Mortgage Company Late Payment Credit Report

Fair Credit Reporting Act (FCRA) Amended

The Federal Trade Commission (FTC) reports:

A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.

A credit report contains information on where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. There are three nationwide consumer reporting companies — Equifax, Experian, and Trans Union.

The three nationwide consumer reporting companies have set up one central website, toll-free telephone number, and mailing address through which you can order your free annual report. To order, click on www.annualcreditreport.com, call 877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form can be printed from www.ftc.gov/credit.

Do not contact the three nationwide consumer reporting companies individually. They are only providing free annual credit reports through www.annualcreditreport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

Unlimited Access to your Credit Report You can obtain a copy of your credit report from many vendors. But, if you want to monitor your credit report, see your credit score improve, and help safeguard your family from identity theft, you need unlimited access to your credit reports. You need access, not just to a credit report from one credit reporting agency, but all three agencies. Unlimited Access to Your Online 3-in-1 Credit Report Almost unheard of in the industry -- unlimited access to your credit reports from all three reporting agencies. With our 3-in-1 Credit Report, you get unlimited online access to a consolidated report of your credit history with side-by-side data compiled from Equifax®, Experian®, and TransUnionSM. This gives you a comprehensive view of your credit history and also makes it easier for you to verify the accuracy of the information at each agency. Credit Scores from Equifax, Experian, and TransUnion Your Credit Scores, compiled with data from Equifax, Experian and TransUnion, provide a snapshot of your current credit-worthiness based on an evaluation of common factors many creditors use to decide whether or not to extend credit. Online members receive the positive and negative factors that impact all three scores; score comparison to the national average; and guidelines suggesting what you can do to improve your scores. Members who choose offline delivery receive this information for their Equifax credit score only. Immediate Notification of New Credit Accounts Almost 10 million U.S. consumers said they were victims of identity theft during the last year, according to a Federal Trade Commission study released in September, 2003.* Notify Express credit monitoring and alerts are a fast, convenient way to keep track of your information and detect the early signs of fraudulent activity and identity theft. Notify Express can alert you to identity theft before it ruins your good credit. If a thief starts tampering with your information, Notify Express will alert you that there's a change to your file. Notify Express monitors your credit files at Equifax, Experian and TransUnion and promptly notifies you of changes so you can act quickly — if you suspect fraudulent activity. The following items are monitored in your credit files every business day by Notify Express: Inquiries to your credit files New accounts opened New public records Address changes Changes to public records Changes to account information As a CreditProtectX3 member, you can choose to receive your Notify Express alerts via e-mail, phone, mail or text messaging. If you choose to receive your alerts by mail or phone, you’ll receive them for selected changes (inquiries, new accounts opened, new public records, and address changes reported) only. However, if you choose to receive alerts via e-mail, you’ll be notified of all changes (listed above) as reported to the credit reporting agencies. * Federal Trade Commission – Identity Theft Survey Report, September, 2003 Quaterly Summary of Credit Report Changes CreditProtectX3 carefully reviews your credit files every quarter and sends you an update that includes a summary of changes in your personal credit files as reported to Equifax, Experian and TransUnion, as well as a summary of accounts that have not seen any significant change. You also receive updated credit scores with data compiled from all three agencies. Your Quarterly Credit Update is an excellent credit management tool that can help monitor your progress over time. Since reporting of credit information to the credit agencies is voluntary, the information may not be reported to all agencies or updated in a timely manner. Your Quarterly Credit Update includes any information that is reported as new or changed within any of the categories listed below: New accounts opened Inquiries made Address changes Identification information changes. Public record items(judgments or bankruptcies) Collection accounts Negative changes to existing accounts Closed accounts Items removed Credit limit increases Understand How Your Actions Affect Your Credit Score Ever wonder how opening a new account, paying off a loan or paying off revolving debt would affect your credit scores? Using Credit Analyzer, a “What If?” tool, you can see how your credit scores could change by interacting with existing accounts, account balances, and credit limits. Credit Analyzer can improve your understanding of your credit scores in many ways: See how applying for credit, refinancing a loan, or missing payments may affect your credit score Understand how your credit score can change over time Learn multiple ways to improve your credit score And much more! First Rate Identify Theft Insurance The CreditProtectX3 Identity Theft Insurance Program reimburses victims of identity theft for certain expenses up to $20,000 (after a $250 deductible). Expenses covered include: Lost wages (up to $500 per week for a maximum of four weeks) as a result of time taken off from work to deal with the fraud including wrongful incarceration. Lost wages must occur during the policy period. Notary and certified mailing costs for completing and delivering fraud affidavits or similar documents. Loan application fees for re-applying for loans when the original application is rejected solely because the lender received incorrect information. Long distance phone charges associated with reporting or discussing an actual identity fraud. Attorney fees incurred (with prior consent) for defending suits brought incorrectly by merchants and their collection agencies, for removing criminal or civil judgments wrongly entered against an Insured Person, and for challenging the accuracy or completeness of any information in a consumer credit report. Credit Fraud Specialists Just a Phone Call Away Understanding your credit and fighting fraud can be confusing. That is why CreditProtectX3 has highly trained specialists available Monday through Friday, 8 a.m. - 11 p.m. and Saturday, 9 a.m. - 6 p.m. Eastern, to provide one-on-one personal assistance. Consumer Fraud Specialists are your powerful allies after a fraud or identity theft attack. They not only walk you through all the steps required to restore your credit but they also: Contact the three leading consumer credit reporting agencies (Equifax, Experian and TransUnion) on your behalf to place a Fraud Statement in your credit file Assist you in contacting the affected creditors and law enforcement agencies Assist you in filing disputes with the credit reporting agencies Send you a Fraud First Aid Kit containing important contact phone numbers and addresses, and a Contact List that a you can use to keep track of all phone contacts made when trying to clear your credit and name. Isn't it time you began to let CreditProtectX3 can help you? Order now for our special introductory rate of just $25.95 for the first three months of service, then continue to receive CreditProtectX3 for only $12.99 per month. You and your family -- not to mention your good name -- will be protected. You will feel safe and secure knowing that you have the best protection there is.

Mortgage and Mortgage Refinance

How Interest Rate Changes Affect Mortgage Rates Mortgage rates depend on the interest rate the government charges to lend money to banks--the federal lending rate. Variable mortgage rates are often a fixed percentage above this "prime rate." Long term and short term treasury bond rates also indicate the trend in long term (30 year fixed rate) and short term (e.g., 7 year fixed with balloon payment) mortgage rates. If the 30 year treasury index is higher than the 5 year treasury index, the overall trend in interest rates are upward. If the 30 year treasury index is lower than the 5 year treasury index, the overall trend in interest rates is downward. What if interest rates are headed upward? For a $100,000 loan, for every quarter point increase in a mortgage rate you will pay about $20.83 per month more in interest charges. For a $100,000 mortgage, you will pay about $416.67 per month in interest if the mortgage rate is 5%. If the interest rate increases to 5.25%, you will pay about $437.50 per month in interest charges. That's an increase of $20.83. So, if interest rate are increasing, there is increasing pressure to get a consolidation loan soon. What if interest rates are headed downward? On a $100,000 mortgage loan, every time the mortgage rate drops by a quarter point, you will save about $20.83 per month in interest charges. Let's say you have $30,000 in credit card debt at 18%. This is costing you about $450 per month in interest charges. Consolidating this $30,000 debt into a 5% mortgage would cost you $125 per month in interest. You would save ($450 - $125=) $325 per month in interest charges. It would cost you $325 per month to wait for a better mortgage rate deal. This simply is not worth it. After you get a consolidation loan, if mortgage rates continue to decline, you can always refinance you mortgage at a lower rate and get the benefit of lower interest payments. It would still be smart to consolidate as soon as possible.

Refinance Your Home Mortgage

Take advantage of low mortgage rates.

Now you can lower your monthly payments, consolidate high-interest debt, and have cash to make home improvements.

When refinancing, you can choose to borrow enough to only pay off the mortgage balance you owe or, if you have enough home equity built up, you may also be able to borrow an additional amount in what is called "cash-out" refinancing.

This extra amount can come in handy if you are looking to pay off other debts such as auto loans or credit cards. However, you should evaluate a cash-out refinancing carefully.

Generally, when refinancing your home you look for a new loan with more favorable terms. You refinance if you want to pay off a higher interest rate loan with a lower interest rate loan. The new lender pays off the current lender and becomes the lien holder on your home.

If you have other debts and want to combine loan payments, you may decide to use a consolidation loan to refinance your mortgage. Advantages of a loan consolidation include:

We custom tailor our loans for each individual – no cookie-cutter loans.

We work with you to find a loan that fits your specific needs.

We have extensive experience finding the right loan for every customer.

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• Quarterly Access to Your Updated Credit Report You'll get a brand new credit report four times a year. Your reports are easy to read and have color graphics with a free interactive guide.

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