Using Credit Restoration to Compete in a Market Slowdown

Using Credit Restoration to Compete in a Market Slowdown.

In today’s market, Loan Originators are facing a triple whammy:

1. Rising credit guidelines and a smaller number of lenders and loan products available.
1. 170 Lenders have gone out of business since late 2006(according to Implode-o-meter, http://ml-implode.com/ )
2. Higher FICO scores and LTV values to obtain a loan.
3. An escalating number of mistakes on credit profiles:
1. The Federal Reserve Board has found that 70 percent of the 600 million credit files maintained by the three nationwide credit reporting agencies (“CRA”) in this country have missing or inconsistent credit limit information and that 78 percent are missing at least one account in good standing. One in two of all files suffer both problems. Generated by furnishers, these errors occur both intentionally and unintentionally, producing inaccurate consumer credit reports and unjustly lowered credit scores. This causes denied loan originations or rates that are more expensive, employment rejections, and lost or more expensive rental housing and insurance coverage.
2. In addition to the high number of errors, many consumers simply do not have the ability to attempt to repair incorrect data. Up to 130 million of the 200 million adults in the United States lack the reading and quantitative proficiency needed to understand a credit report that is based upon approximately 350 variables, and 90 million adults lack the ability to write a brief letter explaining a single error on a credit card bill. Additionally, 37 million adults in the United States speak a language other than English at home. Of these, only 19% have the ability to write a letter to a credit card company. For the 30 million families with both adults working at least one job, and the almost 10 million working single-female heads of household, arguably the consumers most severely harmed, there simply is not sufficient time to deal with errors on credit reports

Good credit is like oxygen for your client’s financial life. Without it, their financial life will be choked. So, send them to MCS for credit restoration and give them the freedom from that sinking feeling of living with bad credit.

Considering the above, the rewards of credit restoration are easy to see, more closed loans for you.

To learn more: Go to www.metroplexcreditsolutions.com
or call 214-466-1000 / Toll Free 866-237-4900 / FAX 214-466-1978