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Your Credit

Pulling Credit Does Lower Scores: Too often my clients come to me after having their credit pulled by a number of brokers and/or lenders and there scores have lowered after each pull! Read more...

What is the difference between a Credit Report and a Credit File Disclosure? A Credit Report provides scores which costs you a fee and a Credit Disclosure shows what is reported about you. Read more...

Although Federal Law states that credit scores will not be affected by credit pulls while shopping for automobiles, leases, and mortgage or home loans, THIS IS NOT THE CASE. I have confirmed this with a number of my lenders and seen the results myself!

My lenders see the same affect: Your credit scores ARE PULLED DOWN each time your credit is pulled/requested even if they are pulled within a 15 day period! This WILL effect your qualifying for the best rates and terms which would have been available to you at the first pull.

See this graph from Fair Isaac about the number of reports pulled and how it influences the mortgage underwriting.

I encourage you to wait until you have selected a Broker or Lender whom you feel confident will deliver what they state. Review our site and links for helpful information related to shopping for your Broker or Lender.

If you need to know now you may Pull Your Credit Now for $11.00 or $17.00 for a couple here. I will send you the Consumer Report AND review your scores with you. I will also go over your opportunities and make suggestions, if necessary, to assist you in reaching your goals. There is no fee for this Free Consultation. Go here to learn more about pulling your Mortgage Credit Report...

We have more credit information in these pages: An Overview of Your Credit, Credit, FICO Scores, Improving Your Scores, The Fair Credit Reporting Act (FCRA) and FREE CREDIT REPORTS?.

 


FREE CREDIT REPORTS? In 2004 I posted information about the Federal Reserve Board (FRB: a private corporation, not a government agency) was collecting comments regarding the '...adequacy of investigations of disputed consumer information...' Seems they found a solution but it still COSTS the consumer if they want to know their scores. 

In 2004 my post mentioning this event started with this:

'...Also, the Federal Reserve Board on August 5th, announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. In connection with the study, the Board is soliciting public comment on issues that will assist in the preparation of the study. Learn more about this announcement here...'

In 2003 there was an amendment to the Federal Fair Credit Reporting Act (FCRA) with the Fair and Accurate Credit Transactions Act of 2003 (FACTA) which is enforced by the Federal Trade Commission (FTC). But, as you may have heard from friends, family and acquaintances, correcting or repairing one's credit reporting errors could be a nightmare.

The FRB's resolution to improve correcting misinformation on consumer's credit reports was to allow consumers access to their reports. This Act is '...tool for protecting their [consumer's] identity and keeping track of their credit...'

The new law was approved in November of 2004 and partial went into effect December of 2005 in 13 states.  Consumers in all states were covered by September of 2005.  But of course the consumer still was ripped off financially and did need the enforcement of the which - read more here


In the meantime:

If you would like to know about your Credit Reports try using this service by Equifax Now! they will NOT affect your credit scores. You will receive reports that are for Customer use and the Broker or Lender you select will still have to pull your credit. (We obtain a different formatted report with additional information.) There are a number of additional services available too which you may need, such as Disputing reports, monitoring who pulls your credit and more. I hope you find this link and service helpful.


 

Click here to read more about Credit Reports...

A Solid Foundation Starts with Associate Mortgage

Apply Now!

Learn more about your FICO Scores

An Overview of Credit

The Fair Credit Reporting Act (FCRA)

Contact us directly at (561) 228-8563 or (888) 431-6387, ask us a question or two. Or, click on our Live Chat to message us now!

We look forward to hearing from you, our most important client!

 

Apply Now OnLine: Secure Mortgage Application for Purchase or Refinance of Real Estate in Florida and New York

Page Updated: 07/31/2007

First Published: 2005


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