Spring Clean Your Credit ReportPosted Monday, March 31, 2014
If you are in the market to purchase real estate, the first place you need to start is with your credit report. If it has been more than a year since you reviewed it, now is the time. Do not wait until you find your dream home before examining your credit report. If there are problems with it, you could be turned down for the mortgage.
After you’ve received your current credit report, follow these five steps to spring clean your credit report before starting your search for real estate:
1. Check your personal information: Is your personal information such as name, address, and social security number accurate? If not, get that information corrected.
2. Review all the accounts listed: Are they all yours? Are the account numbers correct? Are the account balances accurate?
3. Get credit report errors corrected: Under the Fair Credit Reporting Act (FCRA), both the credit reporting agency and the information provider (that is, the person, company, creditor or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the credit reporting company and the information provider.
4. Contact the credit reporting agency about errors all errors on the report: Send a letter by certified mail and “return receipt request” so that you can document that the credit reporting company received the letter. Keep a copy of the letter and documents. Include the following in the letter:
a. Copies (not the originals) of documents that support your position.
b. Your complete name and address
c. The facts about the problem and an explanation of why you dispute the information
d. A copy of your credit report with the items in question circled.
5. Contact the information provider about errors they made: In writing, contact the creditor or other information provider to let them know that you dispute an item they’ve placed on your credit report. Send a letter by certified mail and “return receipt request” so that you can document that the letter was received. Keep a copy of the letter and documents. Include copies (not originals) of documents that support your position.
Call or email me with any questions you have concerning your credit and buying real estate.
Get credit report errors corrected
Fair Credit Reporting Act (FCRA)
Credit reporting agency