FreeScore.com Provides "Common Credit Questions" Service; Offers Free Answers on Timely Personal Finance, Budgeting and Credit Score Questions

The first post provides answers to common questions about recent mortgage programs from the government

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Media Contact:
Rob Wyse
rob@mediafirstpr.com
212.920.1470

Norwalk, Conn. — March 5, 2012 — As a free service to the public, FreeScore.com has created a "Common Credit Questions" service to answer timely questions about personal finance, budgeting, credit scores and other related information. The first "Common Credit Questions" post provides information regarding the recent mortgage programs being offered by the U.S. Government.

To help the public understand the basics of the new government mortgage settlement programs, Home Affordability Refinance Program (HARP) and Home Affordability Modification Program (HAMP), FreeScore.com has developed a list of common questions and answers, which can be found in the "Common Credit Questions Answered" section of FreeScore.com.

Analytics firm CoreLogic has reported that 22.1 percent of homeowners owe more than their property is worth. The problem stems from the fast declining real estate values of the last few years. Mortgage rates have dropped too, but millions of borrowers have been unable to take advantage of the lower rates because they have "negative equity" – their mortgages are worth more than the value of the underlying property. A large percentage of those borrowers fell behind on their payments, leading to foreclosures.

Consumers with better credit and higher credit scores can generally secure home loans more easily, and take advantage of low refinancing and other options that may not be available to borrowers who have credit problems. It is important for consumers to track, monitor and understand their credit scores and related information from each of the national credit bureaus – TransUnion, Experian and Equifax — in order to secure the best loan and interest rates possible, and to be in a better position to negotiate with lenders.

About FreeScore LLC

FreeScore.com, the value leader in online consumer credit services, provides members with affordable, unlimited access to credit scores and information from each of the national credit bureaus: TransUnion, Experian and Equifax. Over one million consumers trust FreeScore.com for their three bureau credit scores and information. For more information, go to FreeScore.com. FreeScore.com is a service of FYI Direct, Inc.