In this article I intend to help you have your credit it place and all wrong things out of place before you go to the bank to ask for money for that dream home.
You have been in the house several times. You love it more every time. You know where every piece of furniture is going to go. You can already see the pictures on the walls. Now all you have to do is go to the bank and get your mortgage. You know what isn’t going to be a problem. After all your credit is perfect and getting a mortgage won’t be a problem. Or will it.
Hundreds of thousands of people daily apply for some sort of credit everyday. With those kinds of numbers we have to face facts and those facts are that mistakes can be made and in all honesty they are made everyday.
1. Request A Copy
By law you have the right to know what’s on your credit report. It’s really quite simple to get your report from all three reporting agencies. All you have to do is submit a request to the companies in writing or you can go online and get them. Either way they will usually cost around 10 dollars but that really is a small price to pay in comparison on what a bad report could cost you in the long run.
2. Personal Information
Even if there is one letter or number wrong in your personal information it could be devastating. If the bureau accidentally mistakes you for some one it could be a very long time before it ever gets straightened out. If someone else defaults on a loan or is late with payments then it could show up on your record. If this happens it’s up to you to get it straightened out and that can take a while.
3. The Info
By the time you get your info it may be too late. There could already be other peoples stuff on your record. There could be late payments or defaulted loans. Now comes the hard part. You have to get it off your record. You need to send the credit agencies a letter explaining the errors. It’s also up to you to supply the proof that will substantiate your claims. They are by law required to investigate your proof and then report their findings to you. This is something I would definitely be having a look at before applying for a mortgage. It could definitely reduce the amount of time for you to get an approval and it could also make the difference in the amount you pay with your interest rates
Dale Mazurek