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Credit Reports can Spoil the Deal for Mortgage Buyers
According to Calgary mortgage specialist Judy Shilmar, the reason for denial is almost always rooted in the credit score and credit report.
CALGARY, AB, CANADA, August 26, 2010 /Canada PR News/ -- Many potential home buyers are crushed when they learn their application for a home mortgage has been denied. According to Calgary mortgage specialist Judy Shilmar, the reason for denial is almost always rooted in the credit score and credit report. She goes on to point out that "most people don't realize how important that credit score is."
Consumers need to learn how to not only maintain a good credit history, but also how to make sure it is reported and updated properly. Free credit reports and online credit monitoring services go a long way towards achieving this goal.
According to Shilmar, the recent credit crisis is now impacting Canadians with tightened credit standards and requirements, which most often impact young people and newer immigrants. Shilmar contributes her time and expertise to a volunteer organization, Momentum Calgary, which offers money management and credit rebuilding services.
Commenting on the need for consumers to take control of their credit status, Shilmar says: "If you want to play in the financial game, you have to know the rules, and they are always changing."
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Locally based Mortgage IT is part of Mortgage Architects, a national chain of mortgage planning professionals.
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Judy Shilmar
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Credit Reports can Spoil the Dea
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