by 06 May 2009
Effective in helping borrowers meet stricter credit score requirements; helps mortgage professionals close 30 percent more loans Salisbury, Md., March 23, 2009 ? Credit Plus, Inc., a leader in the credit information industry since 1928, announces that, given today?s economic environment, there is much value to utilizing a scoring tool, such as the company?s ScoreWizard, to help borrowers qualify for mortgages. With lenders increasingly focused on credit risk, borrowers need higher scores to qualify for loans and keep the cost of borrowing down. Where a 720 credit score was once enough to qualify for the best rate, a score of 760 or above is now the minimum to obtain the lowest interest rate on a 30-year, fixed-rate home mortgage, according to data from Fair Isaac. With only forty percent of Americans possessing credit scores of 750 or higher, mortgage professionals have an opportunity to use a scoring tool, which can advise on how different actions will affect a credit score. Through the tool, mortgage professionals can review negative and positive factors influencing the credit score, including a ?What If Simulator,? wherein certain actions such as removing accounts and correcting errors can be explored. ?We are successful every day in helping mortgage professionals close more loans. 75 to 80 percent of rescores result in positive outcomes,? stated Allen Johnson, Chief Sales and Marketing Officer of Credit Plus. ?Mortgage professionals who use ScoreWizard close 30 percent more loans than those that do not use a scoring tool.? Rapid solutions to credit score errors ScoreWizard is constantly updated and improved, and is one of the most powerful tools on the market. However, it is also helpful to utilize the services of professionals, like in the Rapid Rescore/ScorePlus department at Credit Plus. The department enables Credit Plus to update many types of consumer credit information with the three national credit bureaus in as little as 72 hours. For example, a borrower working with one of Credit Plus? customers was denied for a home loan at a credit score of 574. However, it was determined that the low score was due to incorrect information on file at one of the three credit bureaus, which stated that the borrower?s previous, first and second mortgages were classified as foreclosures. Although there were late payments on the loans, they were in fact paid in full. This problem was not easily fixed by the customer or the client on their own. In working with Credit Plus? Rapid Rescore department, the company was able to provide specific expertise in working directly with the lender and the credit bureau to fix the hidden error. Once the error was corrected, the borrower qualified for a score of 605, and consequently, a FHA loan. About Credit Plus, Inc. Credit Plus, Inc., a leader in credit information services, is dedicated to providing mortgage professionals with an unsurpassed level of service and technology. Headquartered in Salisbury, Md., the company provides quality products and services to a variety of clients nationwide. Credit Plus provides lenders and brokers the best tools and support to close more loans faster and cheaper. It recently introduced Ariston, a company located in Pittsburgh, which offers the best in title and settlement/closing solutions nationwide. Credit Plus and Ariston go BEYOND BUNDLEDTM by combining key settlement services, such as credit reports, flood reports, title insurance, AVMs, Warranted AVMs, TRVs and more, with stellar customer service. For more information, please call Credit Plus at 800-258-3488, email or visit the company?s website at For more information on Ariston, please call 800-569-9951, email or go to


Should CFPB have more supervision over credit agencies?