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06/16/07
Credit-boost loophole scares lending industry
Filed under: General, Mortgages
Posted by: Lillian Wong @ 5:34 pm

Only a low credit score stood between Alipio Estruch and a mortgage to buy a $449,000 Spanish-style house in Weston, Fla., a few miles west of Fort Lauderdale. Instead of spending several years repairing his credit rating, which he said was marred by two forgotten cellphone bills and identity theft, the 37-year-old real estate agent paid $1,800 to an Internet-based company to bump up his score almost overnight.  More…

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