Credit Repair To Get A Mortgage

March 3, 2009 by  
Filed under Credit Repair

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If you are considering getting a mortgage, you will want to do some credit repair before even applying. Your credit report score will determine not only whether or not you get a mortgage, but also the mortgage rate that you will get as well. If you are thinking of getting a loan to purchase a home, you need to work on credit repair.

The first thing that you need to do to repair credit is to get a copy of your credit report from the three main reporting credit bureaus. You are entitled to receive one free copy of each of these reports a year. You should study these reports for any negative data and see if you can get it removed to repair credit score ratings. This is also a good time to look for items on your credit report that are on there in error.

If you find any items on your credit report that are incorrect, you need to have them removed. Write to the credit bureau and tell them that you dispute these items. This is how you go about credit repair. If you want to learn more, you can look at a credit repair guide that can help you with this process.

If you have some bad loans on your credit report, or some charge offs, you can try to negotiate with creditors to pay off the debt in exchange for removing them from your credit report. This is often how bad credit repair works. The reporting company or debt collection agency can remove an item from your credit report.

You can also ask for proof of the debt from the credit bureau. If the reporting agency does not provide proof of the debt in 30 days, it must be removed from your credit report. This is how some credit repair services work.

Do not apply for credit cards when you are thinking about getting a loan as this can lower your credit score. Each time you apply for credit, it affects your credit score, even if you have good credit.

Do not cancel any credit cards that you have paid off as they reflect positively on your credit report. Be sure to pay all bills promptly, including utility bills, so that you can maintain good credit. By the time you are ready to apply for your mortgage, you should have a higher credit score if you follow these credit repair tips.

Before applying for a mortgage, it is important that you check out your credit by looking at your credit reports and then embarking on credit repair. Even if your credit is bad, you can get bad credit repair by following these tips and working on improving your credit. The better your credit is, the better rate that you will get when you apply for a mortgage and the more likely your approval will be. You will also find, that after embarking on credit repair, that you will pay less when it comes to mortgage fees.