Authorized Users Not Gone Yet?

I just wanted to touch bases with you on the use of Authorized User (AU) accounts. FICO '08 is set to come out really soon and the big talk regarding this change is NO MORE AU ACCOUNTS! People and companies are getting worried they will be out of business for a legal act used to help boost individuals credit scores. And lenders have just now caught on to the new fad in the credit world. FICO finally heard the lenders complaints regarding the ethics in lending to a client with a 700 credit score, who actually didn't EARN this score. FICO '08 will help rationalize between the good and the bad by eliminating the use of AU accounts and its impact with credit scores.

Being a AU is a simple method of rapidly increasing your credit score, traditionally used by family members. Credit card companies allow primary account holders to add an AU to their accounts; which helps the AU establish credit history. When the lender report to the primary account holder credit reports, the AU receives the same reporting status;which in return BOOSTS their credit score FAST!

For Example: If my mother has an 20yr, $15,000 limit credit card with PERFECT payment history and she adds me on as an AU; when they report....I'll receive all these benefits to my credit report as well. The boost comes in because initially I don't have 15yrs worth of credit history, nor are my credit limits that high!

I've worked with clients who had no credit and/or a few collections and seen their scores go from 0 to well over 700! I wasn't a believer at first, but now I recommend the service to anyone needing a break to buy that house or car they dream of! I know it will be ending soon, but if you need a credit boost.......BECOME AN AU!!

Credit Repair Classes @ Walker Career Center

Need help restoring your credit? Contact the Walker Career Center and register for their monthly credit restoration seminar. This seminar will be geared towards helping consumers restore and maintain their credit profile. The seminar will last approx 1.5 hours with plenty of time for questions and help afterwards. We understand what's going on in the mortgage industry so we decided to help. This class is for anyone who is interested in restoring or understanding their credit. Call (317) 532-6150 to register today!
Dates: 1/15, 2/5, 3/4, 4/8, 5/6 & 6/3


Tuesday, Feburary 5, 2008


Time: 7pm - 8:30pm


Cost: $20


Location: Walker Career Center



Please call (317) 532-6150 and register! Class size is limited! Bring copy of credit report if possible!

Appraiser Gets 5 Years, Must Pay Back $2.3 Million

Appraiser Gets 5 Years, Must Pay Back $2.3 Million After a week-long trial in August, real estate appraiser Gandhi Ben Morka has been sentenced to 5 years in a prison after doubling the actual value of two Texas homes in a fraud against Countrywide Financial Corp.

The 52-year-old must also pay more than $2.3 million in restitution for his crimes.Last May, FBI agents arrested Morka on charges in a superseding indictment returned by a federal grand jury in the Northern District of Texas the previous month.

In August, Morka was convicted on one count of conspiracy to commit mail fraud and wire fraud, four counts of wire fraud and two counts of mail fraud.According to prosecutors, Morka was a key part of a mortgage fraud scheme that resulted in millions of dollars of losses to Countrywide based on fraudulent mortgage loan applications.Prosecutors say that the scheme involved seven other Dallas-area conspirators: Sean Cung-Kim Nguyen, Dai Quoc Nguyen, Xuyen Thi-Kim Nguyen, Tam Nguyen, Myna Tran, Hong Thanh Duong and Cuc Kim Tran.

Most of the defendants already have been convicted and sentenced to as much as five years in prison and ordered to pay up to millions of dollars in restitutionAccording to prosecutors, Morka conspired with the co-defendants to defraud Countrywide by targeting a total of 18 single-family homes in the Dallas, Texas area. The co-conspirators recruited straw purchasers and borrowers to purchase the residences. Morka prepared the appraisals on the properties, greatly inflating the fair market value on all of them and double in most instances. The co-conspirators would then prepare and submit fraudulent loan applications in the names of the straw purchasers.Upon the closing, the conspiracy members would pay the original owners of the properties and distributed the remaining loan proceeds among themselves. Althouth more than 18 different houses were targeted in the scheme, Morka’s trial focused on two homes in Plano and Arlington, Texas.

When U.S. District Judge Barbara M.G. Lynn sentenced Morka to 60 months in prison, Morka had been in custody since the verdict against him was handed down in August.

Story jacked from Mortgage Ledger

You Can Help Yourself for FREE!!

I know there are tons of credit repair companies blasting the Internet claiming they can help any individual clean their credit, I even own one. I just ask that you do your research with any company you wish to use and understand credit repair is a long process and not a QUICK FIX! No one can accurately guarantee what your score will be and how fast it will go there, it's impossible! When companies make these claims, they are flat out breaking the law! Credit repair companies cannot guarantee any specific outcome to an individuals credit report. All claims must be made in the results. I'm a firm believer of, "Don't talk about it, be about it!" and your work and/or results should come in the form of great work done on your credit report.

It's important to look for a company who is willing to help and not leave when the contract is up. A company who will let you call previous customers or know of previous customers so you can get a good understanding of what they offer. If you can't find a reputable company, then try to fix your credit yourself. With some aggressive research and practice, you could be on your way to a perfect credit report.

Need to FREEZE Your Mortgage?

The nation is feeling the wrath of this mortgage scare. Many homeowners are losing their homes or coming close due to their adjustable rate. President Bush has come with a plan that will allow homeowners to freeze their mortgage rate for 5 years. This is exciting news for some, but not for all as this only pertain to a certain group of people. For the people that qualify, this means they can keep their interest rate or go to an introductory low interest rate for 5 years, without it rising. To qualify, you must be current on your current mortgage and able to "comfortably" pay its current rate. People who are currently behind their homes will not qualify. Read More.....

I'm Back!

Sorry all I have been moving, so I was out of the loop for awhile! Im back now, so expect some more information regarding cleaning up your credit. I've decided to add other items pertaining to real estate on here as well. Hope you all had a wonderful Thanksgiving and a better Christmas!

Peace and Blessings

Medical Collections

Most people have tons of medical collections on their credit reports. What people don't realize is, these collections can be challenged based on the amount of information the collection agency has. HIPPA protects us from allowing our personal medical information, to get into the wrong hands. Its imprtant to ask them questions about your account and most of the time, the rep will inadvertently give you information you should not know.

They should only have your name, date and how much you owe. They should not know your diagnosis, condition and/or what your bill is for. This information is always slipped to collection agencies by accident and unless YOU uncover it, this will continue to happen.

It Means 3 Different Credit Bureaus

Today I want to touch bases on the misconception of credit bureaus sharing information. Many people believe if they dispute one item at one bureau, its translates to the other two. This is not true and I find myself explaining this frequently. As a credit repair consultant, when I look at a credit report I look at the overall picture, not just one credit bureau. If you have four collections, then in my eyes you have twelve! Each credit bureau has to be challenged separately and individually; meaning they all may report the same account, but not the same terms of the account.

When disputing items, be sure to scout all three credit bureaus and not assume they're the same. These companies are competitors and to be frank, could care less about what the other is reporting. Additionally, if you are disputing from a tri-merger report, you may find several differences in this report as well. It's always safe to just dispute from each individual credit report and dispute to each individual credit bureau

FREE Homebuying Seminar Indianapolis

Come learn the techniiques needed in order to make that major purchase in your life. This seminar will teach you how to shop for a loan, find the perfect house and secure GUARANTEED financing! You will get information on:

1. Down payment assistance
2. Mortgage approval process
3. Importance of debt-to-income (DTI) ratios
4. Buying vs. Renting
5. Proper insurance coverage
6. Why you NEED insurance
7. Quick tips for improving credit
8. The importance of your credit
9. Plus much more!

You don't want to miss out on this wonderful opportunity to speak with real estate professionals who can help you make your dream of homeownership come true!

Date: 11/03, 12/01 and EVERY SATURDAY of each month
Time: 10am – Noon. Doors open at 9:30
Location: 2511 East 46th Street, Suite T4

**Snack will be provided

Credit Repair Seminar - Indianapolis

Don't miss out on the opportunity to come and learn how to REPAIR YOUR OWN CREDIT! Our monthly seminars are geared towards helping every consumer restore their credit.

SOME Topics Discussed:

What is a Credit Score
Your Right to Challenge YOUR Credit
How to Challenge Items on Your Credit Report
How to SCARE Away Collection Agencies
How to Fix Your Credit after Bankruptcy
Top Credit Mistakes
Plus Much More!!

Date: Our seminars are given the 3rd Tuesday of each Month from 7-8 and last a hour. We allow 15-30 after each seminar for questions. Doors open at 6:30!

Location: 2511 East 46th Street, Suite T4 (46th & Keystone Ave) Corporate Square - Lot behind Budget Car Rental

Cost: $20 per person

PLEASE PRE-REGISTER, SEATING IS LIMITED!!

Inquiries

I just wanted to briefly talk about inquiries in today's post. It's important to know that inquiries stay on your credit report for 2 years. Inquiries are produced anytime you apply for credit. The listing will consist of the name of the company who pulled your credit and the date. Inquiries represent 10% of your credit score and can only hurt when you aggressively shop for credit. Just keep an eye on how many credit apps get pulled in a short period of time. From experience, CSC Credit and/or Equifax will remove inquiries with no problem and Transunion is somewhat easy. Experian is the hardest credit bureau to deal with in some cases, and will not remove them.

If you noticed inquiries you did authorize, immediately contact the company listed and demand they remove the inquiry from your credit report. Additionally, make them provide you with a statement on letterhead and send this to the credit bureau to make sure it's deleted.