As most of you realize, mortgage brokers use your credit report to determine many of the factors that ‘price’ your loan. The credit report is also one of the factors that may Qualify you or Deny you on a loan.
There are 3 firms that mortgage brokers will judge your credit on. They typically take your middle score. The 3 credit bureaus are EXperian, TransUnion, and Equifax. Don’t work on just one, clean up all three.
The first thing to do is to run your credit. The government gives you one free credit report per year. I recommend you obtain it through here as it does not count as a hit on your credit.
Take a look at this, if you see anything wrong on there, contact the appropriate creditor as well as the appropriate bureau.
There are two things in which you should try to remove any negative facts on your credit report. First, contac the creditors reporting a negative item and ask them to remove the negative item. Ask in a nice pleasant voice and please do not worry when they tell you no. Simply repeat that you would like them to take it off. If you get nowhere, then ask to speak to a higher up. Keep notes on what and who you speak with. Repeat this procedure over and over. In high part of calls, it works.
When they agree to take it off, be sure to get it in writing. Email, fax, letter, anything. You need this in writing.
If you find a collection on your credit report, don’t just pay it off. Ask them to remove it, then you will pay it off. Once again, get the agreement in writing!
When the creditor decides not to remove any of the items, dispute the claim with the bureaus.
In Columbia SC Real Estate, credit is important. If possible, get your middle score over 680. That makes a huge difference to buyers in Columbia SC Real Estate.
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