User Name Password
Register



Gary Scott
Phone
(480) 948-0550
Mobile
(602) 402-8594
Toll Free
(866) 464-2140
E-Mail Us
John Hall & Associates
9366 E. Raintree Dr. #101
Scottsdale, AZ 85260


 
 
Scottsdale Real Estate, Phoenix Real Estate, Scottsdale Homes for Sale, Scottsdale Az Real Estate Listings, Scottsdale Az Homes

AZ Real Estate - Your Credit Report

As part of the loan application process, virtually all lenders will want to see a copy of your credit report. The report will list all your long-term debts (credit cards, mortgage payments, automobile and student loans, etc), as well as your payment history. All lenders require you to pay for a copy of your latest report to evaluate your creditworthiness when they process your loan application. What all this information means in terms of your creditworthiness depends on the lender's criteria.

However, most real estate experts agree that it is a good idea to obtain a copy of your credit report several months before you apply for a loan. There are three major credit-reporting agencies or credit bureaus: Experian, Equifax, and Trans Union. To make sure that your credit record is correct and consistent, you should get a copy of your report from all three.This is so you have a chance to resolve any problems with your credit before your bank sees it. U.S. Federal law ensures that you have access to your credit report, which may be obtained from your local credit bureau or any of several national firms that specialize in credit reports.  You may be surprised at how many accounts show up on your report. If you find inactive accounts (e.g., a retailer you no longer do business with), you should contact the credit card company, close the account, and ask for a letter confirming that the account was closed at the customer's request.

Late payments
For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in paying off your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But if you have a history of late payments you'll need to document the reasons why. A slow payment history won't necessarily get you turned down for a loan, but you may have to pay a higher rate of interest or otherwise prove to the lender that you can repay your loan in a timely fashion.

Errors on your credit report
Many people are surprised to learn that credit reports can often contains errors or inaccurate information. If this is the case with your credit report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can sometimes be a slow process, so make sure to give yourself time to clear up the mistake. You have the right to add to your credit report a statement of 100 words or less that explains your side of the story with respect to any disputed but unchanged information. A summary of your statement will go out with every copy of your credit report in the future, and you can have the statement sent to anyone who has gotten your credit report in the past six months

Bankruptcies and foreclosures
There's no getting around it, a bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't obtain a loan. Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the circumstances surrounding a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the bankruptcy, a lender will be more inclined to approve your application.

Your Credit Score and what it means to You



For additional information regarding Arizona Real Estate,
Contact us for all yout AZ Real Estate Sales needs:

please send direct e-mail request to GaryandClaudia@cox.net

or call our Toll Free Number

 866-464-2140 

              

click here to return to the Home Page

Google
 


Preferred Partners
Check out the best in local home-related services.
Automated E-mail Listings Service
Sign up to automatically receive new listings today!
Home Advice
Get the answers on home selling and buying.
Real Estate News
Find out what's happening in real estate.
 
Articles & Links
   Scottsdale Arizona Real Estate
Scottsdale Az Local Info
Scottsdale Golf - real estate and courses
Scottsdale Az Local Info
Search Local MLS
AZ State Map
AZ Maps
   Phoenix Metro Regional Freeway Map
Current Market Status
Search Scottsdale MLS
Search Fountain Hills MLS
Search Paradise Valley MLS
Scottsdale Golf - real estate and courses
Selling Scottsdale Real Estate
 

AgentAdvantage.comWebsite Design and hosting by AgentAdvantage, official agent and broker website provider of Homes.com
Copyright ©2000-2010 Homes.com, Inc. All Rights Reserved. Privacy Policy. Full Terms and Conditions.

Equal Housing Opportunity

Member Login