Posted by SueW/Tn on 12/7/06 9:23am
Msg #164510

Credit report....just a thought

This week I was in a Lenders office doing a signing and afterwards got into a discussion with the processor. She was telling me about a client who's credit score dropped during processing and that when you're late with a mortgage payment and it's reported your score drops 70 points. 70 points! That's a large hit! How does one go about reporting someone to the big 3 credit reporting agencies? Anyone know what the criteria is? Are you reading between my lines?

Reply by David Kral on 12/8/06 7:23pm
Msg #164897

It is true. Never pay late, especially your mortgage. It will tank your score and takes a fair about of time to recover. Better to borrow on a credit card at a high rate and make that payment than to miss it.

Don't worry about report it to the credit agencies, the creditors will do that automatically.