Vinings GA Real Estate

Credit Reports

Vinings, GA

Did you know that the average person in America wastes two hours a day surfing the Internet or messing around doing nothing while on the job? Ok, so now that I have basicaly just described your average day of Internet surfing in search of your next home, how about we discuss something that is at least somewhat productive.

Before you look at any more houses, before you call a mortgage company, before you do anything else - do you know what is on your credit report? Do you even know what your credit score is?

I am constantly amazed at how many people go into the home buying process without a clue as to what is on their credit report. Even more amazing is that IT IS FREE. You don’t have to pay a penny for your credit report from any of the major credit reporting agencies. The credit reporting agencies are required by law to provide everyone a copy of their credit report once a year free of charge. But you have to ask for it, they won’t just give it to you.

Ok, here are some basic home loan 101 things for you to be aware of.

The bank is going to pull your credit report anyway when you apply for a home loan, so by a getting a copy of your credit report you will at least level the playing field with your lender.

Do not be surprised if a mortgage company makes you pay off any “collection agency” actions against you. Yeah, that old fitness club membership or perhaps an apartment complex that you stiffed five years ago, if it is on there, they will want to see it paid off first.

Most items will remain on your credit report for 7 years now and unpaid “debt” can remain on your credit report indefinitely as long as the institution holding the note wants to continue reporting you. And most do. Oh, by the way, bad credit does not magically fall off your credit report after five years; it can stay on for 7 years and beyond.

Identity theft? I know 3 people in the last 6 months who have had their identity stolen and credit obtained in their name. It is becoming ridiculously common and can take a person YEARS to fix.

Also, inaccurate information on the reports generated by credit agencies is so common you have to wonder about the legality of what they do. Misspelled addresses, wrong phone number, missing or old employers information, accounts you closed years ago but still show as being open - the list goes on and on.

So, do yourself a favor, go order a copy of your credit report and then you can get back to surfing…… I mean working.

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