Are Some Credit Reports "Fake News"?


Are Some Credit Reports "Fake News"?


Per a Housing Wire report, Experian (one of the 3 major credit bureaus) was fined $3 million for representing that their "purchased" credit scores were the same scores used by Lenders for Mortgage Underwriting decisions.  (Housing Wire article link)

Experian, point blank, misled their consumers badly ... 

Their consumers were, (and I am paraphrasing), "receiving the exact same credit scores that Mortgage Lenders use to make loan and credit decisions".  This, they promised, would prove to be a great advantage to these consumers as they started their home shopping and mortgage search.

The CFPB (Consumer Financial Protection Bureau) found Experian's sales approach very misleading ... because it was.  And obviously, Experian will now pay for having performed their business in this manner.

What's a sad outcome of these headlines:  Experian's actions may create further distrust of the credit and financing process.  And that, in turn, may further increase the misconceptions and fears many consumers have surrounding credit scores themselves.  


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Credit scores (and credit scoring) can be a very beneficial tool for consumers.  But they're rarely viewed as such.  Too often, consumers hold a negative view of credit scores and scoring ... and they don't understand how they function.  

Because of this: Many potential mortgage clients fear their credit scores being pulled when it comes time to seek financing. I find this to be true whether the client has good or poor credit ... or falls somewhere in between.

They believe if credit scores are pulled, they'll take an adverse hit. No matter the truth or their particular circumstances, it can be hard to convince them otherwise.

To their defense: It's easy to understand why many believe this to be a fact. It's not uncommon to hear stories about this having happened.

And it's true, depending on the timing of the credit pull and the specific financial/credit circumstances of the client, there can be some impact seen on their scores. But typically, if any impact occurs, it's minor.

It's also true: Needless inquiries on credit scores should also be avoided. The same goes for multiple inquiries. Too many inquiries made in a short period of time can prove detrimental to credit scores.

But currently:  Much of the mortgage pre-qualification and approval process rests upon credit scores.  It's absolutely essential for an LO to pull a tri-merge Mortgage Credit Report in order to provide clients credible advice and an opinion as to the "approvability" of their financing. 

Without having credit scores pulled and to rely upon, the reliability of any Approval is weak. It's what could be currently referred to as "fake news" ...

Factual credit scores matter ... Experian should have known that.

Consumers also need to be aware and know how their credit scores affect their mortgage "approvability", the mortgage programs available to them, their interest rate, and more.

Working with a New Lenox - Chicagoland Mortgage Originator that is thoroughly educated and sensitive to how credit scores work and affect their clients' financing is vitally important too. Receiving the correct credit advice can mean monetary savings for a Borrower. It can mean the difference between a fluid successful home buying experience and mortgage processing ... possible delays ... and failure.

When you hope to finance a new home (or refinance your present one), it's no time to rely on "fake news" ... credit scores received from sources that cannot be used in your Mortgage Underwriting Process or for Mortgage Approval.

Let's talk today. Together's we'll discuss the most opportune time to pull your credit scores. Then relax and follow my expertise and guidance moving forward. I have your back and want you to successfully close your loan ...


 Contact Me to Find Out More!


            
* Looking to find what possibilities exist for you? Hoping to Buy or Refinance a Home in New Lenox, Will County, or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:

Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed

American Portfolio Mortgage Corp.
nmls #175656
  
Direct:  815.524.2280
Cell/Text: 708.921.6331
eFax:  815.524.2281

 

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Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:  
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the 
greater Chicagoland region, including:  
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, 
Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, 
Romeoville, Naperville, etc.),  DuPage County, the City of Chicago, Cook County, 
and elsewhere within IL & WI.

Referrals are Welcomed!

  
















2017 Easter "Hoppinings" in Will County

2017 Easter "Hoppinings" in Will County

 Visit my Website to Contact me and for Mortgage Info!

The Easter Bunny will be hopping all over Will County providing treats and fun for Easter this year! 

There will be:
  • Egg hunts 
  • Flashlight hunts 
  • Hunts for canines
  • Pancake Breakfasts 
  • Photo opportunities 
  • Entertainment, inflatables, petting zoos, & music
  • Games, treats, raffles
  • Crafting 
  • And More to enjoy all across the County of Will … 


Where can you find all this Easter fun?  

Below you'll find a list of the many Will County Communities offering 2017 Easter events ... along with some vital info and links for each event:

Beecher
Beecher Chamber Easter Egg Hunt 
Saturday, April 8th  -  11 am
10 & Under 
Pre-Registration include eligibility for Raffle
Winners MUST be present
Bring a Camera!
Info:  708-946-2261  
Bolingbrook
Skate with the Easter Bunny
Saturday, April 15th
1:10 to 3:20 pm
Info: 630-679-1700

Parkie's Egg Hunt

Splashtastic - Pelican Harbor Indoor Aquatic Park
Easter Egg Hunt in the Water!
Ages: 2 to 8 years
Fee & Registration Required
Info:  630-739-0272

Braidwood
Children's Easter Egg Hunt
Saturday, April 8th
Registration Starts: 12 Noon
Hunt Begins: 1 pm
0 yrs thru 9 years
Flyer

Info:  815-458-3896
Channahon
Dog Gone Egg Hunt
April 8th  -  9:45 am
Owners need to be present - Dogs leashed
Plastic eggs filled with Treats!
Elwood
Elwood Egg Hunt & Community Breakfast
Breakfast:  Elwood Church
Saturday, April 8th 
FREE Biscuits & Gravy Breakfast 
8 to 11 am
Egg Hunt:  Tyler Park 
Ages: 2 yrs to 10 yrs
Begins @ 10 am
Info: 815-424-1093
Joliet
Easter Egg Hunt 
 Nowell Park - Begins:  10 am 
Heggie Field - Begins:  1 pm
Bring your Easter Basket!
Ages:  4 yrs & under; 5 – 7 yrs; 8 – 10 yrs; 11 – 12 yrs
FREE
Info:  815-741-7275
Lockport
Egg-Streme H20 Adventure
Friday, April 14th  -  5 pm to 7 pm
Fee Involved
  For Info Call:  815-838-2283 or to Register for Event  
Manhattan
Flashlight Easter Egg Hunt
Friday, April 7th
8 pm to 9 pm
Ages: 10 to 13 yrs. old
Small Fee & Registration Involved
Info:  815-478-3324

Easter Egg Hunt
Saturday, April 8th
3-5 yrs old:  1 pm - 1:15 pm
6-7 yrs old:  1:15 pm - 1:30 pm
8-9 yrs old:  1:30 pm - 1:45 pm
FREE
Info: 815-478-3324
Mokena

               Easter Fun @ the Library
Mokena Community Public Library
Saturday, April 1st
1 pm - 3 pm
Easter Bunny, treats, face painting & more
FREE
Info:  708-479-9663 

Mokena Lions Club Easter Egg Hunt
Saturday, April 8th  -  12 Noon to 12:10 pm
6000+ eggs!  
FREE

Flashlight Egg Hunt for Ages 10 yrs to 18 yrs
Mokena Main Park  (Picnic Grove)
Thursday, March 30th
8:30 pm  -  9:30 pm
Fee Involved & Registration Required
Info:  (708) 390-2401

Monee
Community Easter Egg Hunt
Saturday, April 15th  -  10 am to 11 am
Bring your own Basket to collect eggs!
FREE
New Lenox
Easter Egg Hunt
New Lenox Community Park District -  Haines Wayside Park
Saturday, April 8th
Ages 2-3 – 10:30 am
Ages 4-6 – 10:40 am
Ages 7-10 – 10:50 am
Ages 11-14 – 11:00 am
Candy, Prizes, Easter Bunny Visit!
Info:   815-485-3584

Adult Egg Hunt
Friday, April 7th - 8 pm
Age:  21 & Over
Photo ID & Flashlight Required
Registration Deadline:  Thursday, April 6th
Lucky Eggs!
Info:  815-485-3584

Bunny Breakfast
Saturday, April 15th - 8 am to 11 am
Breakfast Served Continuously
Easter Egg Hunts by Age, Arts & Crafts, More!
Tickets available online, at LWSRC, or at door
Info:  815-320-3507
Peotone
Easter Egg Grab & Games
Saturday, April 8th  -  10 am
Up to 10 years
Goodies, Prizes, Games, Face Painting, More
FREE
Info:  708-258-3343
Plainfield
Flashlight Egg Hunt
Friday, April 7th  -  8 pm to 9 pm
Each Child Must Bring a Flashlight & Basket
Pre-Registration Required by April 6 & Noon
Small Fee Involved
Info:  815-436-8812

Egg-citing Activities
Clow Stephens Dog Park
April 8th - 11 am to 12 Noon
Egg Hunt - Treat Bag
Bring your Basket  -  Held Rain or Shine
Easter Bunny available for Pics, 10 to 11:30 am
Registration Required by Noon, April 6th  
Info:  815-436-8812

Community Egg Hunt
Field between Timber Ridge Middle & Riverview Elem. Schools
April 8th  -  11 am
All Ages thru 5th Grade
Bring your basket!  
Face Painting, Raffle, Prizes, Jumpy, Hot Dogs/Drinks, 
Selfies with the Easter Bunny, More!
FREE .. but donations of non-perishable goods for Bags of Hope is appreciated
Info:  cpwired.org  -  or  -  fredadejong@gmail.com
Rockdale
Rockdale Village Easter Egg Hunt
Saturday, April 15th - 10 am
Toddler thru Grade 4
Romeoville
Community Easter Egg Hunt
Saturday, April 8th - 9 am to 11 am
FREE to the Public
0 - to 10 years
Photos, Petting Zoo, Inflatables, Art Activities, More
(Park in Lot GG)
Info:  815-838-0500
Shorewood
Hippity Hop Easter Egg Hunt
Saturday, April 15th  -  10:30 am to 1:30 pm
Age Brackets/Hunt Locations:
Toddlers to 3 yrs:  Indoors @ Balloon Pit
4 to 8 yrs:  Back Loading Dock Area
9 to 12 yrs:  Back Loading Dock Area
15,000+ eggs!
Easter Bunny photo ops, Petting Zoo, Wagon Rides, Artists, Juggler, Balloon Artis, Magician, Games, Snacks, More
Info:  815-609-0669

Will County Forest Preserve District
Hugs for Hounds Easter Egg Hunt
Saturday, April 15th  -  11 am to Noon
Fee:  $5/dog (Donation to Forest Preserve K9)
Easter eggs filled with treats & prizes for your dog
Bring a Basket!  Special basket drawing.  Contests!
Dogs MUST be leashed & accompanied by Owners
Registration Required  (Pre or that day)
Info:  815-727-8700


With such a large selection of celebrations and egg hunts being held across Will County this year, there's sure to be an opportunity (or two) for you to enjoy this Easter.  

Remember:  When there is inclement weather, it's always wise to check with event hosts for cancellations or change of venues.  

Happy Easter to all!


 Let's Talk Today!

Thinking about making a move to-or-within a Will County community?  Contact me today to discover what mortgage options are available to you!
I'm easily found at:
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI License #216987

American Portfolio Mortgage Corp.
NMLS #175656

Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
gmundt@goapmc.com
www.genemundt.com

 Get a Quote!


 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
 Trulia Acct. of Gene Mundt, Mortgage Lender         Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 


Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.),
DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.

Your Referrals are Always Great Appreciated!  































2017 Will County Fall Festivals, Pumpkin Farms, Corn Mazes, Hayrides

2017 Will County Fall Festivals,  Pumpkin  Farms,  Corn Mazes, Hayrides       The look of Fall has begun to arrive in Will County and...