A credit-repair firm that gets it right

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Your credit is by far the most important ingredient of a mortgage. You receive three credit scores (Trans Union, Experian and Equifax) when you apply for a mortgage. If you do not receive at least a 640 on two of the three scores, you cannot apply for an FHA mortgage. A conventional mortgage usually requires an average credit score of 700, and 740 is the minimum required to get the best rate for a conventional loan.

There has been a lot of negative noise lately about credit repair companies, both nationally and locally, and with good reason. Complaints abound about companies that take borrowers’ money while doing little or nothing to help their credit. Their job is to dispute derogatory credit on behalf of the borrower. If a creditor does not response within a certain time frame, then the derogatory credit has to be removed, which will then increase your scores. The question is, are they getting the job done right.

Being in the mortgage business for 22 years, I have experimented with many of these companies and have finally settled on a very competent firm that’s right here in the Chicago area. The name of the company is Illinois Credit Services (Jim Droske, 630-427-8500). This company has genuinely worked on behalf of my clients to remove derogatory credit, helping me with borrowers who had credit scores that were below the minimum need to apply. They helped to increase scores to the point where these clients were approved for a mortgage and were able to buy a house. This company actually helped people to attain the American dream of homeownership, not to mention helping their overall credit, which gives people cheaper interest rates on whatever their borrowing needs are.

In my experience, it’s a mistake to try to fix your credit problems yourself, or to wait for the problem to fix itself via the passage of time. When I get serious borrowers who want to buy a home, but have less than perfect credit, I refer them to this company and within three to four months we usually have results good enough to move forward on a mortgage.

For more, call 773-557-1000 ext. 15, e-mail ron@ronmortgage.com or visit www.ronmortgage.com.

About Ron Ricchio

Renato (Ron) Ricchio is president of Chicagoland Home Mortgage. He grew up in Westchester and attended St. Joseph High School and DePaul University, taking a job as a loan officer in the mortgage industry soon after graduating with a bachelor's in finance in 1991. He started his own company in 2001, which he operates today. He has been ranked in the top 150 loan originators in 2010 and 2011 by Origination News. Ron is happily married with three beautiful children. A board member of San Francesco Di Paola Society and the founder of Ricchio Family Toy Drive for Lurie's Children's Hospital, he enjoys cooking and spending time with family and friends.

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