Credit Corner

📉 The S&P 500 erases $2.1 TRILLION of market cap at the open.

🔶️ This puts total market cap losses since July 16th at ~$5 TRILLION.

🔶️ That's $357 billion PER TRADING DAY for the last 14 straight trading days.

🔶️ In other words, the S&P 500 has erased 2 TIMES the value of Nvidia's, $NVDA, market cap in 14 days.

https://youtu.be/R2rP-WTnHxM?si=ee0ippr4JtpmZA4K

Friends of Mortgage Heroes Episode 005 | Rod Prado - Senior Credit Manager In today’s episode our friend Rod Prado with Credit Corner joins Brian and Will talk all about credit! Credit Management is an essential building block for a...

I have information that I know is correct that I’d like to get removed. Is there any downside to disputing information on a credit report that you know to be accurate? Can I get in trouble?”

Answer:

First things first, the Fair Credit Reporting Act gives each of us the right to challenge information on our credit reports with which we don’t agree. There’s nothing in that law that prohibits consumers from disputing information on their credit reports for any reason.

Further, “accurate or inaccurate” is not the only variable that can cause the credit reporting agencies to remove something from a credit report. Your credit report information must be able to be verified, right or wrong.

So, if you disputed something from your credit reports and the furnishing party failed to respond to the credit bureaus, the item would be deemed unverifiable and would be removed.

It may have been perfectly accurate, but because the lender couldn’t or wouldn’t confirm its accuracy –bye, bye negative information!

Is it wrong to dispute correct information?

I’m not the morality police, and you can do what you want to do, but you do have the right to challenge any information on your report — whether it’s correct or not.

It’s your right to have correct and verifiable information on your credit reports. I can’t speak for everyone, but I imagine everyone also wants your credit report to be fully accurate and verifiable.

Imagine what you could do with a better credit score. You could buy the house of your dreams, start your own business, or finally take that dream vacation. But if you have a poor credit score, those goals may seem impossibly out of reach. That's where Credit Corner comes in. Our personalized credit repair plan, expert guidance, and all the tools you need to make your financial dreams a reality. Whether you're looking to rebuild your credit, address negative items on your report, or simply improve your score, Credit Corner can help you achieve your goals. Invest in yourself and your financial future by signing up with Credit Corner today.

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Are you tired of being limited by a poor credit score? Say goodbye to financial setbacks with CreditCorner, with customized credit repair plans, expert guidance, and all the tools you need to get your credit back on track. Don't let a low credit score hold you back, let CreditCorner assist you in reaching your financial goals. Sign up today and take control of your credit!
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Here are a few tips that you may find helpful if you're looking to improve your credit score:

1. Pay your bills on time: Late payments can have a negative impact on your credit score. Set up automatic payments or reminders to help ensure that you pay your bills on time.

2. Keep your credit utilization low: Credit utilization refers to the amount of credit you're using compared to the amount of credit available to you. It's generally recommended to keep your credit utilization below 30%.

3. Dispute errors on your credit report: If you find errors on your credit report, it's important to dispute them. You can dispute errors with the credit bureau that issued the report or with the creditor.

4. Be strategic about opening new credit accounts: While it can be tempting to open new credit accounts to take advantage of discounts or rewards, be aware that opening too many new accounts in a short period of time can negatively affect your credit score.

5. Use a credit monitoring service: Credit monitoring services can alert you to changes on your credit report, which can help you catch any errors or fraudulent activity.

Remember, improving your credit score takes time and patience. It's important to stay consistent and keep working towards your credit goals.

Happy New Year!

As we start a new year, it's a perfect time to focus on improving our financial health. If a low credit score has been holding you back from reaching your financial goals, our credit repair service can help.

Our team of experts has the knowledge and skills to help you dispute errors on your credit report, negotiate with creditors, and develop strategies to improve your credit score. We have helped thousands of clients increase their credit scores by an average of 100 points, and we can do the same for you.

Our service is backed by a 95% success rate and a money-back guarantee, so you can trust that we are committed to delivering results. We also offer a free credit consultation to help you understand your credit situation and determine the best course of action.

Don't let a low credit score hold you back any longer. Contact us today to start your journey to a better credit score and a brighter financial future.

Wishing you a happy and successful new year!

Rod Prado
CREDITCORNER

Dear Loan Officer and Realtor,

Are you struggling to approve loan applications due to low credit scores? Our credit repair service can help your clients improve their credit and increase their chances of loan approval.

Our team of credit repair experts has years of experience helping clients dispute errors on their credit reports, negotiate with creditors, and develop strategies to improve their credit scores. We have a 95% success rate and a money-back guarantee, so you can trust that we are committed to delivering results.

Our service is not only beneficial for your clients, but it can also help you close more loans and grow your business. By partnering with us, you can offer an additional value-added service to your clients and increase your chances of closing loans.

We offer a free credit consultation to help your clients understand their credit situation and determine the best course of action. Contact us today to learn more about how our credit repair service can benefit you and your clients.

Sincerely,

Rod Prado
CREDITCORNER

Guys,

Are you tired of being held back by a low credit score? At CREDITCORNER, we offer professional credit repair services that can help you improve your credit and achieve your financial goals.

With over 21 years of experience in the credit repair industry, our team of experts has the knowledge and skills to help you dispute errors on your credit report, negotiate with creditors, and develop strategies to improve your credit score. We have helped thousands of clients increase their credit scores by an average of 100 points, and we can do the same for you.

Our services are backed by a 95% success rate and a money-back guarantee, so you can trust that we are committed to delivering results. We also offer a free credit consultation to help you understand your credit situation and determine the best course of action.

Don't let a low credit score hold you back any longer. Contact us today to learn more about how we can help you improve your credit and reach your financial goals.

Sincerely,

Rod Prado
CREDITCORNER

At a time of record-high borrowing costs and rising prices, people need all the help they can get from their credit scores.

Some people might get a surprise boost — if they have student loans poised for forgiveness under President Joe Biden’s executive order wiping away federal student-loan debts up to $10,000 and, in some cases, $20,000.

TransUnion — one of the country’s three major credit reporting agencies alongside Experian, and Equifax EFX, — recently ran a simulation digging into the potential credit-score implications of Biden’s student-debt cancelling executive order.

Here’s the upshot: TransUnion ran its simulation over five scores — from a “subprime” range of 300-600 to a “super prime” range of 781-850. Most people stayed in the same credit-score range they already occupied even after subtracting the $10,000 debt.

However, TransUnion concluded that an average 88% of consumers remained in the same of five “credit risk tiers” when the researchers looked at a person’s credit score at a “static,” single moment in time. In a “trended” approach that wraps into numbers over several months, 79% stayed where they were.

Forgiving $10,000 of hypothetical student debt pushed 9% of those consumers in the “static” model to a higher score range, and did the same for 20% in the “trended” approach, the research showed.

Lenders can apply various score ranges to make lending decisions, but higher score ranges typically lead to more favorable borrowing terms.

On the other hand, nudges to a lower range occurred for either 1% or 3% of borrowers, depending on the scoring method. And a noticeable share of those people had student loan balances under $10,000.

Bottom line: For the majority of consumers, you don’t see a shift in credit-risk tier. That being said, there were some consumers where we did see shifts in risk tiers. That went in both directions., but we do see more of a negative shift for individuals who had balances that were less than $10,000.

By the end of last year, there were more than 43 million student-loan borrowers holding a cumulative balance of approximately $1.6 trillion. Almost one-third of borrowers had debts of up to $10,000.

more than half the share of forgiven debt would go to borrowers with scores under 660, suggesting that there is ample room for upside. That held true with both a $75,000 income cap and no income cap.

So why would a person who has lightened their debt load get a ding to their score? A person’s “credit mix” showing how they manage different types of debts could be one factor

As that forgiven student loan would close, or multiple loans would close, that credit mix is less diverse, which is potentially lowering the credit score.

The averages are weighted to incorporate multiple scenarios, like consumers with multiple loans, one loan, balances below and above $10,000. The share of consumers with balances below $10,000 who are pushed to a lower range is significantly higher than the 1%-3% average.

When it comes to underwriting, most lenders still review credit scores based on “static” scores.

Suppose borrowers have point swings up or down, but stay in their credit score range after the loan forgiveness. How will that affect them if they need a loan, a credit card or another transaction requiring a credit check? It’s difficult to say for sure because there are many variables, including the possibility that lenders are using their own score ranges.