Time and time again when I pull a credit report, I find that there are errors on the report that impact my clients’ score or their debt to income.  I always recommend that a client carefully go through their credit report to make sure it is accurate.  Your credit score will make a huge impact both on your rate and on whether or not in today’s strict lending environment you will be able to qualify for a home loan, so this is very serious!

 

Typical Errors

  1. people with common names, for example a Robert Smith Sr. debts will appear on the Robert Smith Jr.s report.

  2. credit fraud on the report where there is a stolen identity involved.

  3. there are late payments on a car or mortgage reporting that are inaccurate.

Tips For Improving Your Score 

  1. Always start off contacting the creditor that is reporting the error on your report. Their information will be towards the back pages of the credit report.

  2. Contact all three bureaus, Transunion, Equifax, and Experian as soon as possible.

  3. Always document who you speak with and have supporting paperwork available to make sure you can repudiate the inaccuracies on the report. 

Consumers Beware

There are many people who claim that they can repair your credit when in reality they take your money and do nothing, so only go that route if the credit specialist comes highly recommended by your mortgage broker and you have no choice and need their help.

 

In today’s lending environment, always strive to have the best credit score you can!  If you have any questions or would like more information about how you can improve your score, give me a call (619-665-3988) or visit my website.