Refinance and Save $$$

March 4, 2012

Now is the time to refinance your Home Mortgage.Rates are still in the 4.75% range. Depending on credit and loan amount rates are available in the mid 4’s. If your interest rate is 5.75% or more you should give Wayne Malcomb a call at 622-8500.Or you can Apply Online.Just Click Here for a secure online application.Although we are not expecting rates to take a huge jump, we are in an election year.With rates at a 50 year low chances are they will go up, instead of down in the future.

Hey Wayne can my credit be saved?

March 4, 2012


10 Myths of Credit Repair

Myth # 1: When I pay off a past-due account, such as a charge off or a collection account, it will show “paid” and no longer be negative.

It is difficult to fully restore your credit without paying your outstanding debts. However, paying off a debt can actually hurt your credit. Negative items on your

credit report are allowed to stay on your credit report for a maximum of seven (7) years, except for bankruptcy that can stay for up to ten (10) years. This 7 or 10 year clock begins ticking at the date of last activity. Making a payment represents new activity and restarts the clock. When paying an outstanding debt, you will change the account status to paid collection, paid charge-off, satisfied judgment, or paid ‘was xxx days late”. This is still considered very negative and appears as though you had to be strong-armed by the credit bureau to pay the account. It is almost always prudent to have a professional help so as to not further damage your credit by trying to do the right thing.

Myth # 2: If a negative item is successfully deleted from my credit report, it will just come right back on my report.

The credit bureaus have cleverly spread this myth through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item has been disputed. Should the credit grantor submit verification a week or two later,

it will be re-inserted. (This is called a soft delete.) Most of the time the creditor simply fails to respond and the negative item is permanently deleted. If the creditor verifies the item the account may still be deleted later in the process as the challenging process is intensified.

Myth # 3: There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report.

There is no type of negative listing that has not been removed from a credit report thousands of times.

Myth # 4:  Disputing a credit report is easy — any consumer can do it themselves.

Disputing a credit report is easy. Getting results from the credit bureaus as a layperson is amazingly difficult, complex, and infuriating. The Federal Trade Commission receives more complaints against credit bureaus than any other type of business.  In February 2000 the 3 major credit bureaus paid a fine of 2 ½ million dollars for ignoring consumers requesting information regarding their file. Remember the credit bureaus are primarily interested in protecting their profits. Investigating consumer disputes consumes these profits. Sparking a mass number of lawsuits, the bureaus do everything in their power to impede your progress with credit restoration.


Restoring your own credit is like repairing your own transmission or representing your self in court; it is possible, but you have to be willing to invest the time to learn the processes, assume the risks of inexperience and realize that it will probably take you longer and you will be less effective than a professional.

Myth # 5: The credit bureau allows me to submit my 100-word explanation. Creditors will read my statement and take it into consideration.

No known creditors consider the information submitted in you’re statement. This statement only verifies some of the negative items on your report. The 100-word explanation should be the first thing deleted from your credit file.



Myth # 6: The credit bureaus are a branch of the government, infallible, and above reproach.

The credit bureaus are publicly traded companies in business to impress stockholders. They are not government agencies. They are one of the most heavily regulated industries. The strict regulations stem from a public out cry of abuses and mistakes.

A recent survey by an independent research group revealed more than 70% of credit reports contained mistakes or errors.  The prevalence of errors has lead to consumer protection legislation that allows consumers to challenge the bureaus and force the removal of inaccurate, outdated or unverifiable information. 

Myth # 7: I can create a totally new credit file by getting a federal tax ID number or changing a few numbers on my social security number.

This fraudulent scheme has proven to be complex, difficult and illegal. Lying on a credit application is a criminal offense and with the linking of computer systems it is virtually impossible to get away with. It is in your best interest to hire adequate representation and face the music by confronting the credit bureaus armed with the rights congress has granted you through the consumer protection laws.

Myth # 8:  If I build enough good credit, it will offset my bad credit and make me credit worthy.

Any amount of bad credit is devastating to your chances of being approved by a creditor. The approval is almost never in the hands of a human sitting across a desk from you. It is a computer achieving a point total. The slightest amount of negative credit will cause an auto loans interest rate to skyrocket. Generally, even a little bad credit (regardless of the amount of good credit) will cause you to be declined.

Myth # 9: Nonprofit organizations like Consumer Credit Counseling Service (CCCS) can help me restore my credit.

Nonprofit debt counseling services assist people who are over their heads in debt

and seeking an alternative to bankruptcy. CCCS are funded and controlled by credit grantors and credit bureaus. When you are working with CCCS your creditors will often note this on your credit report. This is a huge red flag for prospective credit grantors. Some of the very worst credit reports that we see are participants in the CCCS or similar programs.

Myth # 10: It is illegal for creditors to take a negative, accurate listing off my credit report. The law requires that these items remain on the credit report for at least seven (7) years.

When you speak to credit grantors, collection agencies, or credit bureaus, their typically under-educated staff may tell you all manner of such pseudo-legal nonsense.  The law limits negative information from appearing longer than the legal (7) year maximum. The credit grantor or credit bureau may choose to delete the item whenever they see fit.


  The longer you delay action, the longer you will rent,

pay outrageous interest rates, pay higher auto insurance rates,

be held back in your career or put off a college education.

Do you remember this from school?

March 4, 2012

Just in case you don’t remember, here it is again. One of the most quoted presidential speeches of all time. Short, sweet and so important!

Lincoln’s Gettysburg Address
Fourscore and seven years ago our fathers brought forth upon this continent  a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal.  Now we are engaged in a great civil war, testing whether
that nation, or any nation so conceived and so dedicated, can long endure.

We are met on a great battlefield of that war.  We have come to dedicate a portion of that field as a final resting place for those who here gave their lives that, that nation might live.  It is altogether fitting and proper that we should do this.  But in a larger sense we cannot dedicate, we cannot consecrate, we cannot hallow this ground.  The brave men, living and dead, who struggled here, have consecrated it far above our poor power to add or detract.

The world will little note, nor long remember, what we say here; but it can never forget what they did here.  It is for us, the living, rather to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced.

It is rather for us to be here dedicated to the great task remaining before us, that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion; that we here highly resolve that these dead shall not have died in vain; that this nation, under God, shall have a new birth of freedom, and that government of the people, by the people, and for the people, shall not perish from the earth.

Free Home Buyers Handbook

September 6, 2010

Please feel free to go to visit my Fan Page at Niagara Frontier Funding & Realty and download your Free Copy today.

For regular updates become a Fan by hitting the “Like ” Button.


Get every new post delivered to your Inbox.