Kenn Renner's (kennrenner) Blog

In recent years, the home mortgage industry has undergone dramatic changes. An economic crisis that was created by a mortgage industry gone wild. Too much easy money led to too many people buying houses who should not have been buying in the first place. Speculators bought homes with the expectat...

People have been scammed out of hundreds and even thousands of dollars by unscrupulous organizations that promise better credit and then don’t deliver. There are credit repair companies that do a fair to good job and help get scores up but “beware” – the scammers are out there. Beware of organiza...

Unfortunately, those who like to pay cash for everything can have a problem getting a score generated. This does not seem fair but it happens all the time, especially to immigrants who moved here from out of the country. They don’t have a credit history here in the U.S. and therefore no score. It...

Always keep in mind that each industry score is different. An automotive score is different from a credit card score. If you purchase the scores from websites offering scores, they will in most cases not be reliable for a mortgage. It can be used as a barometer for those, working on fixing their ...

Balances on Credit Cards The score software counts balances on credit cards as a very high percentage of your score. It is always advisable to keep balances under 19% of the credit limit. Scores work on a percentage basis. If you go over 19%, this will negatively affect your score. If you go over...

The credit reporting software looks at how long an account has been open and if it has a small balance, it will give you credit for the long history. If you pay the account off, it will have a little effect. Keeping older credit card accounts active will always help the scores. Don’t pay off an o...

The Credit Bureaus Rights The Fair Credit Reporting Act allows credit bureaus to refuse to investigate items that are considered “frivolous” or “irrelevant.” It is up to the credit bureaus to decide what requests are “frivolous or irrelevant.” A letter that is sent to the bureau claiming “everyth...

Negotiating with creditors is sometimes the easiest and quickest way to fix credit. Most creditors or collection agencies don’t want to ruin someone’s credit – they just want to be paid. A consumer who wants to clear the blemish from the credit may simply just ask. For instance, if a dentist has ...

The next step in credit repair is to write a letter to the “major” credit bureaus (Experian, Trans Union, Equifax and now Innovis) and to the local bureau explaining the inaccuracies found on the credit report. If a credit card company is reporting late payments and you have proof the payments we...

A consumer has the right to challenge (dispute) any of the information contained in a credit report. If a consumer believes the information to be inaccurate or obsolete, the credit bureau must investigate the item being challenged. If a borrower has proof (ex. canceled check) of an account being ...