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Information
about Your Credit Report |
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Your
Credit Report It is always a plus to obtain a copy
of your credit report before you apply for a
home loan. By doing this, you can see any discrepancies
or errors on your credit profile in advance, establish
credit if necessary or start repairing your credit
if you've had problems in the past. Lenders look
very carefully at your credit as an indicator of
your "character" or your willingness to
repay your loan. Having poor credit, little or no
established credit or unresolved disputes with creditors
can affect you purchasing power and you ability to
get a loan. Please be advised that a credit report
is good for only 90 days and is invalid after the
date on the report. To avoid unpleasant surprises
down the road, you can request a copy of your credit
report for a small fee by writing to any one of the
following credit bureaus:
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Experian :
1 (888) 397-3742
P.O. Box 2002, Allen, TX 75013 |
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Trans
Union :
1 (800) 888-4213
P.O. Box 2000, Chester, PA 19022 |
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Equifax :
1 (800) 685-1111
P.O. Box 740241, Atlanta, GA 30374 |
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Most people
wouldn't know how to read a credit report in detail.
As a part of our normal standard pre-qualifying procedure,
we can order a current credit report for you. We will
explain the details to you at a later time. All we
need is your full name, your current address, your
previous addresses for the last 5 years, your phone
number, date of birth, social security number, your
spouses name, if applicable, and of course, your authorization.
Then, we can run the credit report and review it with
you, saving you time and money. When you receive your
credit report, check for the following items: |
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INCORRECT
ENTRIES
If there are mistakes on your credit report (i.e. accounts that are not yours
or current payments showing as late), you can have them corrected by writing
to each credit bureau and requesting that the information be deleted. They will
contact the creditor who must respond within 30 days. If the creditor does not
respond, the item will be removed and a new credit report will be issued to you.
If there is still a dispute, you can add a 100-word statement to your file explaining
your side of the story. |
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OUTDATED NEGATIVE
CREDIT
If there are unfavorable credit items older than 7
years showing on your report, follow the procedures
outlined above. Bankruptcies can
be removed after 10
years. |
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CURRENT NEGATIVE
CREDIT
If you have current credit problems, the time to resolve
them is before you buy. Re-establishing good credit
after a bankruptcy or other credit problems is very
important. Having an established credit history is
also important as lenders want to see a track record
of debts owed that have been repaid. If you haven't
already done so, apply for credit cards and use them
or establish a credit history by documenting your monthly
rent payments and your monthly payments to utility
companies. |
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