Credit Resources

Your Credit

Responsible credit use is an important part of the mortgage equation, and your lender will take your credit history into account when deciding whether to approve you for a mortgage. If you have a strong credit record, do your best to maintain it until you buy a home. If you’ve had past credit problems, the time to reverse that trend is now. Follow these steps to put yourself in the best possible credit standing:

Check your credit report at www.annualcreditreport.com Report outdated or incorrect entries as quickly as possible. You can get a free copy of your credit report from the 3 credit agencies 1 time per year.

Contact your creditors if you have a problem. Many creditors are willing to work with you if your financial situation dramatically changes. It is always better to seek assistance than to let a problem go un-checked.

Credit Repair

From time to time it is necessary to evaluate your credit history and your current financial situation to determine what needs to be done to increase your credit score and improve your credit standing to creditors and banks. You may need to consult a specialist that can assist you. Some resources available on the internet can be misleading so be careful not to use the wrong assistance service. The best way to get help is talk with your local municipality to see if there are credit counseling services available in your area or talk with other friends or family that have used similar services in the past.

Credit Despair

If you are unable to come to a financial stable point and you are unable to pay your bills in a timely fashion and find yourself spiraling deeper into debt with late charges and collections, you may want to consider if filing for Bankruptcy may be an option that is right for you. In most cases an attorney can assist you with this process. If you decide to do it on your own you will need to be well educated with the process. There are some books available at your local library and courthouse that can help guide you through the process. There are several types of Bankruptcy filings to choose from. The most common are Chapter 7 Bankruptcy (commonly known as total Bankruptcy) and Chapter 13 Bankruptcy (commonly known as a wager earner repayment plan). If you are not sure which option is best for you you should consult professional assistance.

Credit Ratings

Your credit rating or score is a algorithmic calculation that lets a financial institution estimate what your likelihood is to repay any amounts of money that you may borrow from them. There are 3 major credit reporting agencies that determine your credit rating. Each of them calculate your rating differently and thus you will likely have a different score or rating from each one of them. If you would like to know more about your rating and how it is calculated you can contact the agencies directly. There contact information is provided below.

TRANSUNION                    EXPERIAN                     EQUIFAX
PO Box 1000                        PO Box 2002                   PO Box 740241
Chester, PA 19022               Allen, TX 75013             Atlanta, GA 30374
(800) 888-4213                   (888) 397-3741                (800) 685-1111
www.transunion.com           www.experian.com      www.equifax.com

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