In today’s real estate market, the mortgage rules seem to be in constant flux. Here are some common credit questions that will help you make sure you are positioned well to get that home loan (or any other loan for that matter).

Will ordering my credit report negatively affect my credit score?
No, it will not have a negative impact on your score. The most important factor to your credit score is your credit history. Do you pay your bills on time? Are you maxed out on all your credit cards? Do you have a long credit history?

I just found an error on my report, can that be changed?
Yes, it can. You can try to write the company yourself with proof of the error. You can request your mortgage broker to write a letter on your behalf. The Department of Housing and Urban Development also has credit counselors available to answer your questions. www.hud.gov/counseling.

Where can I see my credit report?
Every year you can get a free credit report from the three major credit bureaus. They are Experian, TransUnion, and Equifax. According to the FTC website, www.annualcreditreport.com is the only authorized online source for a free credit report under federal law.

I have a blemish on my credit report; can I get it removed fast?
Unfortunately, no. Time is the only thing that will remove bad credit from your report. The FTC requires the bureaus to keep your credit information current for the last 7 years. After 7 years the bad credit blemish will “fall off” your report (10 years for a bankruptcy).

How to I get a better credit score?
Well, it’s easier said than done these days. You can reduce your debt and pay your bills on time. When a lender looks at your debt to income ratio, they like to see it below 36%.