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Credit Plus Inc. has announced that it has enhanced both its ScoreWizard and Lending Hand programs, giving loan officers the ability to simulate the removal of an account in dispute to better measure the possible impact on a borrower’s credit score.
ScoreWizard is a tool that helps borrowers make better financial decisions to improve their chances of being approved for a mortgage loan. It quickly and easily generates a detailed analysis of the consumer’s credit score and includes a “What If Simulator” that can simulate changes to the consumer's credit file and predict the score that may result from those changes.
Lending Hand is a service that utilizes the experience of Credit Plus’ credit experts to give mortgage loan applicants the highest probability of a successful rescore. Working directly with loan officers, these experts develop customized solutions for applicants. The loan officers, in turn, present each solution to their applicants which include an in-depth analysis of each credit file, an evaluation of how financial decisions may impact their credit score and timeline, and a personalized, action plan.
“Our scoring tools aren’t meant to artificially inflate borrowers’ credit scores. Rather, they are there to help mortgage professionals educate applicants on their financial health and make them aware of various situations that may positively or negatively impact their scores,” said Greg Holmes, national director of sales and marketing for Credit Plus. “Simulating the removal of an account in dispute is just another way to do that."
This new enhancement will improve each program’s ability to more accurately predict the degree by which an applicant’s credit score may change if an account in dispute were to be removed.