Lenders Who Confuse Credit Rescoring and Credit Repair Could be Violating …
News from National Mortgage Professional Magazine:
Some lenders have issued restrictions regarding the use of credit rescoring by mortgage originators, confusing the service with credit repair schemes. These lenders do not have a clear understanding of the major differences in the two programs and this lack of understanding brings with it the risk of litigation, as these lenders are prohibiting a consumer from the ability to obtain an accurate credit report for their mortgage loan.
There are major differences between credit rescoring and credit repair. First and foremost credit rescoring is a program developed in conjunction with and is processed through the three national credit repositories. The companies that provide rescoring are credit reporting companies as defined by the Fair Credit Reporting Act (FCRA) as “resellers” and have legal obligations to both the creditors and the consumers for the repor…………… continues on National Mortgage Professional Magazine
Can’t afford your timeshare? How to dump it
News from OCRegister:
Still living off credit cards? Can’t figure out how much you could or should spend? Need to save for retirement? Deborah McNaughton, a Brea credit expert, financial coach and author of “The Essential Credit Repair Handbook,” is here to provide her financial advice.
Q. I purchased my timeshare in 2009 and was later laid off. For two years I have struggled with being laid off and trying to catch up and stay afloat with my mortgage, my regular bills and my timeshare. Needless to say, I’m behind in payments on my timeshare and if anything could be picked to be let go, it would be my timeshare. My issue is that I don’t want to lose it this way and I know that it will have a negative effect on my credit. Now that I’m married, I don’t want to cause my husband the grief and heartache of not being able to buy another house for our family. What can I do?
A cabana at the Casa Dorada Los Cabos resort. The popular beachfront property includes timeshares and hotel units.
LEONARD ORTIZ, THE ORANGE COUNTY REGISTER
A. There are many people like you who are struggling with timeshares. When you purchased the timeshare, I am sure your intention was to e…………… continues on OCRegister