Credit Repair Resources
Poor credit doesn’t have to be a lifelong condition. For many, lower credit scores can be improved in as little as 6-18 months, so if your credit scores are preventing you from being approved for a mortgage, call us to learn about how to create more buying power in your life.
We Can Help Educate You On Your Credit Score
Thanks for taking the first step toward establishing a better credit score. While we are not a “Credit Repair Company” that charges fees, as mortgage professionals we have watched as credit scores have emerged as one of the single most important factors in determining a person’s ability to get the best value from every financial commitment they make. Everyone knows that a strong credit score is the key to a favorable home loan or car loan, but did you know that insurance companies now pull your score to determine the type of policy to offer you? Did you know that prospective employers may very well use your credit score as a deciding factor a factor for whether or not you will be offered a job? Your understanding of the makeup of your credit score and the factors that impact that score is crucial. In response to the increasing weight the credit score carries, we have elected to educate ourselves on the subject of the credit scoring and methods for its improvement. In doing so, we have become highly knowledgeable about credit scoring so when you apply for a loan with The Family Mortgage Team at LeaderOne Financial, we can provide you with the important information you need to understand your credit score through our 4-step process.
Fill out a loan application with Leader One Financial in person, online or by phone.
We will schedule a time to meet with you to review your report, and provide information designed to educate you about all of the ins and outs of credit scoring based on your own credit scores.
We will recommend a website where you can independently sign up for a service that will automatically monitor your credit score progress.
We will follow up with you periodically to provide guidance and support.
Here is the contact information for each of the three main bureaus.
- Equifax Credit Information Services, Inc. P.O. Box 740241 Atlanta, GA 30374 Main Number: 1 (800)525-6285 http://www.equifax.com
- TransUnion P.O Box 2000 Chester, PA 19022-2000 Main Number: 1 (800)888-4213 or 1(800)916-8800 http://www.transunioncs.com
- Experian, NCAC P.O. Box 2104 Allen, TX 75013-2104 Main Number: 1 (800)682-7654 or 1 (800)493-1058 http://www.experian.com
Each credit bureau has several different addresses. When disputing, it is recommended that you dispute to the various addresses with different items. This way, you remove the risk of having your re-dispute letters end up in the hands of the person who denied your claim in the first place. For a detailed list of the various addresses for the major credit bureaus, ask for our Fact Sheet: Contacting The Credit Bureaus.
The Fair Credit Reporting Act (FCRA) requires that most negative credit items be deleted from your credit bureau file in no more than seven years, except for bankruptcy, some tax liens and judgments (public records) which can be reported for up to ten years. The creditor or the credit bureau can choose to have the negative credit information deleted whenever they please. Inquiries may remain on the credit report for up to two years. Don’t let this discourage you. You can start rebuilding your credit at anytime, and if you stay current on your payments and balances, your score can get better even after a bankruptcy. For more information, ask for our Fact Sheet: Credit Reporting & The Seven-Year Rule.
A debt collector may not use threats of violence or harm, use obscene or profane language; or repeatedly use the telephone to annoy someone, falsely imply that they are attorneys or government representatives; falsely imply that you have committed a crime; falsely represent that they operate or work for a credit bureau; misrepresent the amount of your debt; indicate that papers being sent to you are legal forms when they are not; falsely imply that you will be arrested if you do not pay your debt; falsely imply that they will seize, garnish, attach, or sell your property or wages, unless the collection agency or creditor intends to do so, and it is legal to do so; give false credit information about you to anyone, including a credit bureau; send you anything that looks like an official document from a court or government agency when it is not; or use a false name, and they may not call you before 8:00 AM or after 9:00 PM. This is only a handful of your rights when it comes to debt collectors. For more information about your rights, ask for our Fact Sheet: Your Rights Regarding Debt Collectors.
There are three major credit reporting agencies. Each of them have their own score, Equifax has a Beacon score, Trans Union has an Empirica score and Experian calls their score a Fair Issac. Creditors report your activity to one or all of the three agencies. Some creditors will only report to one of the three which is why there are inconsistencies between the three credit reporting agencies. This is why it is important to check all three reports periodically.
Lenders look at each of your scores from the three major credit bureaus. They then use the middle of the three scores (or the lowest middle score of two borrowers) when the actual score dictates whether a loan is eligible for a certain loan program or for what rate a borrower is entitled to.
Do you have basic questions about credit? We can help you learn how to improve your credit score. Give us a call at 678.483.3300.