Unfortunately Credit 101 is not a class they offer in high school or college,although in this day and age it should be. So what should a college student know before they embark on a journey of establishing credit? If they stick by the basics and practice a little discipline it should be enough to keep … Read more

Beginning July 1st 2010, new guidelines will be in place that could dramatically help borrowers. The Federal Trade Commission (FTC) has amended Section 312 of the Fair and Accurate Transactions Act of 2003 (FACT Act), which will tightly govern the way creditors report information to the bureaus. Did you know that 70% of credit reports … Read more

There are two new words floating around the mortgage industry that we are hearing a lot about. Both fall under the umbrella of loan modifications and while they may sound enticing, any type of modification requires a little caution. What exactly do these words mean? Forgiveness is basically a principal reduction. The mortgage company agrees … Read more

So, you’ve exercised your rights as dictated by the FCRA and disputed some inaccurate information on your credit report. Statistics show that 80% of credit reports contain inaccurate information. Disputing these inaccuracies is your legal right and is encouraged by the Federal Trade Commission and consumer groups. But now you’ve applied for a mortgage and … Read more

One of the biggest questions we get in this industry is how long certain items remain on a credit report. A Chapter 13 bankruptcy will remain for 7 years from the filing date and a Chapter 7 bankruptcy will remain for 10 years from the filing date. Once a bankruptcy is discharged the hope is … Read more

Advance Notice of Rate Increase and Other Changes Credit card issuers must notify you of a rate increase — or any other significant change in terms to your credit card account — at least 45 days in advance of the effective date. (The Board will develop rules that address what a “significant change” means.) This … Read more

NOTE: Colorado will begin accepting submissions through NMLS on January 4, 2010. However, current licensees and applicants can obtain access and complete all necessary MU Forms prior to that date. Current Mortgage Loan Originators Mortgage Loan Originators in Colorado have until July 31, 2010 to complete and submit Form MU4 through the NMLS, but are … Read more

What exactly is a “loan modification”? It is a temporary modification of your loan terms. The interest rate is adjusted to create a more affordable, lower payment amount for a set period of time, and extends the life of the loan. It does not reduce any of the principal, and the lender is not forgiving … Read more

The heat of the summer sun is probably not the only thing that is making you boil these days. Credit card issuers who are also feeling the pinch of the credit crisis are making their own changes and those changes can mean trouble for consumers. There has never been a worse time to have credit … Read more