How to Clean Your Credit Report

How to Clean Your Credit Report

Your credit report has a tremendous influence on whether your mortgage application is approved. If your credit report is messy, it’s important that you know how to clean it. 

Just as you regularly clean your room because it helps you feel good and organized, you should clean your credit report because it can help you look good to financial professionals–including mortgage lenders. The number that your credit report generates impacts how much of a mortgage you can get and the interest rate to pay it back, and even whether your mortgage application gets approved. If your credit report is less than stellar, here are a few tips on how you can bring back your credit report.

Scan Your Report for Discrepancies

When looking over your credit report, be on the lookout for any accounts that you don’t recognize and check with the credit bureau to see what is going on there. It is entirely possible that someone else’s account is included in your report and negatively affecting it by mistake.

Phantom Money

Consumers with a history of collections in their past can have their outstanding balances appear larger than they really are because of the market for collections. These collection debts can multiply and become a real problem. A market centered around people’s inability to pay on time. (What’s the Latin phrase? Homo homini lupus, “A man is a wolf to another man.”)

Dispute a Mistake

If you find a discrepancy, order your report from all three major bureaus to determine if the issue is with everyone or just one report. Then dispute it with the credit reporting bureau.

Your credit report impacts whether you get a mortgage for your home. Contact a dedicated home loan specialist like me, Andraya Coulter. I serve the Bay Area and the entire state of California and Texas with quality, suitable, home loans!


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