Give Yourself Credit


Have you ever copied a phone number incorrectly? Confused an address? Called someone by the wrong name? Of course, we all have! What happens when someone makes a similar mistake on your credit record?

Credit is one of your most valuable assets, and good credit is important in obtaining a home loan. Your credit report is not immune to simple human error. That's why you should check your credit report at least once a year.

Social security numbers are the primary information source for credit. Clerical errors made by a creditor imputing this number might cause someone else's information to end up in your report. If someone has a name or address similar to yours, their credit information might become yours, too.

Three companies--TransUnion, TRW and Equifax--all keep records about your credit practices. To protect your credit, request reports from all three companies. If you find an error, write to inform the company of your dispute and ask them to research the incorrect information. They are required to provide you with an update of their findings. Check your credit report again in a couple of months to see if they made the correction.

What if negative information on your report is truly yours? Contact the creditors to see if they'll agree to remove it. If you're unsuccessful, don't panic. As time passes, it becomes less important. Negative information over two years old, while it has a bearing on your loan approval, won't necessarily mean a rejection.

If you know someone who may be thinking of buying or selling a home, please call me. My attention to detail helps to assure each one of my clients of a smooth and successful transaction.




Back to my Home Page

Compliments of

Brett Magleby, Realtor
www.MagHomes.com
RE/MAX Homestead Realty, Inc. | 1301 East 17th. Street, Suite #1 | Idaho Falls, Idaho 83404
Off: 208-529-5600 | Fax: 208-529-3283 | 1-800-729-5601 | E-mail: bm-remax@ida.net



This article is not intended to provide specific advice, but rather to provide insight into matters that we feel are useful. As always, seek professional advice prior to taking any action.

© 1997, 1998 WriteTrack,TM Inc. All Rights Reserved. Law prohibits reproduction in whole or in part without written permission.
E-mail: info@writetrackinc.com