Credit Repair News

Refinance Boom Continues 5/20/2009

U.S. mortgage applications rose last week, reflecting an increase in demand for home refinancing loans as interest rates trekked lower, data from an industry group showed on Wednesday. more

Mortgage Rates Drop to Record Low Last Week 3/30/2009

U.S. mortgage rates fell to a record low of 4.85% last week, providing consumers with substantial incentive to refinance. The 30-year fixed-rate mortgage is the lowest since Freddie Mac started the Primary Mortgage Market Survey in 1971. more

Almost Half of U.S. Banks Still Tightening Credit Standards 2/2/2009

A substantial number of consumer lenders are still tightening standards, such as requiring higher credit scores, on prime and nontraditional residential mortgages. An even larger percentage also tightened their standards for commercial real-estate loans and business loans. more

Credit Applications Soaring As Mortgage Rates Plunge 1/6/2009

Low rates are a great opportunity for borrowers with solid credit scores and equity in their homes. These conditions are likely to persist well into the year. Lending standards are still high and consumers with damaged credit reports will have to improve their credit to capitalize on these conditions. more

Federal Reserve Opens Door To Refinance Boom 12/18/2008

The U.S. Federal Reserve took bold steps to further help the economy starting with the credit markets. For much of this crisis, the Fed has been following the rest of the world in setting central bank policy on interest rates. That changed this week as it lowered its benchmark interest rate to as low as zero for the first time in half a century. more

Credit Repair and Bankruptcy: When should bankruptcy be an option? 11/4/2008

Bankruptcy is a serious mark on your credit report and will devastate your credit score. Therefore is should be avoided if at all possible. That said, bankruptcy has built in protection from creditors. If a creditor appears likely to sue and seize assets or garnish wages, then bankruptcy may be the necessary cure. more