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A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
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4. Credit Management
Included are; judgements, late payments, collections, charge-offs, Bankruptcies, Foreclosures and Judgments and explain how it effects your credit
Late Payments
If you have not paid an account by the designated date then you are late. Most companies will give a grace period, assessing a late charge. However, if the payment is over 30 days late, then the late payment will be reported to the credit bureaus who will immediately start lowering your credit score.
Collections
An account that hasn’t been paid in over 45 days can be put into collection. This means the company you have the debt through is concerned that the account is not being paid on time and may default. A collection department will take over repayment of the debt until the late payment has been brought current. Accounts that go into collection can be reported to the credit bureau if not brought up to date quickly. An account that is reported to the credit bureau as a collection account will significantly lower your credit score.
(Note: If you have fallen behind with a reported account, it is very important to contact the company and explain the situation. Most companies will work with you to ensure that the late payment is brought up to date.)
Charge-off
A charge-off occurs when a debt has not been paid for a significant amount of time, and no attempt has been made for repayment. The company will write the debt off as a loss. A charge-off not only significantly lowers your immediate credit score; it can affect your credit score for years.
Foreclosure
Is specific to CT mortgage debt. If CT mortgage payments are not made for 120 days, the CT mortgage provider may foreclose on the home. This is one of the most serious forms of negative credit and should be avoided at all costs.
CT mortgage credit can be one of the strongest forms of credit as well, and payments should be maintained current at all costs.
Bankruptcy
Bankruptcy provides people and businesses a fresh financial start when they are in such financial difficulty that they can not repay their debts as agreed. The fresh start is achieved by eliminating all, or a portion, of existing debts and/or by extending the monthly payments under the protection and supervision of a court. The process is also designed to protect creditors, because general unsecured creditors share equally in whatever payments the debtor can afford to make.
Removing incorrect information
Incorrectly reported credit plagues almost every person with reportable credit. There are three general ways incorrect information can appear on your credit report.
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