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Special Reports
Credit Restoration
Software Automates the Letter Writing Process
Something people can do on their own.
By Brad Finkelstein
Credit-Aid here has released a version of its credit repair software for the mortgage
broker and loan officer community. The company had a consumer-oriented version of the product already on the market.
Even though Credit-Aid Pro Platinum is just being made widely available, beta versions of the product were popular
with originators, company officials said.
More over, said Michael Jaffa, an attorney who worked with company founder Daniel Rosen to help develop the Credit-Aid
software, "We don't hold the program out as anything people couldn't do for themselves." It is an answer
to all the "schemes and scams" that purport to improve credit scores. It handles the issue, Mr. Jaffa
said, in a "legal and appropriate" manner.
Mr. Rosen said, "Mortgage brokers contacted us, after using our consumer product and specifically asked for
this product. We are dedicated to serving this market and will continue to develop new products to serve the financial
marketplace."
Mr. Jaffa pointed to research that shows over 70% of all credit file contain errors that might negatively affect
the credit score.
The software enables the user to pull up their client's credit reports. If any discrepancy is found, Credit-Aid
automatically generates letters asking the appropriate action to be taken by the creditor. These letters, Mr. Jaffa
said, were written by lawyers who have experience in the credit field.
This process, company executives said, has become more important as a result of the current crisis in the subprime
industry. By cleaning up inaccurate data in the file, credit scores could be increased to the point where the borrower
might qualify for a prime loan. The software allows the originator to spend less working hours on the steps needed
to get the reports fixed.
While it is a time-consuming process, Mr. Jaffa notes, "Our research has shown that most potential buyers
are three to 12 months away from being ready for loan approval or refinancing due to outstanding issues on their
credit report."
The professional edition is designed to store data on up to 100 users, and comes with an instant mortgage loan
calculator, a debt ratio calculator, the ability to perform simple bookkeeping functions, a database designed to
track letters and a built-in reminder to mortgage brokers when it's time to check up on their clients.
It is standalone software and does not use the Internet to transmit data, which provides an additional layer of
security to guard customer information.
It runs on computers using the Microsoft Windows Vista and XP operating systems. "Our software is a fresh
approach to solving the loan broker's dilemma," states Mr. Rosen. "It is designed to help those people
walking in the door who need a loan but whose choices are limited to expensive high-risk products or who are completely
shut out by negative credit issues and a low credit score. Credit-Aid Pro Platinum can resolve problems faster
by addressing inaccuracies, requesting items be removed, and updating potential borrowers' credit reports to reflect
the latest information with just a few clicks of the mouse."
He is offering mortgage brokers free co-branding of Credit-Aid and an unlimited supply of his free booklet "Boost
Your FICO Score in 7 Easy Steps: Tricks of the Trade the Pro's Use to Rapidly Boost Your Credit Score." Mortgage
brokers will also receive a free "Identity Theft Rescue Kit" featuring a set of tools to fight the growing
threat of identity theft.
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