Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

Credit and the Mortgage Application

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credit shock
40 million Americans have errors on their credit report and 20 million of them are significant mistakes. Statistics provided by http://www.cbsnews.com/video/watch/?id=50153672n Almost everyone I speak with is not familiar with the real credit report site that is the one that offers you a free report that you are entitled to every year. The website is http://www.annualcreditreport.com as listed on ftc.gov . Removing errors is your responsibility, and it takes some time and patience.
As you go into this site, it will ask you for some personal information. Then it will ask which report you would like to obtain first, Experian, Transunion or Experian. Once you select your bureau, you may need to work through all the services it offers to get to the free report. You do not need to sign up for monitoring and you will have to pay for your score if you want to receive it. If you order one score to get an idea of where you are, choose Equifax or Experian. I have found these bureaus more widely used by creditors and most accurate reporting.
Once you have your reports, review them for accuracy. Conventional, FHA, VA loans do not accept a disputed item that carries a balance to be open on your report.
Below are 7 tips to Fix Credit Mistakes as recommended in an article published on the National Association of Realtors website http://www.houselogic.com/home-advice/home-taxes-financing/dispute-my-credit-report/# :
1. Fix the Error Immediately
2. Make sure you Fix all bureaus
3. Report Credit Fraud to credit bureaus, police and the FTC.
4. Mistakes usually originate with the creditor. Contact them first.
5. Contact your state’s attorney general office if you need additional help.
6. Have proof to back up your claim.
7. Have patience and save all documentation, emails and correspondences. Get corrections in a letter on the creditor’s letterhead for your records.
Credit bureaus make money by gathering information from the people we do business with and then sell that information to banks, merchants, insurance companies and employers who use it to make decisions about our credit worthiness and reliability.
(quoted from http://www.cbsnews.com/video/watch/?id=50153672n)
Your credit is your responsibility.If you have success stories about how you were able to correct errors, I would love to hear about them. Contact me at Ingrid.quinn@cobaltmortgage.com or visit my websites at http://www.cobaltmortgage.com/ingridquinn or http://www.scottsdalemortgageexpert.com.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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