How to Improve Credit Scores for resellers
Hello, this is Lev Selecter, founder of 101creditrepair.com, and the topic of this video is mortgage resellers and how they achieve a fast rescoring, which is improving of credit scores. Mortgage resellers is probably one of the best kept secrets in credit repair. They work with some mortgage lenders helping their customers, mortgage lenders were always pressing credit reporting agencies, CRA’s to allow faster scoring for their potential customers, that’s where the mortgage resellers come into play. And mortgage lenders don’t really like to talk about them, because they benefit from mortgages with higher rates. And CRA’s, credit reporting agencies, also they don’t even want to talk about it, they in fact don’t allow mortgage resellers to advertise their services to general public, they don’t want many people to know about their existence. So what mortgage resellers do once they got a customer from mortgage lender, they look at the credit reports and they can help the customer to improve the credit score by maybe 30 points or more in a very short period of time. And this may mean the difference between not qualifying for mortgage or qualifying for mortgage. So how they do it? Well, there are two reasons that how they can achieve these fast improvement. First, because they work with credit reporting agencies so closely, they don’t have to stay in line, they don’t have to wait 30 days to get responses. They have, you can say, like a fast service window. Second reason is because, we’re looking on the credit report, they target the records, the negative records which can be corrected fast. For example, there may be accounts which are old, more than 7 years, they should be removed, or accounts which were paid already but on the record they still showing as a not paid, having the balance, so this can be corrected. Or maybe accounts which are late and can be resolved by just calling the lender and maybe asking for a good pay for resolution. Or account which don’t belong to the user, or account where the user is only authorized user, not responsible to the account. Or there maybe multiple references to the same account, like for example, multiple records from different collection agencies to the same account. Especially if the account was already paid to one of the collection agencies, so there are many situations when the records should be corrected or can be easily corrected. Like for example, paying the balance or if you have a max out credit card, reducing the balance, these are things which can be done very fast and they dramatically improve the credit score. So these are the tactics of the mortgage resellers and well, this is it for this video, thank you very much for listening. I recommend to visit our website, 101creditrepair.com, where we have more videos like that and we have our guide and a lot of information which can help you to improve your credit score. Thank you.