Credit Education Month is a month-long campaign sponsored by Credit Professionals International and the Credit Education Resources Foundation which helps educate the community and raise awareness of credit-related issues and resources.
Many people do not know what their credit score is, how it is calculated or what constitutes a good credit score. According to a quiz crafted by the Consumer Federation of America and VantageScore Solutions, 34% of respondents thought 700 was a good credit score, while 22% thought a score of 800 constituted good credit. 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.
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Banks are currently requiring mortgage loan applicants to have near-perfect credit and place a 20% down payment in order to qualify. Meanwhile, the Federal Housing Administration recently announced plans to raise the down payment of home loans of more than $625,500 from 3.5% to 5% and those with low credit scores and high debt-to-income ratios will have a more difficult time getting a loan.
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About Affordable Financial Services
Affordable Financial Services is a mortgage broker located in Long Island, New York, that provides loan process, refinance (http://www.affordable-