E Loans Free Credit Score Offer - Useful For A Mortgage?

E Loans Free Credit Score offer does not give you your real credit scores. To get them, like so many other free credit report and credit scores you have to pay for them. On FreeCreditReport.com you will get a free credit report, but you will also be enrolled in a credit protection program to get the free credit report. The credit protection program cost money. So it's not really free. Just be sure to read the fine print before you sign on the dotted line for a free credit report. (Free Credit Report Information update)

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What is Debt Negotiation?

What is debt negotiation? Debt negotiation is an alternative to bankruptcy. If you are behind on your credit cards and unsecured debt, you do have options. Often times you can settle your debt for pennies on the dollar. The average debt negotiation settlement will range anywhere from 40-60 cents on the dollar. Once the debts are settled with you creditor, your credit score will go up. You will no longer have negative trade lines reporting on your credit report. If you are having financial trouble, debt settlement is a great option but it still may not be appropriate for you. You still may want to speak with an attorney just to see what the ramifications are of your financial condition. Do your homework before making your decision. Getting out of debt is one step at a time.

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Debt Negotiation by an Attorney

I would be wary of using a third party debt negotiator to settle your debt for you. I would really advise to seek the services of an attorney to settle your old bills. An attorney is held to a higher standard. You always have the option of going to the state bar to complain about poor service. They are also accountable for monies that are deposited in their trust account. The best reason might be that a third party debt negotiator and an attorney will end up about the same in fees.

Additional Articles

Does pulling your credit report hurt your credit score?

I have been in the mortgage business for nearly 7 years. One of the biggest misconceptions that I run into is that pulling your credit report numerous times will hurt a credit score. I find that sometimes new borrowers are reluctant to have their scores pulled because of this belief. They believe that their scores will drop considerably if everyone is pulling it. The reality is that you can pull your mortgage credit report unlimited times in a 14 day period from the first pull and it will count as one pull.

It is a known fact that borrowers will talk to a couple of different lenders prior to selecting a company to go with. It is just part of the research and fact finding process. It is a ploy by some lenders to tell their clients not to have other brokers pull their report. To a broker that has already pulled credit, this improves their chance of securing the loan instead of another broker. They scare the potential borrower into believing that their credit will be ruined if they have other people obtain reports, thus potentially risking the homebuyer’s ability to obtain a loan that serves the consumer versus one that serves the mortgage originator.

The problem with this is that a borrower may miss out on better loan terms and lower closing costs. If a lender tells you not to have anyone else pull your credit for these reasons, you may want to talk to someone else. They are not being honest with you. The end result is that it could cost you thousands of dollars over the term of your loan. An honest lender will give you this information. They are confident in their services and don’t have to rely of sleezy scare tactics to earn your business.

If you want to know what your score is, you can pull it yourself. If you pull it on your own it does not count as a pull. Be sure that you pull a mortgage credit report. This will be more accurate for assessing your ability to get a loan and the types of rates that you will be able to get. Most of the free credit reports online are consumer credit reports. They are similar but are not accepted as a valid report in the mortgage industry. You can go to Getprequalified.com to order a free credit report. You will also find other useful services to get started on the home buying process.

Dave Mason
Mortgage Broker

Hey don't pull my credit

I have been in the mortgage business for nearly 7 years. One of the biggest misconceptions that I run into is that pulling your credit report numerous times will hurt a credit score. I find that sometimes new borrowers are reluctant to have their scores pulled because of this belief. They believe that their scores will drop considerably if everyone is pulling it. The reality is that you can pull your mortgage credit report unlimited times in a 14 day period from the first pull and it will count as one pull.

It is a known fact that borrowers will talk to a couple of different lenders prior to selecting a company to go with. It is just part of the research and fact finding process. It is a ploy by some lenders to tell their clients not to have other brokers pull their report. To a broker that has already pulled credit, this improves their chance of securing the loan instead of another broker. They scare the potential borrower into believing that their credit will be ruined if they have other people obtain reports, thus potentially risking the homebuyer’s ability to obtain a loan that serves the consumer versus one that serves the mortgage originator.

The problem with this is that a borrower may miss out on better loan terms and lower closing costs. If a lender tells you not to have anyone else pull your credit for these reasons, you may want to talk to someone else. They are not being honest with you. The end result is that it could cost you thousands of dollars over the term of your loan. An honest lender will give you this information. They are confident in their services and don’t have to rely of sleezy scare tactics to earn your business.

If you want to know what your score is, you can pull it yourself. If you pull it on your own it does not count as a pull. Be sure that you pull a mortgage credit report. This will be more accurate for assessing your ability to get a loan and the types of rates that you will be able to get. Most of the free credit reports online are consumer credit reports. They are similar but are not accepted as a valid report in the mortgage industry. You can go to GetPrequalified.com to order a free credit report. You will also find other useful services to get started on the home buying process.

Dave Mason
Mortgage Broker

Debt Settlement, Debt Negotiation an alternative to Bankruptcy

I think this is going to be the year that America is going to have to face its unhealthy debt problem head on. There has been a big party going on in the real estate industry for a few years and now it is time to deal with the hangover. If you have turned on the TV we are beginning to be bombarded by commericals for debt reduction, debt consolidation, credit counseling, CCCS and debt negotiation services. I do not remember seeing that many of these ads when the real estate market was doing well a few years ago. Debt gurus such as Suze Orman, Dave Ramsey, Larry Winget and Kevin Trudeau have been flooding the airwaves pitching debt salvation with their programs and products.

The fact is that millions of people are just getting to far behind on their bills to even try to bail themselves out. They would love to do a debt consolidation or debt restructure program but they just cannot afford it. Many people will look at the bankruptcy option. Getting a chapter 7 or chapter 13 bankruptcy is not as easy as it used to be. I think if you are considering a bankruptcy you may want to consider the debt negotiation option. Debt Settlement and Debt Negotiation will allow you to settle your debt without the long-term negative impact on your credit like a bankruptcy would have. You can also be out of debt in 36 months or less. Usually you can settle your debts for 40-60 cents on the dollar. In a chapter 13 you will still be making payments. The majority of credit card companies such as Discover, Master Card, Visa, American Express, MBNA, Citibank, Washington Mutual, Providian, HSBC, Chase, Bank of America, Wells Fargo and others will negotiate with you. If you file bankruptcy, they stand the chance of collecting nothing. It is very expensive for them to go to court and try to collect from you. Getting judgements is the easy part, collecting on them is the difficult part.

If you are considering bankruptcy, it is worth your time to investigate the debt negotiation option.

Additional Articles on Debt Negotiation

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The Fair Debt Collection Practices Act

If you are falling behind on your bills or are already in collections you do have rights. Creditors cannot harass you. To view a summary of the Fair Debt Collections Practices Act go to GetPrequalified.com.