Heads Up Abbotsford, Mission & Chilliwack homebuyers! Cell phones now reporting to your Credit Bureau…

We all have one but virtually never think about them in a way that can harm us, unless of course using cell phones do cause cancer. I sure hope not based on how much I use my cell phone at work but the cancer causing research seems inconclusive-ish. (Still crossing my figures and now using bluetooth!)… On the other hand, what is not inconclusive is the effect cell phone reporting is having on our clients current credit scores. Clients of ours who traditional pay their credit cards and mortgages on-time are now getting rude awakenings!

Currently Mortgage Providers are looking for a beacon score of 650 or higher+. Do you know where you are at?? Has your cell phone hurt you?

15% of Canadians credit now don’t qualify for mortgages and it may get worse. Currently Mortgage Providers are looking for a beacon score of 650 or higher+. Do you know your score? Has your cell phone hurt your credit??

BRMC Mortgages has recently seen a huge spike in Abbotsford, Chilliwack and Mission Mortgage Clients not qualifying because of bad credit caused by cell phones payment histories now reporting to Equifax credit bureau’s. To not qualify for a mortgage for your new dream home because they simply never bothered setting up their cell phone bills with automatic payments is so sad.

It seems the cell phone providers never call their clients to collect these payment like say Visa Card providers or Bank Lenders. It seems some of us just put payments off till we got a reminder by text or a threat to have service cut off! Heaven forbid cut off from our smart phones!!! Can you imagine a day waiting in a bank line up without access to Twitter, Facebook or Email. We might have to actually make eye contact with strangers.  😉

That all being said, we need to know the facts now – Everyone must set up automatic payments for your cell phone. If your payment is later then 30 days you will receive a black mark on your credit bureau. Co-signing for friends and family should be considered carefully – We just had a situation with a mother who had perfect credit her whole life that was ruined over night because she co-signed a cell phone for her 14 year old daughter years ago and was leaving the responsibility of payments to the daughter to teach her how to pay bills…..that was a bad idea. That phone poor payment history all started reporting last month out of no where.

We are not saying to over react to this information but please consider auto payments on all cell phones contracts with your name attached. If you need help seeing if your credit give us a call and we will help you pull your credit and review where you are at!

Have a great day and thanks for reading all you Abbotsford, Chilliwack and Mission Mortgage Clients, Financial Planners and Realtors! We appreciate your referrals so keep them coming!

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