There is a lot of misconception about credit repair and credit scoring out there. As a mortgage broker we see and hear a lot of things. We are also solicited to constantly by credit repair people. Today we are talking to Sam Parker at MyCreditGuy.com (pre Covid-19). I have known Sam for many years, and I trust him, and I have seen him do great things for many clients.
According to Sam Parker, CEO of MyCreditGuy.com Credit Repair Agencies should not be charging upfront fees, taking extended periods of time, or doing ineffective blanket disputes, essentially not targeting each tradeline specifically for maximum results. For the best results go with a company that guarantees turn times and results. It is important to go with a company that is transparent about what they can do for you and more importantly, what the client needs to do to improve the score. In my personal experience, usually it is the borrower that starts the process and does not follow through when there are delays in the process.
Now you may ask, why is my score higher online than when you ran it with your mortgage broker? At the end of the day there are multiple algorithms. Different industries use different scoring algorithms. The housing algorithm is a stricter algorithm than what might be pulled by an online credit company trying to get you to sign up for a credit card etc. Most of those online credit reporting companies are trying to get you into a sales funnel. For more questions on Home Mortgage contact Garrick at FreshHomeLoan.com and for questions on repairing credit visit MyCreditGuy.com.
MyCreditGuy.com is a third-party service unaffiliated with Best Equity Property Services Inc. and Fresh Home Loan Inc. All mortgage products are subject to credit and property approval. Rates, terms, and conditions are subject to change without notice. Not all products are available in all areas. Additional qualifications, conditions, and restrictions may apply. This is not an offer for extension of credit, or a commitment to lend. Please contact Best Equity Property Services Inc. for more information.
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