Most Credit Problems Can Be Fixed Before Buying Your House

by | Aug 17, 2022 | Uncategorized | 0 comments

When you are thinking about buying your house, know that your credit report plays a major role. Your credit report can make or break your chances of getting qualified for financing. If you have good credit and good scores, the likelihood of getting approved for financing is assured. But if you have several derogatory accounts and low credit scores, that can be the end of your dreams of owning your home.

The good news is that your credit report and scores can be improved. Its your federal right. The Federal Credit Repair Act (FCRA) says that consumers have the right to question the accuracy of reported items in their credit report. If there is any inaccurate accounts reported in their credit report, they can file a dispute letter. The credit bureaus have 30 days to verify the account or it must be removed. If this is complicated for you to do, you can always turn to someone knowledgeable to do it for you.

Before starting the process of buying your house, its important to check your credit report to see where you stand. A new investigation from Consumer Reports show some staggering mistakes on credit reports that could be hurting your credit score. Some key highlights in the report finds that 34% of consumers reported finding at least one mistake in their credit reports. 29% of consumers found personal information errors in their credit reports such as a wrong name or address, with more than half of those errors being incorrect addresses, 11% percent of consumers found account information errors, with the most common being accounts appearing in their credit reports that they did not recognize. The report also finds that four most common errors related to debt on credit reports are 1) Unrecognized account which accounts for 41%, 2) unrecognized debt reported to collections which account for 26%, 3) payment wrongly reported as late which account for 23% and 4) payment wrongly reported as missed entirely which account for 12%. You don’t need to suffer due to the mistakes of reporting done by the credit bureaus. If things are not looking so good with your credit report, you have a right to do something about it. Credit Repair Organizations Act (CROA) grants you the right to hire someone knowledgeable in this field to do the work of improving your credit report. We can help clear up inaccurate reporting on your credit report and improve your credit scores.

Even If You Have No Credit History, We Can Help Build It for You

Some people have not used credit cards or taken a loan in the past. For these people, there are no credit history documented. When their credit report is pulled, they show no credit history to the financing people. This can be a major problem when they want to buy their house. The financing company has no way to determine if these people are high or low risk people because there is nothing to show how they handled their debt in the past.

Not to worry, we can even help people who don’t have a credit report. We have ways and means to help build a good credit history for you in a relatively short time (6 -8 mths) as compared to building it yourself for 2 full years.

 Questions? We Love Questions!

Amin Shah
Shahclan Boston – OwnerFinance
Boston, MA – USA
Phone 617-787-5151 (Landline)