Interesting how major lenders are assisting with credit repair issues; aka, credit mortgage repair.
John Fitzgerald, my wholesale account rep, stopped by my office this week. While we were discussing service and program choices he directed me to a site that Countrywide makes available to brokers like me.
Interestingly, I navigate to a place called “Credit Reconciliation”. I am intrigued thinking: “why would a lender be in the credit repair business”. I decide to watch the video tutorial, and to my amazement find that this company has software which allows them to decision a person’s mortgage based on an elevated credit score even though the score won’t officially be posted onto the credit until said person provides proof of credit issue.
What’s all that mean to Mr. & Mrs. Borrower? It means that if there are errors on his credit he doesn’t have to labor thru the arduous process of repair. His credit will repair automatically, as long as “down the road” he provide to the Mortgage Broker (yours truly) the paperwork proving that which is being mis-reported is satisfied.
This is a one step process and it allows a person to get the best product and repair his credit discrepancies all in one move.
The Federal Trade Commission is also an excellent resource for Credit Repair Facts for Consumers.
Questions or comments regarding credit mortgage repair will be answered promptly.