Most real estate professionals want to be well-informed in all elements of the home purchasing process so they can do the best job serving potential homebuyers. However, lack of interest and the baseless fear of liability in guiding their credit-challenged clients to useful tools and credible resources have given the sleazy credit repair industry a boost and indirectly supported the half-truths and misinformation provided by the three major credit reporting agencies (CRAs): Experian, Equifax and TransUnion). Let me explain: These three CRAs with their countless affiliates continue to fool millions of consumers with their FAKO (not FICO) scores. Check that out here. Now, one of them is targeting the heart of the real estate industry with a new misleading service: Connect Credit Report and Score from Experian. What is Experian Connect Credit Report and Score? For 30 days, this service allows prospective renters or homebuyers to share a summary of their credit reports and scores a...
- There is a need to be watchful of the three credit reporting agencies' (XP, TU, EF) half-truths and misinformation regarding products and services.
- To endorse such service, we’re unintentionally handing over our clients’ data on a silver platter to a credit reporting agency to share, sell to others and even compete with us.
- Serious and responsible homebuyers want to know their credit scores and examine their credit reports before completing mortgage applications.
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