Mortgage delinquency falls 11.6 percent in March

Although home sales have declined in a number of U.S. regions, recent mortgage delinquency statistics may give consumers some reason to feel optimistic about the state of the housing industry.

Lender Processing Services' March 2011 report, which uses 40 million mortgages as data for its month-end industry statistics, found the U.S. home loan delinquency rate fell 11.6 percent from February to March to 7.78 percent, which led to a year-over-year decline of 19.4 percent.

According to the report, Florida, Nevada, Mississippi, New Jersey and Georgia had the highest percentage of delinquent mortgages, indicating consumers in these states may be having trouble managing their finances and handling their credit obligations.

A delinquency mark on a credit report can dole heavy damage to a person's credit score, and sometimes these items appear on credit documents because credit companies haven't followed proper procedures for credit bureau reporting. Even individuals with serious delinquencies like foreclosure are still covered by consumer protection statutes that govern fair and accurate credit reporting. Thanks to federal law, homeowners who are hit with negative marks as a result of an unfair or unverifiable credit reporting problem may be able to have such items removed much more quickly.

By contacting a credit repair attorney, individuals may be able to efficiently resolve any inaccurate or unfair mark because a credit lawyer may have the expertise to hold credit companies in compliance with federal credit reporting mandates.