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| Ability Mortgage Group, LLC.: Why do we need credit
reporting for home loans?
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| Credit reporting is needed because it provides the information
that helps consumers make purchases, secure home loans, pay for college
educations, and manage their personal finances. Credit reporting makes it
possible for stores to accept your checks, banks to offer credit and debit
cards, businesses to market products, and corporations to better manage their
operations to benefit the world's economy.
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| Ability Mortgage Group, LLC.: What is a credit inquiry?
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| An "inquiry" is a listing of the name of a credit grantor, or
authorized user who has accessed your credit file. Each inquiry is posted to
the credit file so you know who has obtained a copy. Credit grantors post an
inquiry before offering you a pre-approval credit card application. These are
listed as "promotional" inquiries on your credit file because only your name
and address were accessed, not your credit history information. They are NOT
sent to credit grantors or businesses for reasons of credit reporting. They are
listed for your informational purposes only.
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| Ability Mortgage Group, LLC.: How does divorce affect
consumer credit?
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| A divorce decree does not supersede the original contract with
the creditor, and does not release you from legal responsibility on any
accounts. You must contact each creditor individually and seek their legal
binding release of your obligation. Only after that release can your credit
history be updated accordingly.
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| Ability Mortgage Group, LLC.: Should I use one of those
companies that promises to help correct my credit?
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| It's your choice. However, beware of companies that promise to
remove accurate information from your credit file. Accurate information cannot
be removed from a credit file. There is nothing they can do for you that you
cannot do for yourself by contacting the credit reporting agencies directly.
Only time will heal a delinquent credit history.
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