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By Jacky, on April 25th, 2011
 In our current economic condition in the United States of America, there has never been so much talk about credit scores, credit reports, bad credit and anything credit! Why, even several years ago when we began offering credit repair services to a few special clients, we had to literally take our clients by the hand and educate them about the credit and borrowing system and how it impacts their everyday lives! Fast forward to the 21st Century and we still get questions about how to know the difference between credit scores and credit reports.
First of all, let’s explain what a credit report is. Basically a credit report is a history of your credit activities.You create a credit record on file at a credit bureau if you have ever applied for a credit or charge account, loan, rental housing, insurance, or even a job. Your credit record basically contains information about your income, debts, and credit payment history. It can also contain information about arrests, lawsuits and if you have ever file for bankruptcy. Just as the name says it is “a report”. As an example, take a report card that you receive from most schools that indicates your academic progress. It lists all of your performance grades for each class by letters such as “A” for excellent, ” B ” for above average, ” C ” for satisfactory and so on. Each letter grade in many schools carry a point value, for example an A is 4 points, B is 3 points which allows the school to calculate your overall grade point average, or a sum total of your grades. Once all of the grades in your report card have been reported, a grade point averge is computed in order to give you a number that represents your overall academic progress for those classes. In credit terms, that number, like a grade point average, is a credit score!
Although there are many credit reporting bureaus, there are three main ones that are used by most creditors and lenders, TransUnion, Experian, and Equifax. The credit bureaus maintain a history record of your credit activity and are regulated by The Federal Trade Commission. Your rights on how your credit information is used can be found in The Fair Credit Reporting Act.
Credit scores are bit more complex to define since they depend on factors that vary from each credit score provider as well as the information maintained by each of the “Big Three” Credit reporting bureaus mentioned above. A definition of a credit score is that it is a numerical expression based on a statistical analysis of a person’s credit files maintained at the credit bureaus, to represent how creditworthy a person is.
Just as there are many credit reporting agencies, there are a few credit score providers, but for this article we will refer to one of the largest and widely used, FICO which stands for Fair Isaac Company. A FICO credit score ranges from 300 to 850, with 850 being best.
This is just a little clarification of the difference between credit report and credit score. Remember, if you need to view your credit reports, you can get them for free without any hidden terms at annualcreditreport.com The free credit reports from annualcreditreport.com are available once a year from each of the three main credit bureaus, Experian, TransUnion and Equifax. Be sure to check back as we go more into fixing bad credit! Good luck!
 Contributed by: MyCreditClean.com
By Jacky, on October 19th, 2010
Foreclosures are on a see-saw! One week they are at an all time high and the next, they are stopped!
Of course, it would be too optimistic to think that there would be a permanent freeze on foreclosures for families that want to save their homes. No, this is not the case. In recent weeks, large banks such as Bank of America, Ally, Chase and others were made aware that systemic faulty foreclosures may have occurred in the processing of their foreclosures on home mortgages. As a result, foreclosures were halted in up to 50 states while the banks re-examined their foreclosure processes and documents.
Let’s take a look at how we got to this point where some of the largest banks in the U.S. put a stop to their own foreclosure processes.
Starting back in September, there were reports that Ally Financial, formerly GMAC Mortgage, sent a memo to it’s employees to halt evictions temporarily on homes that they foreclosed on in 23 states across America. Initially, there were denials that a freeze in foreclosures and evictions was taking place, but later employees of GMAC Mortgage acknowledged receiving an urgent memo ordering them to stop evictions and lock outs due to foreclosures on properties of homeowners with delinquent loans.
Continue reading Banks Stop Foreclosure Temporarily
By Jacky, on October 19th, 2010
According to Bloomberg.com, Citigroup and Ally Mortgage were sued by homeowners in Kentucky for allegedly working with the Mortgage Electronic Registration System or MERS, to falsely foreclose on mortgages.
The suit, filed as a civil-racketeering class action on behalf of all Kentucky homeowners facing foreclosure, claims that through MERS the banks werre foreclosing on homes even when they don’t hold titles to the properties.
Defendants have filed foreclosures throughout the state of Kentucky and the United States of America knowing that they were not the ‘owners’ or beneficiaries of the loan they filed foreclosure upon,” the homeowners wrote in their complaint filed Sept. 28 in federal court in Louisville, Kentucky.
The banks are being accused of RICO- The Racketeer Influenced and Corrupt Organizations Act (commonly referred to as RICO Act or RICO), fraud of which Ally has denied the allegations. Read more how other cases allege MERS are “too close” to banks at Bloomberg.com!
By Jacky, on November 13th, 2009
In spite of all the good intentions that the Banks and the Obama Administration had in mind when they initiated the Making Home Affordable loan modification program to stop foreclosure for home borrowers that were facing foreclosures, there were many borrowers unable to qualify for the program. Due to the inability of the “Making Home Affordable” program to help stop foreclosure for a large number of ineligible, willing applicants, foreclosures continued to spiral out of control. Many families despite their efforts to keep their homes, were unqualified for foreclosure avoidance programs offered and had to give up their American Dream of home ownership that they worked so hard for.
Not so fast! Fannie Mae have come up with another option for slowing foreclosures, “Deed for Lease™ Program”. The Deed for Lease program announced by Fannie Mae in November, is a program designed to offer up another option for borrowers facing foreclosure who do not qualify for other stop foreclosure programs like loan modifications. The way it works is that qualifying homeowners facing foreclosure may be able to stay in their homes if they sign a lease and at the same time, voluntarily transfer the deed of the property back to the lender, also called “deed in lieu of foreclosure”. The primary aim of the Deed for Lease program is to help alleviate the problems associated with foreclosure, such as uprooting families, decaying neighborhoods and other harddships caused by foreclosures. According to the Vice President of Fannie Mae, Jay Ryan, Deed for Lease is another option for troubled borrowers facing foreclosures; Continue reading Lease Back Home In Foreclosure
By Foreclosure, on August 22nd, 2009
Foreclosure found this interesting article
Ralph Roberts is a Realtor who has written many books about the real estate market and flipping homes, such as Foreclosure Investing for Dummies. U.S. News talked with Roberts about some of the first things a potential investor should know before getting into the foreclosure market. Read More Here.
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