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Apply for your credit
report now: |
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When applying for a home loan, the last thing you need are surprises.
That's why anyone who is considering buying a home should obtain, and if
necessary correct, their personal credit report.
Understandably, a mortgage lender wants to know your track record of
paying your debts.
To find out, the loan officer will order a mortgage credit report from a
bureau that collects information from retailers, banks, finance
companies, mortgage lenders and other public sources on all consumers
who use any type of credit.
You have the right to inspect a summary of your credit report, challenge
any inaccuracies and request that the credit agencies make corrections.
you can purchase a special consumer version of your report by contacting
one of the major credit bureaus covering your area. One of the largest
in the United States, TRW, offers a free copy as often as once a year by
calling 1-888-397-3742 and then the following instructions provided in
the taped message.
Upon receiving your credit report, carefully review the explanation of
codes used to rate your payment history for each account and scrutinize
each entry. Credit bureaus, which handle millions of consumer records,
are notorious for including erroneous information. The good news is they
are required by law to promptly substantiate or correct any
discrepancies.
If you discover any errors in your report, immediately follow the
bureaus' procedures to correct them. If your credit report still has
negative tone or contains a series of late payments that may have
occurred due to extenuating circumstance, you have the right to submit
an explanatory statement that can be made part of your permanent record.
It is important that prospective lenders know that you care about your
credit history.
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