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It's 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!

Here's how:

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.

The top three Credit Bureaus - click bureaus' name to view their web site.
Trans Union Corporation P.O. Box 1000 Chester, PA 19022 (800) 888-4213	EXPERIAN P.O. Box 2002 Allen, TX 75013 (888) 397-3742	Equifax, Inc. P.O. Box 740241 Atlanta, GA 30374 (800) 685-1111

You 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.

Credit 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 History
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.

YOUR RIGHTS UNDER THE FAIR CREDIT REPORTING ACT
You 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.

Negative 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. (i.e., unemployment).

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.

Credit 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.