Improvements coming for credit reporting
In recent years in the mortgage business, positive news for lending/home buying has been few and far between. So the recent news from the article link below is certainly welcomed with open arms by everyone in our industry! The potential changes coming down the pipe in the credit reporting world should certainly have a positive affect on credit scores, which will result in more qualified homebuyers. In a nutshell, and putting it in laymen’s terms, a few of the changes are:
-the bureaus will have more live people to help with disputes/complaints, rather than automated systems
-implementation of a 180 day waiting period on medical debt before those debts will be listed on credit, and will be removing the debts that are reported after they are paid (this is currently not the case)
-increasing visibility/education about receiving free credit reports, which should result in more people monitoring their credit to where they are in a better position to qualify for a loan rather than dealing with any issues during the process
This is the kind of news that our industry needs!
Check out the article link from Mortgage News Daily: Major changes for credit reporting
In recent years in the mortgage business, positive news for lending/home buying has been few and far between. So the recent news from the article link below is certainly welcomed with open arms by everyone in our industry! The potential changes coming down the pipe in the credit reporting world should certainly have a positive affect on credit scores, which will result in more qualified homebuyers. In a nutshell, and putting it in laymen’s terms, a few of the changes are:
-the bureaus will have more live people to help with disputes/complaints, rather than automated systems
-they are implementing a 180 day waiting period on medical debt before those debts will be listed on credit, and will be removing the debts that are reported after they are paid (this is currently not the case) \
-increasing visibility/education about receiving free credit reports, which should result in more people monitoring their credit to where they are in a better position to qualify for a loan rather than dealing with it during the process
This is the kind of news that our industry needs! Check out the article link from Mortgage News Daily: Major changes for credit reporting
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