Advantage Credit Debunks the Mystery behind Credit Score Meaning

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Advantage Credit recently educated thousands of mortgage brokers and loan officers during an online seminar, helping unveil the mystery behind the meaning of their borrowers' credit scores. Advantage Credit, a company that provides mortgage credit reports and other value added services to over 20,000 mortgage brokers throughout the United States, sponsored the webinar in response to the vastly changing marketplace and the necessity for its participants to have a better understanding about credit scores and what affects them.

Advantage Credit recently educated thousands of mortgage brokers and loan officers during an online seminar, helping unveil the mystery behind the meaning of their borrowers' credit scores. Advantage Credit, a company that provides mortgage credit reports and other value added services to over 20,000 mortgage brokers throughout the United States, sponsored the webinar in response to the vastly changing marketplace and the necessity for its participants to have a better understanding about credit scores and what affects them.

"Lenders are scrutinizing credit data and scores more than ever after the subprime market fallout so it's key for brokers to have a healthy understanding of how credit scores are calculated and what can affect them. We've found that even experienced brokers are often unsure which factors can cause a potential borrower's credit report score fluctuate 50 to 100 points. A variance like that could cost a potential buyer their loan when it could be avoided. The funding is out there for healthy scores," said Kelly Gontarski, vice president of marketing for Advantage Credit.

For over 18 years Advantage Credit has consolidated credit reporting data from the three credit bureaus: Equifax, Experian and Trans Union, delivering it to mortgage brokers on demand via the web. In 2007, the company weathered one of the industry's hardest crashes to date, recognizing that brokers are going to have a tough road ahead of them as lenders tighten up lending practices and credit requirements.

"In the past brokers could submit a subprime score to several lenders, but now the benchmarks are so much higher," says Justin Vest, a senior national accounts representative at Advantage Credit. "If the broker doesn't understand that a potential borrower's credit score could take a big hit because they opened several new accounts, even with no or low balances, the broker could be missing an opportunity to help the customer get the loan approval they need."

Advantage Credit's credit scoring webinar hosted by Vest focused on the five scoring factors that the FICO scoring model uses and the fact that each different bureau analyzes different data and produces different scores. Over 2,000 brokers have tuned into the webinar or have accessed the recording of the event from Advantage Credit's home page at http://www.advantagecredit.com. Over 91% of those polled after the webinar said they found the information extremely useful and would recommend it to their colleagues and customers.

"The need for information on credit score meaning overwhelming. So many people in our business just don't understand it; and in today's market, they have to. Period. Brokers can become an invaluable resource to their potential borrowers, helping them get better credit scores and better loans," says Vest.

Advantage spends a great deal time working with brokers who want to help their borrowers solve inaccuracies or update outdated credit data at the bureau level. Once a problem is solved or information is updated, a borrower can receive a new credit score within 7 to 10 business days. The company also offers the CreditXpertTM suite of services which are automated tools that seek out and report score improvement potential in a borrower's credit report.

"Educating our brokers will allow them to help responsible borrowers, who may not understand how the factors of their credit history affect them, to achieve the American dream. It's a win-win for everyone," says Gontarski.

About Advantage Credit
Founded in 1991, Advantage Credit is a 5-time Inc. 500 "Hall of Fame" winner, providing credit reports and related services to more than 20,000 mortgage brokers and several of the nation's largest mortgage companies through Advantage Online. For more information, contact Kelly Gontarski at 800.600.2510 x2297, or via e-mail kgontarski@advantagecredit.com or visit advantagecredit.com.

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Kelly Gontarski

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