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There are wide ranges of ways to get your credit report. In fact, as there are about a thousand ways to get your credit reports on the Internet. Everyone has his or her own favorite, so this is somewhat one-sided, but you may want to try it my way.
Kirt Eure - Your Mortgage Coach
The very first step in the process in getting your credit fixed is getting all three of your credit reports. Equifax, Experian and TransUnion are the 3 major players when you applied for a loan your mortgage broker will pull a 3 in 1 credit report. This will determine your loan eligibility.
Kirt Eure - Your Mortgage Coach
Ok some people might disagree with me, but that’s why we all have freedom of speech. I have a lot of people call me and ask me, what I think about Consumer Credit counseling. First of all the Short name for Consumer Credit counseling is CCC, so that is how I will address it from now on.
CCC is way over hyped. I’m sure you have seen TV ads where people give their testimony about how CCC solved all of their credit problems and saved their lives. Guess what there actors LOL, no serious they are actors, there not real people who have really been helped.
If you thinking about going to CCC, investigate what they really do and operate. CCC services state that they are non-profit organizations. That is not a true statement; they use the status to shift assets to a profit corporation.
Did you know that most of the CCC services were stated from Banks? A lot of CCC offices were shut done by the FTC and IRS, go figure. Remember the Ameridebt commercial; well the FTC shut them down because they charged up front fees for the service when they said they don’t. If you don’t believe me look for yourself http://www.ftc.gov/opa/2005/03/ameridebt.shtm . Do you
really want them teaching you how to handle your finances? I don’t think so!! Check this out, CCC really does not help you, the counselor contacts all your creditors and they try to get the creditors to lower your interest rate and work out new payment plan with them. You’re thinking man this is the break I need, but understand CCC has up front monthly fees (or donation) that they charge.
Guess who is driving the car now, CCC because they pay all of your bills under a new payment agreement with the creditors. You now have to pay CCC your money and there fee monthly and they send your payments to your creditors under a new agreement. What a ride!!!
So when CCC shows up on your credit, lenders, banks and reporting agencies look at that just as they do a bankruptcy. Just to help you think of CCC as being worse then bankruptcy.
Kirt Eure - Your Mortgage Coach
If you looking to purchase a new home, then you need to watch this video!
Kirt Eure - Your Mortgage coach
Jon Kyl and Chris Dodd on Late Edition talking about the housing crisis. Transcript from CNN:
BLITZER: A lot of people, Senator Kyl in Arizona, in the housing market out there, they’re suffering big-time right now. How much of the blame, and I know you’re a blunt guy, how much of the blame does the Bush administration deserve for allowing this kind of situation to deteriorate, as it has?
KYL: Virtually none.
BLITZER: Why?
KYL: We’ve been predicting for years that this problem would come along. When I was chairman of the Republican Policy Committee, we wrote papers on it.
BLITZER: But isn’t the federal government responsible for making sure this kind of situation doesn’t happen?
KYL: The problem is, there is very little regulatory authority. That’s why this legislation that Senator Dodd has been working on, the one good feature of it is additional regulation. But we should have had that regulation four years ago. The other problem, here, is that much of the bailout here is for the people holding bad loans, not the homeowners. It’s for the speculators, the investors. I know in the oil crisis, everybody’s concerned about the speculators driving up the price. What do you think happened in the housing market?
BLITZER: Senator Dodd, go ahead and respond.
DODD: No, no, no. Very specifically, Jon, we absolutely seclude speculators from having any benefit all the under the act. That’s very clear in the law. Of course, this is a highly regulated industry, Jon. This isn’t like hedge funds. The mortgage market has been a highly regulated industry. Where were the cops? Why weren’t they out there saying when brokers were luring people in and saying I’m your financial adviser, a fully indexed price, don’t worry about it, lie about it if you want, we’ll get you into that home.
Those were people that had a responsibility, that failed in that responsibility, and the regulators watching them should have been doing a better job and they didn’t do it. That’s a major reason why we’re seeing the problems we’re seeing today.
KYL: Just one quick example. There’s much to be said. The provision that Chris alluded to that the Bush administration opposes and would veto the legislation over are these CDBG grants. They don’t help.
BLITZER: You’ve got to explain what that means.
KYL: The community development to block grants, which enable local governments to purchase homes from the people who are holding them, the investors that are holding them. It doesn’t help the homeowner at all. They’re in foreclosure. It helps the people holding the paper, the money. It’s a good example of how –
BLITZER: I want to move on, but I’ll let Senator Dodd respond.
DODD: The community development block grant is money that goes directly to governors and mayors in order to help them rehabilitate foreclosed properties so they can put them on the market and sell it. It doesn’t go to the homeowner at all.
KYL: That’s my point.
DODD: That money, because you have declining property values, that is the resources coming from for police and fire and other matters. These are things that mayors need. We provide that when you have floods and hurricanes. This is a national crisis and our communities need to help. But you’re not purchasing mortgages with that money at all.
So Kyl thinks that the SEC under Bush is not responsible for the mess, and compares speculators to this:
http://www.hud.gov/offices/cpd/communitydevelopment/programs/ and also says there should have been more regulation passed during a time when the GOP was in charge. Brilliant.
Kirt Eure - Your Mortgage Coach
We are just in the first inning of the housing crisis according to Yale economic scholar Schiller. Last year their was a 50% drop in mortgages. When loan reset in mortgages increase in 2009! The next inning begins.
Kirt Eure - Your Mortgage Coach
One thing you want to do is get references about the company that you are doing business with. Ask some friends or other people that you know about good credit Repair Company that has great track record. Do not join a company that has bad or poor services.
There are thousands of choices to choose from, you want to center on looking for the factual credit repair specialists. By applying the tips on this website and doing your research, you will be able to find the perfect professional for you.
Kirt Eure
One of the most important things that you need do to is raise your credit scores. Make sure that the specialist guarantees a certain level of increase over a certain amount period of time.
Understand that the specialist cannot guarantee the exact results that will happen. If a company or specialist does guarantee a certain level of increases that makes you happen, then you need to run like the wind.
Kirt Eure - Your Mortgage Coach
When you select a credit specialist, make sure that you have a contract. If you have a contract that states all the services you will be receiving from the credit repair companies.
You have to make sure that everything that the company states and guarantees is in the contract.
Kirt Eure
Another thing you want to look for in a credit repair companies is how long the company says it will take to help you. It will normally take no sooner than 60 to 90 days for a specialist to handle your case.
It takes time to repair the credit and it’s not an over night process. Make sure you look for a company that is honest, reliable, up front and will give you and approximate time that is realistic.
Kirt Eure - Your Mortgage Coach
