoop about how this really works is actually hurting them.

There are three companies that keep track of your financial and credit history, which are Experian, TransUnion, and Equifax. They know more about you than you think or perhaps are even comfortable with, but that’s what it is. They compete with each other so they do not share information between them. Some lenders report to one of them every month, other lenders report to another one, and large financial obligations like your mortgage probably report to two of them or even all three.

So far no news alerts but it gets worse. They are in business for profit, so they want to get as many lenders as possible to report to them for their customer’s credit information. They occasionally have specials for lenders to switch to them, so Discover may have reported to Experian last year and this year they report to TransUnion, and your Exxon account may have reported to Experian last year and now reports to TransUnion. This type of change occurs on a very regular basis.

Are you starting to see where a problem could (and does) occur? What happens is that not one of these credit reporting agencies really has a complete and accurate credit picture about you. Further, when a creditor of yours who reported to one agency that you were past due and then switches to another credit reporting agency, the first credit reporting agency continues to report you as being past due on that account because they never get corrected information.

The truth is that studies have shown that the majority of people in the US have at least one inaccurate item on their credit reports. That is almost a guarantee that there are errors on your credit report. The impact of those errors means that your credit score is being calculated lower than it really should be, which means that you are paying higher interest rates than you could be, as well as the other areas of your life a credit report affects.

There is no self-correct mechanism built into the system, and these errors will never be corrected unless YOU do it. There are right and wrong ways to get this information corrected and if you don’t do it right, you could make it even worse. You need to make your dispute be legitimate, not frivolous. There are a lot of people out there with accurate negative information on their credit report who are disputing that information with the credit bureaus in the hopes that even though it is accurate, it will disappear. You on the other hand have a legitimate beef that you want incorrect information corrected.

There is no sense in having inaccurate information about you being reported as accurate and factual. Get it corrected, and this is something you can do yourself, where you do not need to spend money on a “credit fix”. This is entirely legal, and is indeed your responsibility. You are only hurting yourself if you don’t get this done.

Sherry