Many times the only thing standing between a client and home ownership is their credit score. They may have everything else in place but a few bad choices in years past have come back to haunt them on their credit report. There may also be actual errors on the report that are not their fault. This is why it is very important to review your credit report at least once a year to stay on top of any inaccuracies.
So what do you do if either of these situations apply to you? You have several options....You can contact the three major credit bureaus yourself to get copies of your credit report and then you would review them for any inaccurate information. If you find any errors, you will then notify the bureaus in writing of the information you are disputing. The process can be confusing and time consuming which is why many people who start out on their own will eventually decide to use a credit restoration company, which by the way, is different from a debt management/consolidation company.
A credit restoration company works to improve your credit score by having any inaccurate information removed from your records. They notify the bureaus for you and do all the necessary legwork and follow-up for you. In many cases, a person's credit score can be improved enough to qualify for a home loan in as little as three months depending on individual situations and initial scores.
Credit restoration will cost you. Fees can be as low as $250 and possibly as high as $800. You will want to beware of any company that may have an even higher fee than mentioned above or that tells you the process may take a year or more to complete. Your best option is to have a trusted professional you know such as a real estate agent, mortgage broker or even someone in the auto industry who can refer you to a reputable credit restoration company.
If you are interested in starting your credit restoration yourself, you can get a free annual credit report from www.annualcreditreport.com without having to contact the three bureaus individually.
Get started today on the process of cleaning up your credit report....it's
possible that you are closer to home ownership than you ever thought!
