May Newsletter 2023

Happy Mother's Day!

The Credit Restoration Institute
wishes you and your loved ones a special Mother's Day with the lovely ladies in your lives!

Join Our Membership Committee!

We're looking for passionate people to join our standing committees to offer a helping hand in several business-critical projects as we work to advance our mission of bettering lives through credit restoration. Individuals with any level of skill, experience, or interest in the following topics: branding, social media, program development, financial management, human resources, event planning, or board governance are welcome to apply. The monthly time commitment is estimated at four hours per month including bi-monthly meetings.

Please complete the application below in its entirety and submit by Friday, May 26th. We estimate that this form should take no more than 15 minutes to complete.

In the meantime, please visit our website: www.creditrestorationinstitute.com for more details about the organization. Apply Here

Mortgage Fees Are Changing For Homebuyers Soon

If your summer plans included budgeting for a new home, make sure you prepare for the new changes to the mortgage fees coming this month. According to USAToday, starting May 1, upfront fees for loans backed by Fannie Mae and Freddie Mac will be adjusted because of changes in the Loan Level Price Adjustments (LLPAs). These are the fees that vary based on a borrowers credit scores, down payments, types of home and more. With these changes, borrowers can expect to see differences related to their credit scores and an effect in their downpayment sizes.

"In some cases, people with higher credit scores may end up paying more while those with lower credit scores will pay less," quotes the article. The article focuses on what exactly the fee changes are, the loans the fees are being applied too, why these changes are being made, and if these changes could be seen as positive or negative changes to the potential home buyer entering the market.

If you're looking to buy a home, click the button to learn more.
Click Here For The Full Story

Happy Memorial Day!

The Credit Restoration Institute sends our love and thanks to the family members of those who have graciously served our country. Here are some events happening around the city for you to enjoy over the holiday weekend with family and friends:

Wine and Bundtini Flights : Monday, May 29th 11AM
Sandston Parade: Monday, May 29th 1PM

Real Results!

Our custom credit disputes leverage the consumer protection laws and the credit bureaus’ automated codes to help remove or correct unverifiable items.

As our client, we dispute accounts with the bureaus and creditors on your behalf. Using our years of experience, we use the tools you need to move your case forward and get the results you are looking for.

Mortgage readiness and getting pre-approved all imply creditworthiness. You, too, can improve your credit.

Read More About Creditworthiness Here

Give us a call today to start your credit repair journey!

Mon-Fri 9 a.m. - 5 p.m. (804) 823-9601 | (800) 648-5157

mail@creditrestorationinstitute.com

Shopping for a home with bad credit and what you should do

Have you been considering buying a new home but are concerned about your credit score?

Home-buying can be stressful, and many people label it confusing, especially those with less-than-ideal credit scores. Most lenders look for buyers with a credit score of 620 or higher, but with research, buyers can find lenders who will consider credit scores around 580. ​

Select (from CNBC and NBC News) put together a list of lenders who work with applicants who have credit scores below the average threshold. Read the complete evaluation here.

These are REAL results!

Our custom credit disputes leverage the consumer protection laws and the credit bureaus’ automated codes to help remove or correct unverifiable items.

As our client, we dispute accounts with the bureaus and creditors on your behalf. Using our years of experience, we utilize the tools you need to move your case forward and the results you are looking for.

Mortgage readiness and getting pre-approved all imply credit worthiness.
You too can improve your credit.

Read More About Credit Worthiness Here

 

Are you ready to make a big purchase but want to look deeper into your credit first? You're not alone.

Our credit consulting services play a huge role in separating CRI from others. Our ongoing credit consultation service helps guide you to making smart financial decisions.

We want you to know that you can count on us and the information we provide. Call us today for more details.

 

Continued Mortgage Trends

The Federal Reserve has decided to raise its key interest rate by 3/4 of a percentage. Now buyers are wondering what this will mean for mortgage rates. “We are seeing rates move up pretty briskly, and a lot of that has to do with forward-looking expectations with where things are headed,” said Len Kiefer, deputy chief economist at Freddie Mac.

Mortgage rates have already risen two percentage points since the beginning of 2022. Although they have remained consistent in the last few months, Freddie Mac estimates rates will be on the rise again, reaching as high as 6 percent.

According to Freddie Mac's primary mortgage survey, an article from The New York Times reported a 30-year fixed-rate mortgage was 5.23% in early June, up from 2.96 percent the same week in 2021.

Read Full Article Here

Give us a call today to start your credit repair journey!
Mon-Fri 9 a.m. - 5 p.m. (804) 823-9601 | (800) 648-5157
mail@creditrestorationinstitute.com

June Newsletter 2022

When you take out a mortgage, what does that do to your credit?

Credit reporting agencies are known to use a short-term ding on your credit score, followed by a significant boost once they see a consistent pattern of regular on-time payments. A mortgage loan can temporarily lower your credit score until you can prove you are capable of handling a large sum of debt.

On average it takes about 5 months to get your credit score back on-track. It is recommended to focus on making consistent on-time payments and keeping other debt responsibilities to a minimum. Remember, not all debt is bad debt and eventually your mortgage will manifest into good debt.

Read the full RocketHQ article here.

These are REAL results!

Our custom credit disputes leverage the consumer protection laws and the credit bureaus’ automated codes to help remove or correct any unverifiable items.

As a client, we dispute accounts with the bureaus and creditors on your behalf. Using our years of experience, we utilize the tools you need to move your case forward and the results you are looking for.

You too can improve your creditworthiness.

Read More About Credit Worthiness Here




Are you ready to make a big purchase but want to take a deeper look into your credit first? You're not alone.

Our credit consulting services play a huge role in separating CRI from others. Our ongoing credit consultation service helps you ensure that you’re making the best choices.

We want you to know that you can count on the information we provide. Call us today for more information.

Join Our Workshop

Topic
Building Credit 101: Tips for the Small Business Owner

Description
You’ll learn credit restoration tips, credit building strategies, the importance of personal credit, and more. Whether you’re considering startup costs or new expansion strategies, establishing a strong credit profile can help ensure your immediate and future business plans are successful.

Guest Speaker: Robert Linkonis, Executive Director, Credit Restoration Institute

Time: Jun 29, 2022 12:00 PM in Eastern Time (US and Canada)

Click here to register

Continued Mortgage Trends

According to Freddie Mac, mortgage rates continue to fall but they still remain above 5% fueling an ongoing problem for buyers trying to break into the market.

In a recent article from CNN they reported on numbers from Freddie Mac showing that at the end of May 2021, a buyer who put 20% down on a $375,500 home, financed the rest with a 30-year, fixed-rate mortgage with an average interest rate of 2.95% would have a $1,258 monthly mortgage payment that included principal and interest.

Today, if a homeowner bought the house at the same price with an average rate of 5.10% they would pay $1,631 a month in principal and interest. That is $373 more each month and $134,140 more in cumulative interest payments over the life of the loan , according to numbers from Freddie Mac. According to CNN "For many people, that several hundred dollars in additional payment a month is the difference between deciding whether to buy a home or rent."

Read the full article here

Wishing all the awesome father's out there a
Happy Father's Day!

Give us a call today to start your credit repair journey!
Mon-Fri 9 a.m. - 5 p.m. (804) 823-9601 | (800) 648-5157
mail@creditrestorationinstitute.com

Fill out this easy form on our website

January 2022 Newsletter

A message from Robert Linkonis Sr., Executive Director

Happy New Year!

Achieving Good Credit

With the New Year, many individuals start thinking about all they want to accomplish in the coming months. Maybe buying a home is on your list of new year’s resolutions?

If buying a home feels unachievable, start by working on your credit score. A credit score of at least 700 is the first step in qualifying for mortgage loans. While practicing good credit habits and addressing any credit issues are the first steps, according to the FTC, nearly 20% of credit reports contain errors!

Alongside working with us to legally repair inaccurate and unverifiable items, here are some things you can do to help build your credit score.

• Don’t miss a payment – set up automatic payments so you never miss a payment.
• Catch up on past due accounts – if you are past due on any accounts, do what you can to catch up. Try using the debt snowball or debt avalanche method.
• Pay down revolving balances – try to keep your credit usage to below 30%. Pay down any revolving balances to reach this mark.
• Limit how often you apply for new lines of credit – especially while working to rebuild your credit!

Negative remarks, while they will diminish over time and fall off your report after 7 years, are best addressed as soon as possible.

Our custom credit disputes leverage the consumer protection laws and the credit bureaus’ automated codes to help remove or correct any unverifiable items.

As a client, we dispute accounts with the bureaus and creditors on your behalf. Using our years of experience, we utilize the tools you need to move your case forward and the results you are looking for.

You too can improve your creditworthiness.

• Credit Consulting                • Credit Report Audit 
• Credit Education                 • Credit Disputes 

Tips To Start Your Debt Free Journey

According to the ConsumerFed, 1/4 of low-income individuals are unaware of how to increase their creditworthiness. We want to help you by giving you the education and tools you need to rebuild your credit profile now and manage your credit and finances in the future. The more best practices you know, the better you'll be off!

Sometimes knowing where to start when we want to make a difference is hard. Here are some financial ideas to jump start your new year's resolutions! Start with one or two and see where it gets you!

• Cut unnecessary expenses – if you truly don’t need it to survive or it doesn’t add meaning to your life, eliminate it. 
• Budget! – you will hear this over and over again, but setting a budget is so important in realistically knowing where your money is going. Start by simply tracking all of your expenses, decide what can be eliminated, and move forward with a realistic budget from there.
• Pay more than the amount due – paying the minimum due balance just means you’re paying more in interest over the long run, making any items you bought on credit even more expensive than you originally paid for.

Give us a call today to start your credit repair journey!

Mon-Fri 9 a.m. - 5 p.m.(804) 823-9601 |  (800) 648-5157

mail@creditrestorationinstitute.com

December 2021: Happy Holidays!

 

A Lesson in Credit Scores

As we're in full swing of the hustle and bustle of the holiday season, it can be easy to fall into the mindset that you have to spend lots of money and buy lots of gifts for your loved ones. This mindset drives 22% of Americans to go into over $550 in debt every year! [source] And if you’re using credit cards, it could potentially be more with penalties, late fees, and finance charges. All of this could lead to damaging your creditworthiness.

While there are some benefits to using credit cards, like cash back bonuses and other incentives, if you don’t feel confident in your ability to pay back the loan, don’t use a card.

Check out our roundup of low-cost gifts that your loved ones are sure to appreciate and stay out of the cycle of debt!

No Cost Gifts

• Create a playlist of your favorite songs and listen to it together.
• Regift an item from your home. Chances are you have something you're not using that a loved one would cherish!
• Make dinner and enjoy conversation and spending time with one another.
• Create a memories jar and write down your favorite memories. When they are missing you they can pull out a memory that makes them smile!
• Give the gift of time nothing is more important that spending time together, why not gift that very thing!
• Offer to babysit if they need a night out free from kids.
• Plan a scavenger hunt that sends them around to all their favorite places!

These are REAL results!

Our custom credit disputes leverage the consumer protection laws and the credit bureaus’ automated codes to help remove or correct any unverifiable items.

As a client, we dispute accounts with the bureaus and creditors on your behalf. Using our years of experience, we utilize the tools you need to move your case forward and the results you are looking for.

You too can improve your creditworthiness.

• Credit Consulting
• Credit Report Audit 
• Credit Disputes
• Credit Education 

New Federal Debt Collection Rule

It’s been five years coming, but the Consumer Financial Protection Bureau has finalized the two parts of its debt collection rule under the federal Fair Debt Collection Practices Act. This regulation went into effect November 30, 2021.

The new regulation, known as Regulation F, has a number of implications for creditors as well as regulating third-party debt collectors.

Now you may be wondering, how will this affect you? We’re here to help! Get in touch with your questions and we’re happy to answer them.

View more from Business Law Today

Give us a call today to start your credit repair journey!

Mon-Fri 9 a.m. - 5 p.m.(804) 823-9601 |  (800) 648-5157

mail@creditrestorationinstitute.com