Affordable Financial Services Reminds Everyone April is Credit Scores Education Month

Written by Hank Russell  |  24. March 2011

(Hauppauge, NY) -Brian Leibowitz, CEO and Owner of Affordable Financial Services, is reminding everyone that April is Credit Scores Education Month. He is urging those who are looking to apply for a mortgage to check their credit score, as the federal government has tightened its lending requirements. Credit Scores Education Month is a month-long campaign sponsored by the Consumer Bankers Foundation and the Leadership Conference on Civil Rights Education Fund. The campaign was developed with mostly low- and middle-income Americans in mind to inform consumers about their credit and the importance of actively taking responsibility for maintaining its health and educate them about the important steps they can take to establish and maintain good credit. These include paying bills on time, keeping credit card balances as low as possible and resisting the urge to open up more credit cards than are needed within a short period of time. Many people do not know what their credit score is, how it is calculated or what constitutes a good credit score. According to a survey conducted by Opinion Research USA, more than 70% incorrectly identified a credit score of 600 as "average" or "above average." Those who wish to learn about their credit score are allowed one free credit report per year under the Fair and Accurate Credit Transaction Act. "I urge everyone who is thinking of applying for a mortgage to get a credit report first and then take a look at their credit score," Mr. Leibowitz said. "Many people believe that checking your credit score will hurt your ability to get a loan, but that is not true. It doesn't hurt to check your credit score, but it does hurt if you don't know your score." On January 19, 2011, the Federal Housing Administration announced more stringent lending requirements. One of the requirements asks for borrowers with credit scores below 580 to leave higher down payments with the lender. The FHA sought these requirements to protect itself from rising defaults and stave off the need for a taxpayer-funded bailout of the agency. "Many borrowers do not want to have the same problems they had during the subprime mortgage mess when they lent money to borrowers they knew were not creditworthy and were unable to pay back the loan," Mr. Leibowitz said. "We offer niche products for those who wish to take out a loan but have less-than-perfect credit. Our company also offers debt consolidation services to help those pay off their debt more easily, thereby helping them improve their credit score." For more information, call 1-888-500-0282 or visit http://www.affordable-financialservices.com. ### About Affordable Financial Services Affordable Financial Services is a mortgage broker located in Long Island, New York, that provides loan process, refinance, home purchase, debt consolidation, and home equity loan services. The company provides clients with the knowledge they need to make the right decisions to move forward with the loan process. With its highly knowledgeable and professional mortgage consultants and processing department, Affordable Financial Services gives clients the best loans to fit their needs. As an industry leader, the company takes pride in its vast knowledge of the mortgage industry and the products it offers to borrowers. For more information, visit http://www.affordable-financialservices.com.

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