free credit reports from all 3 bureaus

3 Suggestions To Fix Credit Before Buying A Home


Chicago, IL (PRWEB) February 20, 2015

whenever first-time homebuyers believe they are eventually willing to purchase a house, The Federal Savings Bank highly encourages them to check on their credit first. Not just do their particular credit histories influence their particular opportunities for endorsement, their credit ratings could affect the attention rates offered for mortgages. Assure loan providers, like Federal Savings Bank, look favorably on mortgage programs, homebuyers could follow these three steps to fix their credit:

1. Examine their particular credit scores

The initial step first-time homebuyers takes to correct their credit is to request their credit history. The report will break-down their payment records, records unsealed, their particular credit scores and other information loan providers may also see such as your free credit reports from all 3 bureaus. Borrowers should review their particular reports and determine whether there are items which are inaccurate or missing. Consumers are able to receive a free content of these credit history once every one year from each one of the three significant credit scoring bureaus – Equifax, Experian and TransUnion – based on the U.S. Federal Trade Commission.

2. Contact the credit rating bureaus and creditors

If consumers look for there will be something incorrect due to their credit history, they need to contact the credit bureau that generated the report – also lenders noted on these reports. Consumers should contact the credit reporting business either through a written letter or an internet type explaining something incorrect towards report and provide proof along with their conflicts.

3. Hold other records in great standing

As first-time home buyers watch for a response from credit reporting companies about their particular credit history disputes, they need to ensure their other accounts stay static in great standing – that’s, that they have no unfavorable information of these credit responsibilities – by having to pay expenses promptly, in accordance with Freddie Mac.

First-time homebuyers willing to purchase a home can get in touch with the Federal Savings Bank, a veteran possessed lender, for more information on mortgages.


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Credit Report Secrets: Do You Know What They Reveal?

If you’ve ever applied for a credit card or loan, you’ve probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it’s well worth your time to be sure that you understand what your credit report says about you. Even if you’re not interested in obtaining credit, your credit report can impact other areas of your life. Potential employers view your credit report to assess your trustworthiness as an employee. Landlords frequently check the credit reports of their tenants before allowing them to sign or renew their lease.

So whether you knew it or not, your credit report can have a major impact on your quality of life. With this said I’m sure you can now see that there is a benefit to obtaining and then verifying that the information on your credit report is accurate and true.

You can request copies of your free credit reports from all 3 bureaus: Equifax, Experian, and TransUnion. A recent amendment to the federal Fair Credit Reporting Act requires each of these national consumer-reporting companies to provide you with a yearly free copy of your credit report upon your request.

Basically, your credit report is a summary of how you pay your bills; repay loans; how much credit you have available; what your monthly debts are; and other types of information that can help a prospective lender decide if you are a good credit risk.

Your credit report is made up of several sections. The first section contains personal identifying information such as your name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers.

Your bill paying history with banks, retail stores, finance companies mortgage companies, and others who have granted you credit is one of the most important parts of your credit report. Public records that might indicate your credit worthiness, such as tax liens, court judgments, and bankruptcies are also included in the section detailing your credit history.

Your credit report includes a comprehensive listing of all credit granters and other individuals who have received a copy of your credit report. In addition, lists of companies that have received your name and address in order to offer you credit are also included in your credit report.

Most credit bureaus allow both the consumer and the creditor to make statements if there is a dispute about something on the report. If applicable, your credit report will include these dispute statements.

Your credit report does not include bank account balances, race, religion, health, criminal records, driving records, or annual income. You’ve probably heard about a FICO credit score as well. Credit scores are based on formulas that use the information in your report, but they’re not considered part of your credit report.

Problems with your credit report will result in you either being denied credit or receiving a higher interest rate. Red flags on your credit report include excessive applications for additional credit, a short credit history, high debt ratio, and late payments to previous creditors. In most cases, negative information will stay on your report for seven years. However, bankruptcy information stays on your credit report for ten years.

To help improve your credit report, always remember to close unused accounts, pay your bills on time, never use all of your available credit, and don’t apply for unnecessary credit.

source: http://ezinearticles.com/?expert=Dave_Robinson

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