Credit Report Blues
Today more than ever, having acceptable credit is essential for obtaining a home mortgage. It is quite common for credit reports to contain inaccurate information or items belonging to individuals with similar names. So, it's wise to review your credit report once a year.
Credit reports are produced with three main purposes:
1. Your credit report gives a profile of your bill paying habits--whether you pay on time, in 30 days, 60 days, 90 days, or flat out never pay your debt.
2. Your report indicates whether you have any outstanding collection items. A collection note appears on your report when traditional methods of receiving payment for your debts have failed and your account has been turned over to a collection agency. If a collection agency takes legal action, a judgement can be filed against you.
3. Your credit report details items from public records. If a judgement, divorce, or other type of court action is filed, information is entered into your credit report indicating that a debt is owed to another party.
Since negative items on your credit report can keep you from receiving a loan, checking the status of your credit report is an important first step in the home buying process. If your credit needs a little cleaning up, your lender can assist you.
Thinking of buying or selling? I'm here to assist you with every step of your real estate transaction.
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.
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