C​redit Restoration Institute Welcomes Greg Carafello to Board of Directors

North Chesterfield, VA] - Credit Restoration Institute (CRI), a non-profit credit repair agency dedicated to improving the lives of individuals and communities through education and individual counseling, is pleased to announce the addition of Greg Carafello to its Board of Directors.

As President and Co-Founder of Executive Franchise Group, LLC, based out of New York City, Carafello brings over four decades of expertise and skill in the franchising industry, having served as a master franchisee for several leading brands. He is also a Certified Franchise Executive under the Institute of Certified Franchise Executives (ICFE), endorsing the highest standards of quality training and education.
CRI's Board of Directors is responsible for governing the organization through policy and strategic goals creation, fundraising and relationship development, and general organizational oversight.

"We are thrilled to welcome Greg Carafello to our Board of Directors," said CRI's Executive Director Robert Linkonis. "His extensive experience in the franchising industry and commitment to enhancing the professionalism of the field through quality training and education make him an invaluable asset to our team. We are excited to work with him to continue advancing our mission of serving our community through education and individual counseling that results in improved credit scores and better lives."

Individuals interested in learning more about Credit Restoration Institute's programs and services or applying to join the Board of Directors can visit the organization's website at https://creditrestorationinstitute.com/application-for-bod

Contact: Robert Linkonis, Credit Restoration Institute, 31 North Providence Road, North Chesterfield, Virginia 23235 Phone: (804) 823-9601 Email: mail@creditrestorationinstitute.com

Homeownership Down Payment Assistance Program (DPA)

The HOMEownership Down Payment and Closing Cost Assistance Program (DPA) provides financial assistance to first-time homebuyers on adjustable gap terms. This program allows homeowners to purchase homes at or below 80% of the area median income (AMI) and to expect homes that are safe, of quality, and attainable. Assistance is provided in the form of a grant with a mandatory “affordability period” for applicants to continue to claim the house as their primary residence. An income-eligible homebuyer may receive up to 10% or 15% (within the established approved areas by DHCD) of the sales price, plus up to $2,500 to pay for the cost of closing (e.g. attorney’s fee, title insurance, taxes as needs demand).

Eligible applicants: Qualify as a first-time Homebuyer; Receive homeownership counseling from a HUD-certified agency and HUD-certified Housing Counselor; Complete a HUD-certified Homebuyer Education Course through a Virginia Housing or Neighborworks® certified course; Demonstrate that their income does not exceed 80 percent of the AMI; Have a median credit score of 620 or higher and debt to income ratio that does not exceed 43%; Contribute one percent of the sales price of the home from their personal funds if the income is between 50%-80% of the AMI, and if the income is less than 50% of the AMI, they can contribute $500 towards the purchase of the home.

If you are a first-time homebuyer this could be a valuable resource. Click the button to learn more.

Click Here For The Full Report

Current Inflation Trends

According to the International Monetary Fund Global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, still above pre-pandemic (2017–19) levels of about 3.5%. In their recent January article, they projected the fall of global growth from an estimated 3.4% in 2022 to 2.9% in 2023, then a rise to 3.1$ in 2024.

The possibility of risk is still high but a drop in inflation numbers is still possible. There are many factors that play a role in the outcome of the financial standing of the average consumer such as international health concerns, current military involvement, and stricter financing costs across global markets.

Click the button below to learn more.

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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

Fill out this easy form on our website

A Warm Welcome to our New Board of Directors

 

We are thrilled to announce the Credit Restoration Institute Non Profit Board of Directors!

Meet our new Board of Directors! We are here to help people like you improve your credit scores and better their lives. Our team of legal, legitimate, and local professionals work closely together and with you to achieve your financial goals. Including the most important part, your creditworthiness.

You may have been one of the many Americans who signed up to receive regular updates on the Biden-Harris Administration's student debt relief plan in the past few weeks. As everyone prepares for the opening of the application window, the Department of Education is sharing critical information on how to protect yourself from scammers during this vulnerable time.

The Biden-Harris Administration has put together a do's and don'ts list to help notice any red flags that might pop-up during your application process. But the most efficient way to protect yourself is by making sure your information stays accurate and up-to-date, according to the administration. 

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For more information and to read the entire list, click here.

Current Mortgage Trends

 A few weeks ago, The Federal Housing Finance Agency announced at the Mortgage Bankers Association’s annual conference that it will now accept two new credit score models, the FICO 10T, and the VantageScore 4.0, for use by Fannie Mae and Freddie Mac. This new expansion has the potential to allow more Americans the opportunity to purchase a home. 

“The enterprises have long relied on classic FICO, and it has met their basic needs, but it is time to recognize the significant innovations that have occurred in credit score modeling,” said Sandra Thompson, director of the FHFA, in Nashville, Tenn.

The institutions Fannie and Freddie were created by Congress, and are backed by the FDIC. They recognize a significant amount of the mortgages born in the U.S., so many lenders abide by the guidelines set out by Fannie and Freddie when they give mortgages to borrowers.

Read the full article here.

Another in the Best Practices Workshop Series!

Get advice on how to establish or repair your business credit as well as funding advice from a credit repair expert.

The registration fee is $30 and your attendance includes access to a recording of the webinar, as well as copies of all slides and handouts.

Register 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

 

October Newsletter 2022

CRI wishes everyone a Happy Halloween and we hope you enjoy the season with family, friends, and loved ones!

Say goodbye to Summer and get ready for events and festivals catered to food, culture, and more!

Discover Richmond Tours
2022 Fall Events & Festivals in Richmond, VA:

• 2nd Street Festival: October 1-2
• Powhatan’s Festival of the Grape: October 1
• Richmond Oktoberfest: October 7-8
• Richmond Folk Festival: October 7-9
• Armenian Food Festival: September 9-10
• St. Benedict Oktoberfest: September 16-18

Click the button below for a full list of Fall events and festivals to help you and your loved ones celebrate this season.

See the full list here

Continued Mortgage Trends

Even those new to the process know that purchasing a new home is one of the biggest purchases in one's life. The preparation should begin even before you start touring homes and especially before you make an offer. Realtor.com put together a checklist of everything you need to do in case you're feeling overwhelmed in your home-buying journey.

Their checklist includes helpful todos like checking your credit score, addressing any blemishes on your credit report, zeroing in on an attainable house price, shopping for the right mortgage lender, the importance of pre-approvals, and more.

If you’re planning on buying a home and are unsure of where to start, consider creating a checklist based on what these experts believe helps set buyers up for success.

Read More

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 creditworthiness.
You, too, can improve your credit.

Read More About CreditWorthiness Here

SCORE Workshop:  How to Establish or Repair Your Business Credit featuring Robert Linkonis!

Get advice on how to establish or repair your business credit as well as funding advice from a credit repair expert!

When you need funding for your business, you don't need to tap your personal credit cards or mortgage your home or personal assets for a loan. Business credit is out there if you know how to get it!

In this interactive session, you'll learn:

• The 20 foundational steps required to get approved for $50,000 plus in business credit.
• The inner workings of the business credit bureaus: D&B, Experian, and Equifax.
• How business credit scores are calculated and how to get an 85 D&B Paydex score.
• The "Anatomy of the FICO Score" and how to increase your personal credit scores sometimes up to 100 points.
• The risks to your personal finances from credit-related scams and fraud and how to avoid them!
• The practices/products, tools and services available to help you get proper reporting of your credit.

Click here to Register today!

What our clients are saying about us

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