How To Get Your Credit Cleaned Up

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get 1 copy of your Tri Merge credit report. (how you do that is up to you, I usually would have people call their old Mortgage Broker and have him send you a copy of the one he used to close your loan) and after you do that, PORE over your credit report for any more misinformation, derogatories, collections that were paid, and any medical collections that you may have that your insurance company should take care of. This isn't called the "Credit Crunch" for no reason.

Those of you who have mortage lates who can refinance or can pay off your back payments should call your lender and negotiate a term with them saying that if you pay the back payments in full either by a Refi or just Pocket cash, to have them contact the credit bureaus and remove the late from your credit report. It sounds hard and like a far stretch, but banks now are hurting too. Too many bad borrowers, too many bad loans. Those folks who are able to get that done will be better off in the long run. I just negotiated this with a borrower of mine who was in a SUPPOSED FORECLOSURE with Countrywide. He just sent them the 10k they "WANTED" to reinstate his loan and BRING HIS CREDIT CURRENT.

He actually never missed a payment and Countrywide was trying to say that he WAS LATE...Well after myself and Our attorney got involved, this issue was straightened out in 1 WEEK. His credit should take 30-60 days, but going froma 550 FICO toa 600 FICO can make all the difference. THis is a Credit Economy, not a Cash Economy, thats why when the credit markets seize up, so does the fear that the rest of the economy will. Everything these days is FINANCE THIS, FINANCE THAT...And that is becuase of what I call the Mafia rule..."Pay me now, good for you...Pay me Later, good for me...because I am going to charge you a vig!" ANd thats really all an interest rate is, a "tax" on lended money to be paid over time. THe better reputation or "credit" scores you have and more documentation you have to support your borrowing habits, the lower the "vig" or rate on your loan.

Stay on top of your credit reports and use the RAPID RESCORE feature at the bureaus. ITs a little known fact that errors and updates can be achieved in as little as 36 hours with proper documetation and the right channels. ANd remember you have 3 Scores, Transunion, Equifax, and Experian. Your goal should to get all 3 scores within 10 points of each other. Rarely will all 3 be the same. Credit scores go from 300-850. Most banks and Mortgage Lenders nowadays want at least a 650 or better.

If anyone needs detailed help where personal information will be shared, just email me and I will do what I can to help you for FREE. THe numbers to the credit bureaus should be on the credit report you recieve. Dont fall for the scam of signing up for those "freecreditreport.com" scams they have running. They will charge your credit card $30 or more a month until you cancel, and cancelling is harder than trying to get a straight answer from your mortgage lender.