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Special Reports
In this section of BrokerUniverse we examine a subject of key importance
for mortgage originators every month, based on special reports that run in our sister publication, Origination News.
Credit Restoration
Credit Restoration: Fixing the Files
Credit repair and restoration companies exist because the data in the three national
credit repositories for many consumers contain errors.
This business has gotten a boost in recent times because of the tightening of mortgage underwriting standards.
Being able to boost a consumer's credit score by just a few points could be the difference between being approved
or denied for a loan and how much will the loan cost.
There are a number of ways to improve one's credit score, including some activities which are seen as ethically
dubious.
Seasoned Trade Lines, Largo, Fla., promotes a service, which improves its client's credit by adding them to established
credit card holder's accounts.
Steve DeJesus, owner of Seasoned Trade Lines, said, "Many mortgage professionals consider this kind of service
highly suspect stating that it is 'tricking' the potential lender. This is just not the case. Our clients are simply
authorized users on credit lines that have been maintained by our investors for years. In the process, credit scores
are positively affected."
In this Special Report read about how CreditAid automates a process, which it says any consumer can do on its own.
Other firms, such as Credit Consultants USA and Credit Plus have their own methods for helping consumers correct
erroneous information. Typical, said one person interviewed for the section, is confusing the information between
Joe Smith Sr. and his son Joe Smith Jr.
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