ASHEVILLE, N.C., April 13 /PRNewswire/ -- Selling consumers information about their credit scores has evolved into a multi billion dollar industry, but a group of former banking and lending industry officials have come forward to reveal the shocking truth: a person's credit score is NOT the major factor in whether they will be approved for a loan. 

Edward Loew, founder of www.actualcreditworth.com, was a lender, banker, loan officer, and underwriter for decades. Over the years he reviewed, approved, and denied many loans. 

"I was always struck by the monumental amount of time and money wasted by consumers who were drawn into the loan or credit process, only to get disappointed or turned down," according to Loew.

In fact, the Mortgage Bankers Association recently revealed that at least 50 percent of mortgage loan applications these days are rejected. 

One of the main reasons that so many people waste time and money applying for loans only to be rejected, is that they rely too much on their credit score and don't know what other factors are considered by underwriters.

That is why Loew and his team spent 18 months developing revolutionary new software which analyzes people's financial situation in the exact same manner that professional underwriters do - in the same way that Loew once did.

This software will give users a true picture of their creditworthiness and tell them how likely they are to be approved for a mortgage loan, home equity loan, or numerous other types of loans.

What's important for consumers to realize, Loew explains, is that their credit score is only about 10 percent of what is considered by underwriters when deciding whether to approve a loan.

In fact, someone with a lower credit score may be approved for a loan while someone with a higher credit score may be turned down for that exact same loan, because of other lifestyle factors that they are unaware of - factors that they could fix if only they knew about them.  

Employment history, ability to pay, and a myriad of other factors are weighed very carefully by underwriters these days. 

"I think that if you know what matters, you'll make good decisions, and those good decisions will increase your credit worth," Loew said.

Underwriters look at many other factors when considering whether or not a person is a good credit risk. So does UnderWriterFighter®, the software designed by Loew and his team. It analyzes 11 specific areas and tells consumers how likely they are to be approved for specific types of loans.

The UnderWriterFighter® software allows people to find out their creditworthiness online, quickly and anonymously, at www.actualcreditworth.com, without entering identifying information such as their name, address, or social security number. 

Their more advanced service, UnderWriterFighter® Gold Service, provides an expert review of the borrowers specific case and offers advice to people on how they can improve their creditworthiness.

Those seeking more information may visit www.actualcreditworth.com.  

SOURCE Actual Creditworth

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