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Nationwide Credit - The Wright Team
Credit Challenge Background... Real Life Borrowers with Real Life Credit Problems
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The NCA Credit Repair Challenge
From an experienced Lender’s Standpoint, who has worked extensively with credit repair (Our Corp. Offices are located in the “Inland Empire” of California), we have found that there are several types of “Credit Repair” clients that transform back into “Good Qualified Borrowers.” This is important, because our goal as Mortgage Lenders is to fund quality loans that do not result in Defaults and Foreclosures. The problem is that the majority of credit reports contain enough false, outdated and misreported garbage as to lower the borrower’s credit scores… and the credit bureaus really do not seem to care. (Page "down" towards the mid-area of the page to read more about “The Credit Challenge” and see copies of the actual borrower's credit reports)
NOTE: If any of my following borrower descriptions "step on anyone's toes;" they are not meant to hurt feelings, or be
insulting, but are my observations gained from years of working with my own and other borrower’s credit challenges.
BAD CREDIT SCORE / GOOD BORROWER - Type 1: These are the multitude of borrowers that the big banks helped get into credit/borrowing trouble, and are now running away from. Central City Mortgage Can Help if you fall into this category... These are the borrowers who are beginning to fall behind on their credit obligations and rapidly feeling squeezed by decreasing property values. Many borrowers caught in this vicious credit scenario may be late on multiple payments, and now have plunging credit scores. These borrowers simply need a hand up and out of their current credit dilemma, and help getting into a loan that helps solve their problems rather than causing them. Interestingly enough, this is one of the hardest files for credit repair services to deal with because recent “Late Pays” harm your credit more than “Old” Late Pays... with mortgage "Lates" rapidly becoming credit killers.
BAD CREDIT SCORE / GOOD BORROWER - Type 2: From a Loan Officer stand point, this is the type of borrower we like to help most because they tend to be the most grateful and never fail to refer our services, but unfortunately they are the least receptive to “Credit Repair” Services. This is the borrower that has suffered credit damage deep in their past… often multiple years old, and has decided to wisely avoid a lot of credit. These borrowers may have semi-reestablished their credit using “High Risk” or “Sub-Prime” loan programs, or have gone onto a cash/debit lifestyle. These borrowers have learned the “Hard Way” the value of “Good Credit,” and once restored maintain exceptional credit reports.
BAD CREDIT SCORE / PROBLEMATIC BORROWER: This type of borrower often fails to take any responsibility for their borrowing problems, and is often simply looking for a way out of, or an excuse to not pay their bills. Most of these borrowers can be helped with “Credit Repair,” but unfortunately fall right back into, assuming they ever got out of, a pattern of not paying their bills on time. This type of borrower tends to have mixed results with "Credit Repair," and wants to blame the service for poor results when in fact they still have not developed a pattern of paying thier bills on time.
Many borrowers in this "Problematic" Category evolve into “Type 2” Good Borrowers over time… it becomes a learning experience. “Good Credit” is often learned from having experienced “Bad Credit;” which for many provides life altering lessons that result in major lifestyle improvments!
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Credit is a way of life in America. Without good credit, you have to take your seat in the second-class section of our economy. | |
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BAD CREDIT SCORE / GOOD BORROWER - Type 1:
NCA CREDIT REPAIR CHALLENGE
Anybody in the Lending and Credit Business will tell you that this is the hardest borrower and credit to work with… and this file is as hard, nasty and challenging as anyone will find. NO EASY CHALLENGE!! This borrower had an exceptional credit score not that long ago, but became mired down with medical bills when they experienced major medical hardships (Advanced Breast Cancer). The diagnosis stripped both husband and wife of their focus on their small business (Restaurant) and deprived them of a major portion of the wife’s income as she was undergoing treatment.
The Good News here is that the wife is doing well, and has returned to her employment outside the restaurant. The restaurant is doing well, but they fall behind on payments producing endless recent late payments on their credit. They have caught up on their payments, but the resultant “Lates” have plunged their once stellar credit scores into the basement. These borrowers could not get a loan at the bank with a gun... but clearly they have been responsible borrowers, and would be again given the chance. The challenge here is to remove the “Late Payments” shown on the report, and leave all of the positive credit information intact, demonstrating the strong history of credit repayment they once held. NOTE: As their credit report reads presently; from a credit lender’s standpoint this borrower is a “Bankruptcy” waiting to happen. Without credit repair these people could stand to lose a lot! Both Central City Mortgage and Nationwide Credit Alliance are looking forward to returning these borrowers credit back to “Good Credit.” We also wish them the best with their health challenges… “The Wright Team” is familiar with the challenges Cancer can bring to your marriage and credit report.
Click Here to See Challenge 1 Full Credit Report
(This is a LARGE FILE and can load slowly) |
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BAD CREDIT SCORE / GOOD BORROWER - Type 2:
NCA CREDIT REPAIR CHALLENGE Anybody in the Lending and Credit Business will tell you that this also is not an easy borrower and credit situation to work with… and this file is as hard, nasty and challenging as anyone will find. NO EASY CHALLENGE!! What compounds the difficulty in working with this credit report is the fact that the borrowers have worked with another “Credit Repair” Company in the past that helped "Cement" the negatives (Collections, Judgments, and Tax Liens) onto the credit reports.
On the positive side, the borrowers have evolved into a very responsible “Cash/Debit” Lifestyle and learned to value “Good Credit” more than many who have enjoyed it without any of life’s challenges. In this case the challenge was an accident induced disability combined with a child who was treated for cancer. The Good News here is that the child is doing well, and been in full remission for years now… and the husband has changed fields of employment and recovered from an accident that could have required back surgery (without surgery). The challenge here is to remove the “Negatives” and rebuild positive credit. It is interesting to note that the credit scores are already in the mid 600 plus range… and the wife shows one score in the 700s. These borrowers have worked their way a long way through Credit Bureau Hell, but fallen short of their goal of restored credit.
Both Central City Mortgage and Nationwide Credit Alliance are looking forward to returning these borrowers credit back to “Good Credit.”
Click Here to See Challenge 2 Full Credit Report
(This is a LARGE FILE and can load slowly)
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Full Copyright 2007 Ed Wright, and/or submitting content provider(s); All Rights Reserved |
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