Archive for July, 2009
Credit Repair Solutions
No one erases bad information unless it’s inaccurate. Only wrong information can be changed. Accurate information remains on your credit report for seven years from the time its initially reported (ten years for bankruptcy). Even information about payments you fall behind on but now are paid in full remain on your report for the same period of time.
Credit repair services can’t ask for payment until they’ve kept their promises. Federal law also requires credit repair services to give you a explanation of your legal rights, a detailed written contract, and three days to cancel (this applies to for-profit services, not to nonprofit organizations, banks and credit unions, or the creditors themselves).
Be careful about emails for credit services. Many unsolicited emails are simply frauds.
You can fix mistakes on your report yourself. If you were recently denied credit because of information in your credit report, you have the right to gain a free copy. Otherwise, there is a small fee, unless your specific state provides a free one each year. This is very common. It does not cost anything to question or dispute something appearing in your credit report. Follow the instructions provided by the individual bureaus. The major credit bureaus are as follows: Equifax, 800-685-1111, www.equifax.com; Experian, 800-682-7654, www.experian.com; and TransUnion, 800-916-8800, www.transunion.com. Contact all of them, as the information each has may vary slightly.
You can add an explanation to your report. If there is a good reason why you were not able to pay bills on time (laid off, sudden illness, etc.) or you refused to pay for something because of a legitimate dispute, give the credit bureau a short statement to include in your file.
Know that you cannot create another credit file. Fraud companies often offer to provide consumers with different tax identification or social security numbers in order to create a new credit file. This practice, called file segregation, is illegal, and it does not work.
If you have credit problems, get counseling. Your local Consumer Credit Counseling Service (CCCS) can provide advice about how to build a good credit record. The CCCS may also be able to make payment plans with your creditors if you’ve fallen behind. These services are offered for free or at a very low cost.
How I Got Bad Credit
A few months, I went through some rough moments in my life. I got laid off after the company I worked for went down. The bills piled up and I was unable to make my monthly payments. Eventually, all of my credit card accounts were charged-off and sent to collection agencies.
My life became a living hell of collection calls and non-stop harassment from debt collectors. Finally, I filed bankruptcy and was relieved of my debt, but the damage to my credit was already done.
For months I was denied the chance to own a house, buy a new car, or even take a trip ” all because my credit FICO scores were too low for the lenders to even think of giving me a loan. Getting turned down for loans over and over was frustrating and embarrassing.
A neighbor told me about SBFC Law Group and was ranting and raving about how wonderful they were. I was hesitant at the beginning, but after seeing what they did for him, I knew I had to try it out myself. So, I got online and looked them up.
SBFC Law Group Changed My Life
I called the 1-800 number at their website and talked to a credit repair expert who was very nice and understanding of my circumstances. He was also very smart. So, I went ahead and signed up. Boy, am I proud of myself for doing so! After about 3 weeks, I started receiving letters from the credit bureaus stating that negative accounts had been removed from my credit reports!
SBFC Law Group did such a great job with my credit score, I would recommend them to anyone who is in the same circumstance. It is so worth it. After the first little while I was able to get a car loan. A year later, and I can now get a home loan. Imagine that.
Colorado Home Mortgage What Paper Work Will I Need For A Mortgage?
Going to get a mortgage? You are going to be filling out paper work, be prepared. Some forms you will sign. Good faith estimate, credit report disclosure, and the truth in lending. Other paper work you will need to bring to your mortgage broker. Just have it available for them.
These documents allow the mortgage broker to gather sensitive information such as employment history, credit reports, bank statements, income documents, and more.
When all the disclosures are signed, the loan process can begin, and the bank or broker will request sensitive information from you and submit your loan application to the lender.
having all the paper work ready and get your loan approved is everyone goal. The first part of the loan process is getting an approval. The approval just basically states that now we need to prove everything that was on the application. The Underwriter will be checking everything on the loan. From the title work to making sure the home has the proper value in a appraisal.
Some other documents obtained by your lender from third parties. Those would include credit report an appraisal, and perhaps an inspection report, termite inspection report, survey, title opinion, and other documents that prove to the lender
l) that you are credit worthy;
2) that the value of the property is sufficient to support the loan;
3) that the property is in acceptable condition;
3) credit of the borrower
during the loan process their will all so need to be loan paper work that will need to be signed. This paper work will need to be properly read and signed in the proper place. If you do not sign you will not get a loan.
The application will need to be signed and filled out by you. This will have information about you and all so any person that might be included on the loan. Their will all so be government required documents that will need to be signed in order for you to get a loan.
w-2 for the last 2 years
one month of pay receipts
Insurance agent name and number
Saving statement
If you know what to expect and have all the information available, it will help.
