Are you facing problems in your life due to your bad credit report? There are thousands of people today who have the exact same problem. The consequences of having a bad credit report are severe and can cost you thousands of dollars in interest payments and mortgage loans. Your chances of getting a job in today's market can also take a hit. Most companies and businesses prefer to hire people who have good credit scores.
So what steps should you take in order to get your credit report in order before showing it to your broker?
Don't let your mortgage broker or bank be the first one to see your credit report
If you want to acquire that home loan that you have been thinking about, never let your mortgage broker or bank be the first ones to check out your credit report. Why? Well for starters, if your credit report is not in good condition then you can say goodbye to the loan. If you do manage to get any type of loan, you will be paying an exorbitant amount of interest on it and you will have to have a larger down payment, which is not necessary with a good credit score.
We all build up debris in our credit report files
Everyone tends to build up debris in our credit report files due to different circumstances. It can be the fact that you have made payments late or you haven't been able to pay on an account for a couple of months. Your credit report can show a bankruptcy or a home foreclosure. Failure to pay debts or pay a debt on time on any number of accounts will show up. This negative reporting will stay on your credit report for years to come.
Have your credit report in order
In order to qualify for a home loan or mortgage, you simply have to get your credit report in order. A good credit report is a necessity for people who want to get new jobs, purchase a home or buy vehicles. Without a good credit score, you cannot obtain a loan.
Benefits are low interest rates and better loan packages
Having a repaired credit report not only allows you to get lower interest rates on loans but gives you a chance to apply for better loan packages. This is one of the major benefits of having a good credit report and acceptable FICO score. This will show a positive credit score image for you, assist you to acquire not only loans, but better loans packages without having a bad credit report hanging over your head!
You need a professional analysis to look at your credit report
When you go through your credit report you will invariably find inaccuracies and negative listings on the report. In fact, statistics have revealed that there are over 79% of Americans who have credit reports that have negative account status and inaccuracies on them. Therefore, you should have a professional analyze your report and have disputes submitted to the credit bureaus on your behalf. This will take care of negative reporting accounts, inaccuracies that may be on your report, late payment and inquiries removed from your credit report.
A good credit report will extend the length of your credit report
If you are looking to get a good credit report with an acceptable FICO score, then having good reporting from all your creditors is a must. This will ensure that the length of your credit report is extended for you into many years ahead.
If you would like to receive a free consultation and price quote about repairing your credit, Click Here.
|Debra Bigler is a consultant and owner with Prime National Credit Repair, Inc. She and her staff work daily with consumers, Realtors, mortgage brokers and loan officers in order to repair customers' credit reports and raise FICO scores.|