by Mark Field, Mortgage Professional, Barrett Financial Group
Eighty percent of people have something inaccurate on their credit report that is adversely affecting their credit score. A lower credit score will increase costs on a mortgage, car loan and credit cards.
There are things you can do to increase your score. First, don’t let anyone run your credit unnecessarily. Not everything is what is seems. For example, freecreditreport.com is not free. You can run your own credit report for free. The federal government passed a law requiring the credit bureaus provide a credit report free once a year to everyone. Go to annualcreditreport.com.
Beware bait and switch tactics. For example, many online lenders are not mortgage companies but marketing companies, and the product is your credit and personal financial information including your Social Security number. When you give that information to these marketing companies, you are giving them the right to sell that information to anyone who will buy it. This is not the way to choose a mortgage lender. You are better to work with a local mortgage professional, someone you can hold responsible.
I was trying to help a financial fraud victim. The New Jersey company would not return the $2,500 to the homeowner who was trying to save their home. When I contacted the Arizona Attorney General’s office, they declined to take on the case because the company was in New Jersey. When I contacted the New Jersey Attorney General’s office, they declined to intervene because the victim was in Arizona. Criminals exploit this gap in law enforcement. You have far more protection when you choose a local Arizona mortgage lender to represent you.
The most rewarding feeling being in the mortgage industry is helping solve major financial issues. For example, a real estate agent referred me to a couple wanting to buy a home. The husband told me that the wife’s purse was stolen from the supermarket and someone wrote many bad checks on their account. They had been dealing with this issue for three years. I asked what city this occurred in, contacted the police department and obtained a copy of the police report. I then submitted it to all three credit bureaus and had all the derogatory accounts modified, removing them from the credit report. Now the couple qualified to buy the home.
Mark Field, (NMLS 965030) a U.S. Navy submarine veteran and 20-year mortgage professional, was inducted in the 2017 Arizona Veterans Hall of Fame. Field also received the 2017 Mortgage Loan Originator of the Year award and received a Proclamation from the Arizona Legislature for his extensive community service. Field is with Barrett Financial Group and can be reached at (800) 405-2310.