Seeking Advice on NMLS Licensing with Credit Challenges

Seeking Advice
1

Hallo…

I’m hoping to get some advice on getting NMLS licenses in more states, but I’ve hit some bumps because of my credit.
Here’s the situation:

  • I’ve got over 10 years in the mortgage industry.
  • Just passed the SAFE exam, so that’s not a problem.
  • I’m currently licensed in Tennessee (TN) and Pennsylvania ¶.
    The issue is, I had some health issues and unemployment, and my credit took a hit. There are some marks on my report I can’t fix until I close more loans. I’ve been trying to figure out which states are more lenient when it comes to credit, but info’s been hard to come by.
    So I’m wondering: 1. Are there any states that won’t give me a hard time over my credit?
  1. Anyone been through something similar and have advice?
  2. Any tips for dealing with state regulators?

Best wishes…

2

What’s the rough score on your credit report? State in which you plan to submit an NMLS licensing application: States may have different licensing requirements.

3

Get a complimentary copy of your credit report from TransUnion, Equifax, and Experian, the three main credit bureaus.

4

Write a written dispute to the credit agency if you discover any mistakes on your credit report. Give evidence to back up your statements.

5

Make sure you pay off all of your current debts consistently and on schedule. If you want to gradually raise :thinking: your credit score, this is essential.
In order to maintain organization, think about establishing automatic payments

6

Create a strategy if you can to pay off your debt. This could entail consolidating debt, raising your income, or making a budget. :wink:If you require help, think about debt counseling or credit restoration programs.

7

Investigate :unamused: other licensing choices or think about going into a profession in a related industry that might not require NMLS licensing if you are facing serious credit issues.

8

For individualized guidance and assistance, think about speaking with a financial advisor or credit counselor.