Your
Credit Report and FICO Credit Score
Its More Important Than You May Think.
Get your
credit
report FREE and
Prevent Identify
Theft:
Opt-out of
pre-screened offers.
Perhaps the
most important factor in qualifying for
a home loan is your credit.
Companies
such as Experian, TransUnion and Equifax
routinely collect and maintain
information from credit card companies,
banks, department stores, etc., about
your payment history, and use it to
compile your credit report. In addition,
they also collect information from
collection agencies, county, state and
federal governments, to report items
such as collection accounts, judgments
and bankruptcies.
The fact is today that
many people have blemishes on their
credit reports. Whether from divorce,
being laid off, or just getting in over
their heads, people can begin to
re-establish their credit, and
eventually qualify to buy a home. Some
lending guidelines even allow you to
obtain a home loan while currently in a
bankruptcy and even stop a foreclosure.
Just because your have a few late
payments doesn't mean you can't buy a
house. Times have changed. Many of the
BRUISED credit programs have disappeared.
BUT, don't automatically think you can't
get approved... Spend 15 minutes with a
mortgage professional. You just might be
surprised at what you hear!
Credit Risk Score?
Some credit grantors make
hundreds – even thousands – of credit
granting decisions every day.
To help them
make those decisions faster and more
objectively, they rely on a computerized
process that results in a risk score (or
credit score).
Your credit
score is often a major factor in
qualifying for credit. Lenders can
obtain a computerized credit score when
they pull your credit. This score is a
number which represents an applicant's
potential credit worthiness. Although
credit scoring has existed for many
years, it is gaining popularity in
mortgage lending. Many loans are granted
or denied on the basis of your credit
risk score.
Until
recently, Fair Isaac & Company, the
creators of the credit scoring model
refused to reveal the mysteries of what
effects your score (good or bad), and
how they arrived at it. Not anymore.
They have also recently began releasing
to consumers their scores and
interpretive data for a nominal fee.
Many times,
information is reported incorrectly on
your credit reports. You can get
a copy of your credit report with score
from us for just $10.00. There
is a dispute process that allows you to
question the accuracy of items on your
report, if you feel any items are
improperly reported. You don't need
to pay a credit repair company. One
word of advice. Contact ALL THREE credit
reporting agencies. Getting something
corrected from one agency doesn't mean
it got corrected with the other two!
You can get
more information directly from the
credit bureau's web sites.
Understanding your FICO® score
This booklet provides a thorough description of credit scoring, including ways credit scoring can help you, the relationship between your credit report and your credit score, what a FICO® score considers, and interpreting your score.
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DO
YOU KNOW YOUR PERSONAL CREDIT SCORE?
When applying with the Joe
Metzler Group of Mortgage Consultants,
we will always be happy to share your
score with you. You can get a
copy of your credit report with score
from us for just $10.00.
WHAT'S YOUR CREDIT GRADE? Every
lender uses different guidelines to
determine your credit worthiness. Upon
reviewing your application and credit
report, you're given a credit grade and
a determination regarding your loan's
approval or denial. You
might still be able to
get a loan depending on your situation.
Prevent
Identify Theft:
Opt-out of pre-screened
offers. Stop the flow of
junk to your mailbox. The
consumer credit reporting
industry has provided a way
to “opt out” and remove your
name from these lists. You
can contact them by phone at
1-888-567-8688 or online at
http://www.optoutprescreen.com.
It is quick, easy, and free
- and valid for 5 years!
Get your
credit report FREE
Are you
thinking of buying a home? Do you
know if you are eligible for a loan?
You may want to obtain a copy of
your credit report! The information
in your credit report affects
whether you can get a loan and how
much you will have to pay to borrow
the money. By checking your credit
report, you can ensure that the
information is accurate and up to
date.
Did you
know that you can receive your
credit report for free ONCE A YEAR?
A recent amendment to the federal
Fair Credit Reporting Act (FCRA)
requires each credit reporting
agency – Experian, Equifax and
TransUnion – to provide you with a
free copy of your credit report, at
your request, once every year.
How
to get your free credit report:
The
three credit reporting agencies have
set up one central website,
toll-free telephone number, and
mailing address through which you
can order your free annual report.
On
the Web:
www.annualcreditreport.com
Telephone: 877-322-8228
Mail
in this
Annual Credit Report Request Form
to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Once you
receive your report, give me a call.
I’ll pre–qualify you for a home loan
before your home search begins.
Buying a home is a big step. You can
trust me to find the loan program
that’s best for you.
Email
Us
Equal
Housing Lender -
Our services
available only for properties
located in Minnesota and Wisconsin.