Credit Reporting | Columbus Homes For Sale

Your Credit History

As part of the loan application process, virtually all lenders will want to see a copy of your credit report. The report will list all

your

long-term

debts (credit cards, mortgage payments, automobile and student loans, etc), as well as your payment history.

If you don't have

a copy of

your credit report, most lenders will generally require you to pay for a copy when they process your

loan application.

However, most real estate experts agree that it is a good idea to obtain a copy of your credit report several months before you

apply for a

loan. This is so you have a chance to resolve any problems with your credit before your bank sees it. U.S. Federal

law ensures that you

have

access to your credit report, which may be obtained from your local credit bureau or any of several

national firms that specialize in

credit

reports.

Late payments

For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in

paying off

your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But

if you have a history

late payments you'll need to document the reasons why. A slow payment history won't necessarily get

you turned down for a loan, but

you

may have to pay a higher rate of interest or otherwise prove to the lender that you can

repay your loan in a timely fashion.

Errors on your credit report

Many people are surprised to learn that credit reports can often contains errors or inaccurate information. If this is the case

with your

credit

report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can

sometimes be a slow process,

so make

sure to give yourself time to clear up the mistake.

Bankruptcies and foreclosures

There's no getting around it, a bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't

obtain a loan.

Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the

circumstances

surrounding

a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the

bankruptcy, a lender will be

more inclined

to approve your application.

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Credit Reporting

The Anders Team
614-527-0811

Real Estate Essentials for Home Buyers!

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