From the mailbag: If I owe $175K on a VA mortgage on my primary residence and the bank agrees to “forgive” $25K because the best I can sell my house for is $150K will this negatively affect my cerdit rating? Most likely this will adversely affect your credit. The extent will depend on how the bank [...]
Posts under ‘Credit Bureaus’
Faulty Credit Reporting and the Growing Trade in Discharged Debt
I see faulty credit reporting all the time. After pulling credit, I (or Aimee) will review the credit report with the borrower. It is amazing how many times we see active accounts which have been discharged during a bankruptcy. Quite honestly, I’m not sure how much this affects the credit score, but it certainly will not help. [...]
Bad Credit Can Cost You Your Next Job and Your Dream Promotion
Not only can bad credit cost you big bucks, it could even cost you that new job you want or the promotion you’ve been working so hard to get. It’s hard to believe, but it’s true, more and more employers are pulling credit and screening out job applicants. I vaguely remember a conversation from a few months. [...]
