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Craig Bailey's Blog

By Craig Bailey | Home Seller in Las Vegas, NV
  • Some Tips in Cleaning up Credit Reports of Homebuyers of Las Vegas Homes

    Posted Under: Financing in Las Vegas, Property Q&A in Las Vegas, Credit Score in Las Vegas  |  December 2, 2010 12:13 PM  |  508 views  |  No comments

    Mortgage lenders usually verify with three credit bureaus in order to evaluate the payment history of homebuyers of Las Vegas homes. For you to clear with all of the three bureaus, your aim is to clean up your credit report. If you only work on one, this does not result the reporting to the other bureaus.

    Acquire a Copy of Your Credit Report. The first step is to get a copy of your unified credit report, which displays all three of the major bureaus; just about all mortgage lenders will get information from all three of these bureaus in examining your credit history. But there are some who will only assess only one credit report and those are the portfolio lenders who are normally adjustable rate lenders.

    What to tell When you talk with your Creditors? There are two actions that must be done. First, talk to any creditors accounting a negative and ask them to take away the negative detail Speak in a courteous calm voice and do not get worried when they say no. Plainly repeat your request over and over in your nice pleasant voice. If you get nowhere, then ask to speak to the supervisor. Make sure you keep a log of your conversation, and take note of the date, time and the person that you talked to and what they have said. Do this over and over again until they it works, which is a high percentage of possibility.

    Get Written Confirmation of Agreements. Make sure to ask for a letter by mail or fax that indicates the creditor is changing the negative data. You will need this letter for a couple of reasons. Firstly, they may not really make the changes. With the letter, you can request straight to the credit bureau and they will do the correction. Secondly, if homebuyers of Las Vegas homes are applying for a mortgage before the alterations actually hit the credit bureau's report; your lender will need this certification.

    If you have a charge off or collection account that depicts as unpaid, don't just send them a check and pay it off. Call the creditor on the phone, explain that you have the finances to pay the bill in full, and calmly explain why it should not have been accounted on your credit in the first place. Then ask if they can give you a letter crossing out the account entirely from all credit bureaus if you pay off the bill. Try to convince them to fax it to you. As before, make sure to record all of your telephone contact and always keep a courteous pleasant tone in your voice. In a large percentage of cases, this also works.

    There will be situations when the creditor does not concede to remove the negative credit item. If it is an item that is certainly not yours, contact the credit bureau at once. When on the phone, do not talk about any negative details that are precise. Do not talk about any particulars that may be accurate as a whole but have some small error in detail that you can dispute by mail. Once you confirm any accuracy at all, you cannot dispute it later by mail.

    For the other items, you need to dispute them by mail, writing straight to the credit bureaus. Compose a letter to the correct bureau with your name, social security number, address, disputed accounts, and account numbers. Homebuyers of Las Vegas homes must sign the letter. Notify the agency that you are disputing the information as stated on your credit report.

 
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