14 Things You Should Know About Your Ct. Credit Reports that Could Effect You
Many criteria make up the purchase process for a home, keeping an even keel and maintaining your current credit is one key factor that you can control. Please read these great tips from Kristin Hamilton from Redlands, California and leave comments on her original post.
For more information on credit scores and how to improve them check out this post Ct. What's In a Credit Score & Tips To Improve along with Buying a Home ~ Please Do Not Do These Things While You are in Escrow.
14 Things You Should Know About Credit Reports That Could Effect You
A person’s credit report can help influence whether or not a person can get a loan to buy a house, buy a car, open a charge account, get their utilities turned on, and even if a person gets hired or not. So it is important to make sure your report is correct and updated.
A large number of entries that feed into the 3 major credit reporting companies come from thousands of places so there is always a potential that reports could be wrong.
If you find inaccuracies on your report, you need to write a detailed letter to the reporter and explain the situation. Sometimes they can just look up your history and fix the error. The reporter must then send notification to the Credit Agencies so it takes 1-3 months to get the reports corrected. Sometimes it doesn’t get corrected at all.
Many choose to subscribe to a credit reporting agency by paying a small monthly fee. They notify you if anyone opens an account with your SSN plus will send you a monthly report of all activity. If they get an alert, they notify you immediately. Some of these companies work successfully and other times a new account slips through the cracks.
23% of all Americans have inaccuracies on their report 22% of most Americans have never checked their credit report to see if there are inaccuracies on it. 25% of Americans have found inaccuracies on their reports. 68% found they got the error corrected on their report. 18% reported they did not get the report corrected. 14%, who had more than one error, were successful in getting one issue removed. Over 50% reported incorrect or outdated information: Payment Delinquencies, Payment History, Collection Agency Reports, Court Judgments, and Bankruptcies. Over 10% reported Inaccuracies in their Addresses, Marital Status, and Place of Employment. 5% reported that they have been a victim of Identity Theft and that their reports reflect spending and non-payments by others on their SSN. (My guess this is much higher than 5%) 3% report their scores are wrong and way too low. 5% report they have been denied credit based on their credit report that had errors. Over 45% of people find success in getting their reports fixed but the first step is for you to get a copy of your report. The credit reporting agencies all have detailed procedures in getting your errors corrected on your report and most of the time you can find it on the3 agencies website. Many mortgage lenders will help you and answer any questions you have. 2% report they have a common name and that someone else’s information is reported on their SSN. Sometimes this is due to a fraudulent crime from another family member or friend who knows you. If you have a name like “Jones, Brown, Smith”, the odds are these are just mistakes but the reporting companies try to be very careful but mistakes happen and probably daily. There are also many credit repair companies who can help clean up your credit but this is basically for people who have had credit problems such as late or missed payments and collections. If you find something negative, do not ignore it but get it taken care of right then.*Make sure you do not give your SSN to anyone. Anymore, only your tax preparation company and your employer are the only ones who would be asking for it. Do not carry your SSN card with you but keep it locked up. If you receive an email asking for you to log on and give your SSN, is bogus as your bank, employer, insurance company and your CPA all have your number already. DO NOT disclose your SSN and it is also a good idea not to disclose your birth-date either.
If you plan to buy a home, you should start checking at least 6 months prior. Call your lender or Realtor to help.
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California is a dream-come-true state no matter what your needs or wants are. We have year round warm weather, beautiful beaches, rustic mountains and desert communities. If you are looking for a home in Southern California, please contact me. I am a local California Realtor, live in the Inland Empire community and am aware of the local market. I am here to help you find a home or to sell the home you currently own. California has great opportunities to view Nature and Bird Watching. Whatever your needs are, you will find it here in California! From the Inland Empire you are 45 minutes to the beaches, mountains or desert. Housing is affordable in the Inland Empire area!
Kristin Hamilton DRE #01492138 Keller Williams Realty – I am a full time agent and deal in all types of real estate transactions. Trusts, Probate, Short Sales, Standard Listing, Single Family Homes, Apartments 1-4 units, Duplexes and Condos. I am also an experienced REO agent. I sell real estate in the Riverside, San Bernardino, Orange, and Los Angeles Counties. I am a trained and experienced Short Sale agent. If you are looking for a professional and experienced agent, I am just a click away. Google me at Kristin Hamilton-Real Estate Agent. Homeowners and Buyers both will find my services top notch and successful. Call me to sell your home; both traditional and short sales.
If you want to sell your home, call Kristin @909-557-6966 or email me at kristinhamilton@kw.com.
Need a Great Realtor in San Bernardino & Riverside? Google me here...Kristin Hamilton 909.557.6966.
Kristin Hamilton CDPE, SFR, CHS, BPOR, BA
Keller Williams Realty DRE-01492138
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