MORTGAGE PREP LESSON 3

MORTGAGE PREP LESSON 3

Hi Everyone,

If you want to improve your credit, follow the guidelines below.  In addition, each lender I work with has a department that can assist with credit optimization.  If you want more information, contact me at marcia@revistorealestate.com anytime.

Thanks for reading!

Marcia Loveys

Credit Scores: How to Order Your Score and How to Deal with Negative Info on Your Report

Where can I get my credit score?

You can receive one free credit report, which includes your score, annually from Experian, Equifax, andTransUnion at www.annualcreditreport.com. These scores are typically close to, but not exactly the same as your FICO score. Some of the major credit card issuers and some smaller financial institutions provide a free FICO score tot heir customers through the FICO Score Open Access program. Check with your credit card issuer, credit union, or bank to see if they are participating in this free program.You can get a free credit score, report, monitoring, and information at www.creditkarma.com.According to Experian.com, “The credit risk factors provided with your score are important. They identify what elements from your credit history are having the greatest impact so that you can take appropriate action.” (Lesson 4 provides some tips about improving your score.)

I found some errors in my credit report—how do I get these corrected?

Immediately report in writing any errors you find to the credit reporting company. Remember to include a copy ofany documentation that supports your claim.

How long will negative information remain on my credit report?

NEGATIVE INFORMATIONHOW LONG IT STAYS ON YOUR REPORT
Late payments, judgements, short sale, foreclosure7 Years
Chapter 13 Bankruptcy7 Years from Filing Date
Chapter 7 Bankruptcy10 Years from Filing Date
Tax LiensUntil lien is paid in full, plus 7 years (May remain indefinitely)


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Dated: February 2nd 2017
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