Archive for February, 2010
I heard that there’s a new change in loan modification reporting that will help consumers; what is the latest?
Monday, February 8th, 2010November 1st, 2009, brought with it good news for consumers who want to modify their mortgages without lowering their credit scores. It was the first day that a new way of reporting a loan modification to the credit bureaus became available to mortgage lenders.
From this point forward, mortgage lenders can report a loan modification as “Loan Modified Under Federal Government Plan.” This new way to report a loan modification does not have any negative impact to a consumer’s FICO credit scores.
