Monday, June 11, 2018

CREDIT RULE CHANGES FOR KENTUCKY HOME BUYERS FOR GETTING A MORTGAGE LOAN WITH COLLECTIONS ON CREDIT REPORT







CREDIT RULE CHANGES FOR KENTUCKY HOME BUYERS FOR GETTING A MORTGAGE LOAN WITH PREVIOUS COLLECTIONS ON CREDIT REPORT


On the 8th of June, there will be changes on how your credit is reported to the main credit bureaus for experian, equifax and transunion.
Changes include:

**Collections that aren’t at least 180 days old will be rejected by the 3 major credit bureaus. You will now have time to pay them off before it is even reported.
**Medical collections will no longer show on credit reports as long as it is being paid (through either you or insurance).
**Collection accounts that have not been updated in six months or more will not be factored into scores.
**Any collection that did not result from a contract or agreement to pay by the consumer, will be removed.



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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364


Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com












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