California Mortgage Planning
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Credit Repair
According to the U.S. Public Interest Research Group, 25% of credit reports contain errors serious enough to result in the denial of credit and 79% contained errors of some kind (which could impact your score and ability to obtain the best interest rate).
As a result, the Fair and Accurate Credit Transactions Act of 2003 provides each American the ability to obtain one free credit report every 12 months from each of the main credit bureaus: Equifax, Experian and Transunion. They have created a website to access your free report: www.AnnualCreditReport.com. While the reports are free, you will have to pay a small fee to get the associated credit score.
Step 1:
Obtain free copies of your credit reports.
Each credit bureau will itemize the credit items that are negatively impacting your personal score. The most damaging credit items in order of importance are:
* Bankruptcy (this could cause a 250 point drop in your credit score)
* Foreclosure
* Respossession
* Loan default
* Liens and Judgments
* Collections
* Current past-due payments
* Previous late payments
* Credit rejections
* Credit inquiries
View the Five Factors of Credit Scoring for more information about credit scores and mortgages.
Step 2:
Make a photocopy of each credit report so you have one clean copy of each report and a duplicate on which to make your notes.
Step 3:
a) Itemize all errors and questionable items on each report. Not all creditors report to every credit bureau so each report may have different information.
b) Specifically note the dispute (this is not my account, I have never paid late on this account, this was paid before it went to collection, this collection was paid 2 years ago, etc.)
Step 4:
a) Write a dispute letter each credit bureau, attach a copy of their credit report with the disputed items highlighted and attach a copy of your driver's license as proof of identity.
b) Provide copies of any documentation available to support your dispute, if available.
Step 5:
Photocopy the dispute letters for your records.
Step 6:
Send all correspondence by Certified or Registered mail with a Return Receipt to verify date of delivery. The credit bureaus are allowed 30 days to respond to your dispute. The delivery date proves when the 30 day timeframe began.
For more detailed information on how to correct or challenge a variety of credit issues, visit a very informational site Credit Info Center or send me an email and request my Credit Correction and Credit Repair Jumpstart Kit.
Meet Wendy Cutrufelli, CMPS, CMA,
Certified Mortgage Planner, Realtor
As a result, the Fair and Accurate Credit Transactions Act of 2003 provides each American the ability to obtain one free credit report every 12 months from each of the main credit bureaus: Equifax, Experian and Transunion. They have created a website to access your free report: www.AnnualCreditReport.com. While the reports are free, you will have to pay a small fee to get the associated credit score. Step 1:
Obtain free copies of your credit reports.
Each credit bureau will itemize the credit items that are negatively impacting your personal score. The most damaging credit items in order of importance are:
* Bankruptcy (this could cause a 250 point drop in your credit score)
* Foreclosure
* Respossession
* Loan default
* Liens and Judgments
* Collections
* Current past-due payments
* Previous late payments
* Credit rejections
* Credit inquiries
View the Five Factors of Credit Scoring for more information about credit scores and mortgages.
Step 2:
Make a photocopy of each credit report so you have one clean copy of each report and a duplicate on which to make your notes.
Step 3:
a) Itemize all errors and questionable items on each report. Not all creditors report to every credit bureau so each report may have different information.
b) Specifically note the dispute (this is not my account, I have never paid late on this account, this was paid before it went to collection, this collection was paid 2 years ago, etc.)
Step 4:
a) Write a dispute letter each credit bureau, attach a copy of their credit report with the disputed items highlighted and attach a copy of your driver's license as proof of identity.
b) Provide copies of any documentation available to support your dispute, if available.
Step 5:
Photocopy the dispute letters for your records.
Step 6:
Send all correspondence by Certified or Registered mail with a Return Receipt to verify date of delivery. The credit bureaus are allowed 30 days to respond to your dispute. The delivery date proves when the 30 day timeframe began.
For more detailed information on how to correct or challenge a variety of credit issues, visit a very informational site Credit Info Center or send me an email and request my Credit Correction and Credit Repair Jumpstart Kit.
Meet Wendy Cutrufelli, CMPS, CMA,
Certified Mortgage Planner, Realtor