WHY DO YOU NEED MY CREDIT REPORT?
Although most clients applying for loans know the answer to this question, they protest when informed of the requirement for a Tri-Merged credit report.
A tri-merged credit report is a single report which contains a full report with information and scores from the three major credit reporting agencies, Equifax, Experian and TransUnion. Credit Reports are used by Lenders to determine a client’s worthiness for credit cards, various types of loans, and apartment rental, etc. The information enables Lenders to evaluate the likelihood the client will repay debt based on either one or all three scores. Lenders conclude that the higher the score, the less risk of default on the debt. Generally, individuals with higher scores tend to live more conservative lives, take fewer risks, earn higher incomes and are more fiscally reliable.
Credit Score Ranking
760-850 Superior
700-759 Excellent
680-699 Very Good
660-679 Good
640-659 Fair
620-63 Poor
Lenders and their representatives (me included) charge varying amounts to “pull” or “run” Credit Reports. Consumers are entitled to one free credit report from each of the reporting agencies once per year. Numerous companies offering varying services related to Credit Reports can be found online. These services include obtaining Credit Reports, monitoring and repairing your credit. Most of the firms providing these services are reputable. Be careful when you choose because you will have to supply your social security number and your birth date.
It is true that pulling your Credit Report multiple times over short periods of time will lower your scores. However, the annual monitoring of your report will not adversely impact your scores. I recommend that you avoid the additional pulling of your Credit Report unless you are applying for credit, a loan or changing your residence.
In order to avoid unpleasant surprises when Lenders review Credit Reports, informed consumers monitor their credit scores. Use the review of your Credit Report as an opportunity to ensure that no fraudulent activity has adversely impacted your scores. Should you discover erroneous charges on your cards or the opening of accounts that you do not recognize, immediately report this activity to the reporting agencies.
Fraud Alerts
- Equifax: 1-877-576-5734; www.alerts.equifax.com
- Experian: 1-888-397-3742; www.experian.com/fraud
- TransUnion: 1-800-680-7289; www.transunion.com
You must follow up the telephone notification with written documentation to effectively refute items on your Credit Report. The documentation provides the basis on which the reporting agencies remove erroneous charges, aged accounts, closed accounts and other disputed items from your report. The removal of negative items from the reports increases your scores and improves your ability to obtain loans with lower interest rates and credit cards with higher limits.
In conclusion, contacting Commercial Cash Expert to secure a commercial mortgage loan on your behalf, will result in the need for your current Tri-Merged Credit Report. Most Lenders require the Report to contain the name of the company representing the client. Therefore, I will be happy to obtain the Credit Report for you and to provide some tips on increasing your score if necessary!
Commercial Cash Expert 1-800-980-5161
Restructure Your Commercial Loan
In today’s lending environment, many commercial property owners have discovered that their favorite bank has either been absorbed by a larger bank, closed or has called in their commercial loan prematurely. Many banks and private lenders have taken these actions with little or no notice to the borrower. This can result in foreclosure of your commercial loan. If you find yourself in one of these situations, we can help!
We are a direct commercial lender with a staff of lawyers and other professionals that can negotiate with your lender whether an institution or private lender. We will work out a solution that is beneficial to you and your current lender. How do we do it? It is called a “Restructure Plan”.
Restructure plans are contractual changes to the terms of the existing mortgage and include some or all of the following:
- lowered current interest rate ● reduced principal balance
- lowered monthly payments ● eliminated late payment fees
- extended mortgage term ● elimination of balloon payment risk
- elimination of variable rate risk ● deferred or eliminated past due amounts
Our staff has been in the commercial loan industry for decades and are experienced in all aspects of commercial mortgage transactions including servicing, legal, accounting, regulatory, underwriting and valuation. We bring this experience to work for your client by reviewing property and business cash flow information provide by the client. After we obtain an accurate snapshot of the client’s and property’s financial condition, we will discuss with the client a realistic strategy for restructuring the debt. We then create a proposal with all necessary exhibits and present it to the current lender. Our objective is to restructure your client’s monthly mortgage and we guarantee success!
The Processing Fee allows us to perform the intensive analysis required for a troubled commercial loan. The Deposit Fee is refunded in the event we are unsuccessful, through no fault of your client, in obtaining a restructured loan. The Deposit Fee will be held in an escrow account during the restructure process. Upon successful completion of the Restructure Plan, Client will pay a Success Fee equal to 1.5% of the prior loan principal amount.
How do you make money out of this program as a broker? As we negotiate the terms of the restructure many times a takeout loan is needed and you would secure origination fees on the new loan. In the event of a restructure of the current loan we would give you a referral fee which will vary depending on the size of the loan.
How does the process work? You get me the basic information on the loan such as the Personal Financial Statement or 1003 and any other details regarding the current note. We then schedule a conference call with one of our asset managers, the borrower and you. We review the borrower’s scenario and present the borrower with his options using our Advisory service. We email the borrower our agreement and copy you. Once the borrower engages our Service our processor will contact the borrower getting the appropriate documentation.
We look forward to helping you and your clients.
We also provide conventional commercial loans!
Visit my site http://thecommercialcashexpert.com
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