My new client, Sam, wants to buy his dream property out in the country ~ a little farm close enough so his wife doesn't have to drive a long distance to work, but far enough out so he can have a large garden, 1 cow, 2 pigs and a couple dozen chickens. He'll retire in a few years, and wants to "keep himself busy", while knowing where their food is coming from. Healthy eating is very important to them.
He really wasn't sure what he could afford, but knew he had terrific credit ~ his score was close to 800 at the beginning of this year. I gave him the names of several lenders I've worked with and he made an appointment.
After being preapproved, he got the results of his current score. It had dropped to close to 700! Still a great score, but much lower than expected. He was pretty sure what had happened...an ongoing dispute with a company who opened an account without his authorization, sent him merchandise (which he returned) and who'd turned his account over to a collection agency. That sweet man was beside himself with worry!
I suggested he go back to his lender, and see if he could help him get this cleared up. The lender made a few phone calls, and 30 minutes later had a promise from the company that they would credit Sam's account and remove it from his report. His credit score should go back to his well-deserved 800 very soon!
Sam called me from the parking lot of the bank. He said he had tears in his eyes when his lender gave him the good news, and by the end of our conversation, I had tears in my eyes!
The moral of this story? Please take the time to check your credit regularly. Remember, some of those companies out there aren't actually FREE, but www.annualcreditreport.com is. And don't be afraid to ask for help if you see something that shouldn't be there!