Loan Modification Could Cause Credit Score Crash

The Obama administration's loan modification program for borrowers who are making their payments on time but are near default could see a reduction in their credit score by 100 points. This will make it harder for these consumers to not only obtain any other kind of loan but could also affects one's ability to establish new employment, as credit is being used to judge consumers in just about every instance of life these days. Housing and credit counselors strike up the unfair band to support consumers facing this new hurdle as for most, this drastic and sudden decrease in credit rating usually comes as a surprise. Yes, you are reading correctly. Full article