Credit Repair Will Take You From Denied To Approved
Using credit repair for mortgage approval if your mortgage credit scores are below 620 is the perfect way to ensure you are approved. The general rule of thumb is your credit scores must be above 620 in order to qualify. There are a handful of lenders that can accept scores as low as 580 (we know a couple), but they are few and far between. As a word of caution, the credit score you see on Credit Karma is as much as 60-100 points higher than the scores mortgage lenders use.
What Are Mortgage Credit Scores?
There are hundreds of credit scores. However, mortgage credit scores are based on the old FICO scoring models. (FICO 2, 4, and 5). There are 10 versions of FICO scores (hundreds of variations of the 10 models). The credit scores you see on Credit Karma and other credit monitoring services tend to be Vantage scores. The older FICO models used for mortgage lending are less forgiving, and harder to boost. We at Credit Wellness Solutions are experts at credit repair for mortgage approval. We know how to get the most out of your credit report and will help you get qualified for a home.
Pre-Litigation Credit Repair Can Help You Get Money For A Down Payment
Credit Wellness Solutions does not do your run of the mill credit repair. In fact, credit repair itself is no longer effective. Some of the larger, and most well known credit repair companies, especially the one that claims to be a law firm, just takes your money and your credit report is no better for it. That is why we go deeper and further than most credit repair companies out there. We practice
pre-litigation credit repair. Essentially, the Fair Credit Reporting Act (FCRA) mandates anyone who reports on your credit report to report with “maximum possible accuracy”. Additionally, you are entitled to a “reasonable reinvestigation” if you dispute items on your credit report. Credit Wellness Solutions looks deep into your credit reports and disputes every inaccuracy, inconsistent reporting amongst the credit bureaus, and all missing information on your credit reports. These inaccuracies cost you valuable points on your mortgage credit scores.
If disputed items are not deleted or fixed, we give the credit bureaus, and the creditors 1 more opportunity to make things right. If they fail to do so, and the original agreement contains an arbitration clause, we will represent you in that arbitration and demand compensation for those errors. We can prove in arbitration that your item is not “maximum possible accuracy” and no “reasonable reinvestigation” was conducted. Often, the creditors will settle outside of arbitration, paying you for their mistakes, and deleting their item from your credit reports. Which gives you not only an improved credit report, but cash for a down payment.
Even if your creditors do not have arbitration in their agreements, if you are being denied for a mortgage because of your credit, you may have a major FCRA case for litigation. We have a large network of consumer protection attorneys ready to take your case to help you get these items off of your credit reports, and help you get compensation for their mistakes.
What About Debt Collections?
We also go the extra mile to get debt collections off of your credit reports. We also can help you stop the constant harassing phone calls. We offer a debt collection audit service that is INCLUDED in all of our pre-litigation credit repair plans. We audit the debt collector for compliance with the Fair Debt Collection Practices Act (FDCPA). You may be entitled to up to $1,000 in damages per violation. Additionally, if a debt buyer buys one of
your old debts, and the original agreement has an arbitration clause, the debt buyer is also bound by that original agreement. This means we can arbitrate against a debt buyer the same as we can against the original creditor. Also, debt buyers are bound by the FDCPA so we can also audit them for compliance as well. This gives us leverage, and it also helps us get debt collections removed from your credit reports, and potentially, you walk away with more cash to put down on your dream home.
You Don’t Have To Use Credit Repair For Mortgage Approval Only, You Can Use Credit Repair For A Better Mortgage Interest Rate
It’s no secret, mortgage interest rates are climbing rapidly. Your mortgage credit scores not only determine if you are approved, they also determine the mortgage interest rate you will receive. Obviously, the higher your credit score, the better your mortgage interest rate will be.
Even if you do not have derogatory information on your credit report, your credit report may still contain errors, costing you valuable points on your mortgage credit scores, also we have many other tools to help boost your credit scores. Credit Wellness Solutions is more than just another credit repair company, we help clients will all sorts of credit profiles get their credit where it needs to be for the best possible and healthiest credit profile.
Credit Wellness Solutions Can Help You Get Approved For A Mortgage Even If You Have No Credit At All
If you have no credit, thin credit, or need a credit score boost, Credit Wellness Solutions uses credit building for mortgage approval. For those with no credit, or thin credit files, we have items to instantly give you credit history to enable you to get approved for a mortgage, and build your own credit the right way. For those who don’t have negative items on their credit reports, we have many tools to help boost your score to help you qualify, or get a lower interest rate. We also use
these tools with our credit repair clients to boost their credit, and help them build positive credit while we work on getting the negative items removed or improved. Credit building, in and of itself, can be more effective than credit repair, and help people build a healthy credit profile that will help them for years to come.
How Can You Help People With No Credit Get Approved For A Mortgage?
All mortgage lenders have minimum requirements in regards to the number of open accounts and length of credit history. Through the use of “Primary Accounts” we can help those with no credit, or thin credit profiles satisfy both requirements. Primary Accounts are accounts reporting to the credit bureaus that show an account such as an auto loan on your credit reports with flawless payment history, nearly paid off, and have been open a number of years.
We also add “Authorized User” credit card accounts to your credit reports to show a good, long time payment history. We then connect you with one of our network mortgage lender that will be able to work with you to get you approved. We love helping people with credit building for mortgage approval.
Mortgage Lenders: Partner With Credit Wellness Solutions To Get Your Clients Approved And Closed
With the real estate market slowing due to the rising mortgage interest rates, a partnership with a reputable credit repair company will help you to keep closing clients, and give you a competitive edge. Credit repair for mortgage approval is becoming more and more critical in closing loans.
With inflation, clients need the best mortgage interest rate they can get. We don’t just help people meet the minimum requirement to meet approval, we also can work to improve your client’s credit report, whether it is through credit building, authorized user accounts, to disputing inaccuracies for improvement or removal. Even small score boosts can make a large impact on your client’s mortgage interest rates. That can make a huge impact on your client proceeding with closing, or the client backing out.
A partnership with Credit Wellness Solutions can help you make a huge impact on your closing rates. With mortgage interest rates rising, getting your clients the best rate possible will become more and more critical to close your loans. We are here to help you get your clients the best rate or to help them get qualified. Click the button below to learn about our affiliate program for mortgage lenders. We look forward to working with you!
Your Path To Home Ownership Starts With Credit Wellness Solutions
Whether you are seeking credit repair services for mortgage approval, or to get better mortgage interest rates, Credit Wellness Solutions has you covered! Potentially during the process, credit repair can actually pay you, giving you money for your down payment, reserves, or maybe some furniture for your new home. Even if you don’t need credit repair services, we can guide you to a better credit score leading to a better rate. Schedule a free consultation to get started today!
