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Repair Your Credit Before a Home Search and You Might Get Better Loan Terms



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By : marco benavides    99 or more times read

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It would be pointless to put in a bunch of time toward finding the home you have always wanted only to find out that your credit rating is in a shambles, and that the terms you are being offered are nowhere near what you thought you would get. If you do not want to run into any nasty surprises during the home buying process, do what the mortgage lenders do and request copies of your credit report from the Consumer Reporting Agencies or CRAs.

There are three major CRAs used by mortgage lenders to make an assessment on your credit rating, Trans Union, Experian and Equifax. As a matter of fact, it is as simple as going online to the website of one of the CRAs and filling out a form. Once you have your report, you have to make sure that it is accurate.

The Fair Credit Reporting Act requires credit agencies and those who provide them information to look into inaccuracy reports. Thus, contact the CRA and report the discrepancy so that it can be removed from your report.

The next thing that you should look at is marks that lower your credit rating. Are you the type who leaves everything until the last possible minute? Do you let your mail pile up until you have no other choice but to start looking through it to see what's there? If you are one of these people, then you probably have a lot of late payments on your credit report.

Late payments will kill your credit rating, and you need to make a change if you are planning to buy a house. Pay your bills on time, every time and establish a new pattern of timely payments. You cannot pay on time for a couple of months and expect the CRAs to remove the marks from your report. You are going to have to establish your new payment pattern over a period of time. You should then contact the CRAs and request removal of the marks from your credit report. You should then do a follow-up in writing. By the way, do not give up or despair; be patient and persistent and things will turn around for you.

If have ever taken out a loan that you did not finish paying off, it was likely charged off by the lender and it will appear on your credit report. Charge-offs are credit killers and you need to contact your lender or creditor to make payment arrangements or to pay off the debt in its entirety if you can. If you are going to make regular payments, do not be late with your payments. Remember that you are trying to repair your credit and you will harm it by being late. After some months of making regular payments, contact the creditor and request removal of the charge off from your credit report.

It may take a year or longer to repair your credit and raise your credit rating. You may have to wait to buy your dream home, but you will get much better terms on the mortgage loan with a good credit rating.
You can go to Ohio Community Guide and Information and National Home Gallery Live to find great real estate.

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