• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About CCN
    • About Commercial Capital Network
    • Richard K. Newman, Founder
    • Hospitality Loan Application
    • Downloads
  • News
  • Email
  • Call 570-213-1903
  • LinkedIn
  • Feed

Inn Financing

  • Reviews-Clients
  • Prequalify
    • B&B / Inn Loan Prequalification
    • Prequalification Check List
    • Verified Financials Overview
  • Loans
    • Hospitality Loans
    • SBA 7a & 504 – Overviews
    • 401K Frequently Asked Questions
    • Loan Application
    • Downloads
  • Innkeeper Resources
    • FAQs of Aspiring Innkeeper
    • Articles for Aspiring Innkeepers
    • Tips for Innkeepers
    • Innkeeper Training Events
    • Inn / B & B Resources
    • Inn Partners and Bed & Breakfast Consultants
    • Bed & Breakfast Inns for Sale
  • Innkeeper Training
  • Inn Blogs

Reporting Agencies and Credit Reports

February 27, 2019

Note: This material is being provided for general information purposes. This overview is intended to alert the reader to the importance of managing his/her credit. General guidelines, material, and other information are being provided as a courtesy. No representations or warranties are made as to the accuracy or processes covered herein. The Credit Tier Examples listed below are for informational purposes only, as lender guidelines vary.

Credit Scores are extremely important to a lender in evaluating the merits of a loan. Your credit or FICO scores have a direct impact on the rate, term and loan program for which you qualify.

Credit Score Guide:

A+ Borrower 750+

A Borrower 680+

A- Borrower 640+

B Borrower 600+

Time should be devoted to researching your own credit file/s before you apply for a loan. Consumers are entitled to one free credit report each year by going to www.annualcreditreport.com. Once a reference number is obtained from the repository, a dispute can be opened online. Be sure to print out your report/s while you are online!

Note: FICO scores provided to consumer credit requests are very often higher than the scores given a lender, so any scoring should only be viewed for general informational purposes only.

Disputing Your Credit Report If inaccurate information still appears on your credit report, you have the right under the Fair Credit Reporting Act (FCRA) to dispute the information by:

  • Correctly identifying the inaccurate information on your credit report. Look closely at your personal data, account information, and payment Review the report/s to see when your negative records are scheduled to be removed. Be sure to note any item/s you feel are inaccurate.
  • When you find an inaccuracy on your credit report, you should first investigate the details and find out what exactly is wrong. To begin the dispute process, you should contact the creditor or lender responsible for reporting the mistake directly. Your financial institutions will be able to correct most minor inaccuracies over the phone. Not sure of the contact information? You can find it at the bottom of your credit report/s under “Contact Information.”

Credit Tips:

Derogatory information reported to the credit bureaus significantly impacts on your overall FICO Scores. Rating agencies also factor high credit limit to loan balance in their scoring algorithms. It is therefore important to maintain a ratio of 50% or less if at all possible. A low loan to credit limit to balance is believed to improve scores more than actually paying off credit accounts.

It is also worth noting that excessive lender inquiries may have a negative impact on the FICO scoring process, so it is important to keep annual inquiries to a bare minimum.

 

print

Rick Newman

"Rick is a master at helping people finance Inns and B&Bs. What not too many people …

Read More

"We would not have been successful in achieving our goal of B&B ownership without …

Read More

Cornerstone B&B, Philadelphia, PA

"For more than 25 years, my grandmother (Rick Newman’s Mother) owned the New Hope Lodge in …

Read More

"We never would be here as innkeepers of the Sheridan House Inn at the gateway to the …

Read More

"Rick was such a pleasure to work with. He was helpful in guiding us through the ups and …

Read More

Primary Sidebar

FEATURED ARTICLE

Six Myths About Inn Financing


  • Articles for Aspiring Innkeepers
  • FAQs of Aspiring Innkeeper
  • Tips for Innkeepers
  • Inn Partners and Bed & Breakfast Consultants
  • Bed & Breakfast Inn Resources
  • Bed & Breakfasts and Country Inns for Sale

Footer

Featured Bed & Breakfast Resources



BED & BREAKFAST INN ASSOCIATIONS

AIHP-logoAssn. of Lodging ProfessionalsMichigan Bed And Breakfast Association logoMichigan Bed & Breakfast Assn.

Oregon Bed and Breakfast Association logoOregon Bed & Breakfasts

Tips for Innkeepers
  • Press Releases
  • LinkedIn
  • Contact Rick by Email
  • Call 570-213-1903
Trusted Site Rapid SSL

Copyright © 2021 · Inn Financing & Consultants · Bed & Breakfast Inn Financing & Consultant · Hospitality & Resort Financing
Commercial Capital Network (CCN) · Log in