Welcome to Home Mortgage
Current Home Mortgage Interest Rates London Article
This is a selection made from among articles on Current Home Mortgage Interest Rates London. For a permanent link to this article, or to bookmark it for future reading, click here.
Credit Help For Renters And Others On The Horizon
from: James H. Dimmitt
Sue is a homeowner and pays her mortgage and other bills on time like a good credit consumer. Sue’s on-time mortgage payments are reflected in her credit score profiled by the three major credit bureaus; Equifax, Experian and Trans Union.
Joe on the other hand is a renter, who wants to buy his first home in the near future. He pays his rent on time every month as well as his phone and utility bills. Joe is also a good credit consumer but his on-time payments are not reflected in his credit profiles. Why? Because the major credit reporting agencies are not set up to track this type of payment and therefore they are not reflected in Joe’s credit score. Chances are good that Joe’s credit score will be lower than Sue’s because his on-time rent payments go untracked by the credit bureaus.
As a result Joe will be quoted a higher interest rate and higher fees to his lender when he applies for his first home mortgage. Seems a bit unfair doesn’t it? The good news for Joe and other renters like him is that the credit reporting system is about to change.
In a recent Chicago Tribune article, reporter Kenneth R. Harney points to the creation of a new national credit bureau whose “sole mission is to track the payments that nobody else tracks.” The new credit reporting agency PRBC (Pay Rent, Build Credit) wants to build credit files on as many as 10 million renters nationwide over the next 5 years.
According to PRBC’s founder and chief executive Michael Nathans, the new bureau will earn revenue by selling supplemental credit reports to lenders. CitiMortgage, Inc., one of the nation’s major home lenders, is already a subscriber of the new service.
Some other highlights of PRBC’s service include:
- 24/7 access to online files by consumers, free of charge.
- Consumers must give permission to have their files accessed by lenders.
- Consumers can input up to 36 months of documented on-time payments.
- They accept payment histories from phone, credit and debit cards so long as the source (merchant) can send a date-stamped electronic receipt of payment.
- Many consumers who bank online can have their payment information recorded by PRBC once the bureau becomes fully functional
PRBC can benefit not only renters but also young and minority borrowers who have little or no credit history with the traditional bureaus. “We think we can help create equal credit opportunities for everybody who deserves a a prime rate loan, “ Nathans said.
Consumers can register for free with the new bureau online at http://www.payrentbuildcredit.com.
Author: James H. Dimmitt
James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
Current Home Mortgage Interest Rates London News
The layman's finance crisis glossary - BBC News
 BBC News | The layman's finance crisis glossary BBC News, UK - Staying at home for your holiday in a bid to save money. These carry a higher risk to the lender (and therefore tend to be at higher interest rates) because ... |
Real estate industry sells 'rescue' plan - Inman.com
Real estate industry sells 'rescue' plan Inman.com, CA - For now, uncertainty about the plan's fate has sent short-term interest rates up, reflecting bank's fears of lending to each other. The London Interbank ... |
The Current Crisis: A Socialist Perspective - Socialist Project
The Current Crisis: A Socialist Perspective Socialist Project, Canada - [4] At the core of the crisis was the practice of trust companies to draw money from banks at exorbitant interest rates and, without the protection of ... |
Dow collapse is a shock felt around the world - Melbourne Herald Sun
Dow collapse is a shock felt around the world Melbourne Herald Sun, Australia - "(But) I believe the Australian banks should pass on the full amount of any future Reserve Bank cuts in interest rates," Mr Turnbull said. ... |
Continuing credit crisis could cripple economy - San Diego Union Tribune
Continuing credit crisis could cripple economy San Diego Union Tribune, United States - Interest rates will shoot up as the price of lending gets more expensive. That will push mortgage defaults upward. The rising cost of lending will also push ... |
Analysis: A fateful step - Times Online
Analysis: A fateful step Times Online, UK - That has sent interest rates on loans to companies and other private sector institutions skyrocketing, and that trend intensified last night. ... |