Huntington Beach, CA -- (SBWIRE) -- 03/13/2013 -- Recently the FHA & banks raised the minimum credit score requirements for home lending. The purpose of the credit score tightening is to lower their default rate by ensuring they lend to borrowers with higher credit scores. Needless to say mid-range credit scores aren't good enough anymore! It's going to be crucial for home borrowers to do all they can to maximize their credit score to not only get approved, but get the best rates and terms available for a home loan. Higher credit scores equal better rates & terms, not to mention thousands of dollars in savings over the life of a home loan. It’s also more important than ever for mortgage brokers, home lenders, & real estate agents to help their borrowers qualify for a home loan instead of just declining the potential borrower because they currently have a low credit score.
According to Jeremy Honor, V.P of sales for MFI Credit Solutions, a nationwide credit reporting agency, “an individual's credit score is made up of a complex algorithm and their own personal credit profile," “On top of this, the credit scores that are used by lenders to approve mortgage loans, are different then the consumer credit scores which are used mostly for credit card approval, car loans, & ‘free annual credit reports’. Home lenders will not accept consumer credit reports for lending purposes.” Jeremy says. "While the scoring models are based on some of the same factors, the mortgage rating score does not correlate with the consumer rating score. This can create confusion for a borrower who thinks they have a high score in general, only to find out that their mortgage score is much lower than their consumer credit score, or vice a verse."
To end all the credit score increase confusion, MFI Credit Solutions offers an exclusive service called Credit Mapping™ which completely eliminates the guesswork for getting higher credit scores! Credit Mapping™ provides home borrowers with a detailed, custom easy to read "credit map" which explains to them the actions they need to take in order to achieve their score goals, how long it will take them to reach their desired score, and most important how many potential score points they will gain by taking the specified actions! The average increase is 35 points in one week using rapid rescoring, 70+ points after 3 to six months and 100 points after 6 to twelve months! Credit Mappings are 99% accurate! Once a person has completed the required steps, a new credit report will be pulled to validate score increase. Credit Mapping™ is not “credit repair”! If the borrower doesn’t follow the instructions in their personal Credit Mapping™ then their scores won’t drastically increase. MFI Credit Solutions will do nothing physical to increase a person’s credit score such as write letters to creditors to open disputes, etc. as most credit repair scams often do. "Home borrowers need to understand that when you have an open dispute on your credit report, you won't qualify for home financing from major lenders. Not to mention most of the actions taken by ‘credit repair’ companies to get a consumers credit scores up aren't even permanent. Whereas the actions used to get a borrower’s credit scores up by Credit Mapping™ are permanent” adds Jeremy Honor.
Credit Mapping™ is perfect for a home borrower looking for financing or people that recently had a bankruptcy discharge because they can get their credit scores up before they start working with a mortgage broker, home lender, real estate agent, etc. to ensure they will qualify for a loan.
Credit Mapping™ is also the perfect tool for business owners that extend credit to their clients looking for financing because they want their clients to have a high credit score for approval.
Credit Mapping™ is billed directly to their client so business owners don't need to collect the small investment fee of only one hundred and nineteen dollars. However, the business owner can pay for their borrowers Credit Mapping™ ensure their borrowers qualify for financing. To order a Credit Mapping™ call 877-MFI-DATA.
About MFI Credit Solutions
MFI Credit Solutions is approved by Experian, Trans Union and Equifax to supply licensed professionals with credit reports.
MFI Credit Solutions also provides other information reports such as: residential title reports & flood certificates, employment verification's, 4506 tax transcripts, ssa-89 social security verification's automated valuation models, property condition reports, post discharge credit verification's mortgage underwriting, loan doc prep, compliance, closing services, & their exclusive Credit Mapping service.
For more information on their services and pricing, contact their new accounts department at 877- MFI- DATA or visit their new website www.MFICreditSolutions.com.
“A Full Service Credit & Lending Information Company”