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Although Interest Rates Plunge, Credit Reporting System Prevents Many Borrowers From Seizing Opportunities
Date:12/8/2008

PLANO, Texas, Dec. 8 /PRNewswire/ -- When the Federal Reserve announced its plan to invest up to $600 billion in mortgage backed securities owned by Fannie Mae, Freddie Mac and Ginnie Mae, mortgage interest rates dropped to their lowest point since February 2008. However, few borrowers may actually qualify for these savings. In addition to tighter lending standards and declining home values, borrowers are also being plagued by the nation's credit reporting system.

According to Rodney Anderson, the country's top producer of FHA/VA loans and the fourth highest producing loan originator, 45 percent of the 1,701 loan applications he received between June and September 2008 had borrowers with at least one medical collection account. "In evaluating these loans, we uncovered a huge injustice against the American public," says Anderson. "The tragedy is that the collection accounts, even those that have been paid in full, are lowering these individuals' credit scores, often to the point that they either can't qualify for a loan, or will have to pay higher interest rates if they do."

A nationally acclaimed mortgage and credit expert, Anderson regularly appears on WFAA Channel 8 Good Morning Texas, and the Evening News of CBS 11 and TXA 21. He also has a weekly radio show to discuss the mortgage industry and provide consumer advice. He explains that medical collections are particularly problematic because of four main issues:

-- Medical billing is a notoriously error-prone arena

-- Many individuals with medical collection accounts never received the bill in question

-- Medical collection accounts customarily remain on a credit report for seven years after the individual has settled or paid the account in full

-- Medical collection accounts can reduce a credit score by as much as 100 points, sometimes more.

"The issue of medical debt plagues the patient-phys
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SOURCE Rodney Anderson
Copyright©2008 PR Newswire.
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