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Protect Credit Record for a Lower Home Mortgage Rate

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By : John Cutts    99 or more times read
Applying for home mortgage entails requirements that have to be met by a borrower. One of the most important requirements is a good and well-established credit record. It is one determinant of the possible interest rate of a home mortgage. An unimpressive credit history may deem a higher rate, while a reputable credit may mean low home mortgage interest.

It is, therefore, very necessary for a person to protect his credit. With the numerous fraud tactics that criminals perform, one can never be so sure.

A prevailing type of theft right now is credit fraud, otherwise known as identity theft. It particularly targets credit accounts of victims. As the name implies, the identity of a victim is stolen them so that it can be used to charge credits to the poor victim. Without making any purchase at all, the victim suffers from the debts while the criminal enjoys the benefits. Even worse, the victim is left with the burden of clearing up their damaged credit record.

Hence, it is highly advised that credit holders be very careful about their personal and credit information. All identification numbers, the Social Security Number for instance, must be handled with utmost confidentiality.

In case of theft, the victim must instantly report the incident to the police and get a police report. This report shall be given out to the banks, credit card companies, and other financial institutions where the victim is affiliated. Also, immediately close old accounts.

After clearing up their credit record, the victim must monitor credit report from time to time to make sure that no illegal transaction has taken place.

Acquiring a low-interest home mortgage requires a little more work on the part of the borrower. They may not be always directly linked to home mortgage loan applications but most definitely, efforts to maintain a well-protected, well-established credit record pays off.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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