California Mortgage & Home Loan Rates Online
always a good idea to know what's on your credit report before taking
out a California mortgage loan or refinancing a home mortgage loan! There may be old debts
that you're unaware of or even worse, errors or incorrect negative credit
account information. The negative remarks on a credit report, true or
not, could kill your chances of obtaining a California home mortgage loan. Or at the very
least, make your transaction very expensive with raised downpayment requirements,
raised closing costs and/or a higher percentage rate loan from a less
strict mortgage lender. All of which can cost you thousands! So be prepared,
check your credit report today!
You should request your credit report from all three of the major
credit reporting agencies to make sure the information is correct. To
obtain a copy of your credit report, you must provide the following in
writing: Full name, Current address, Previous address, Social Security
number, birthdate and signature.
top three Credit Bureaus - click bureaus' name to view their web site.
P.O. Box 1000
Chester, PA 19022
P.O. Box 2002
Allen, TX 75013
P.O. Box 740241
Atlanta, GA 30374
are entitled to one free report if: you
have been denied credit in the last 60 days, you are unemployed and plan
to seek employment within 60 days, you are on welfare, your report is inaccurate
due to fraud.
Bureaus keep a record of:
Who has given you credit, when they gave you credit, how much credit
you are given, how much your current payments are, and whether or not you
paid it back on time.
Your credit payment history is recorded in a file or report. These
files or reports are maintained and sold by "consumer reporting agencies"
(CRAs). CRAs are commonly known as credit bureaus. You have a credit record
on file if you have ever applied for a credit or charge account, a personal or till pay day loan,
California mortgage loan, insurance, or a job. Your credit record
contains information about your income, debts, and credit payment history.
It also indicates whether you have been sued, arrested, or have filed
for bankruptcy. The Fair Credit Reporting Act (FCRA) requires CRAs to
furnish correct and complete information to businesses to use when evaluating
your California mortgage loan application.
RIGHTS UNDER THE FAIR CREDIT REPORTING ACT
have the right to know all the information in your credit report, including
the source of the information in most cases. You may know the name of
anyone who received your credit report in the last six months. You
have the right to a free copy of your credit report when your mortgage
loan application is denied because of information supplied by the CRA.
Your request must be made within 30 days of receiving your denial notice.
Information on Your Credit Report - Accurate information cannot be
removed from your credit report. If you find negative information in your
credit report that is correct, you can: pay any balances so that creditors
can update your file; wait seven years for negative information to be
taken off; (except for bankruptcies, which may remain for 10 years) or
write a brief statement of explanation to be included in future reports.
Incorrect Information on Your Credit Report - If you find there
is incorrect information in your credit report, you can: request,
in writing, an investigation that will be made within 30 days, contact
the creditor, in writing, If you are unable to resolve the dispute, the
creditor must report your dispute to the credit reporting agency.
Bureaus own large computer systems capable of storing credit information
on everyone in the United States. However, because of the large amounts
of information, their method of storing information is very basic and
may have many errors. So check yours today!
Although your credit history is important, it's still just one
factor in the decision to approve your mortgage loan. If you can demonstrate
that your credit problem is an old issue and you've been able to reestablish
steady payments, speak to your mortgage lender about your situation. We're
happy to work with you to evaluate your current home financing options
that will best suit your needs.