Before having a lender pull your credit report, you should check it yourself first.
1. Pull your own credit reports directly from each of the three credit
bureaus. By law you are allowed 1 free credit report per year from each credit
bureau so you can check for errors. The free reports won't have the FICO
score. They do offer an option to pay for the report and get the score. At
this point you don't need the score, just the tradelines listed on the report.
The advantage of pulling your own report is that you can directly dispute any
errors and you don't get an inquiry listed on your report.
Equifax,
http://www.equifax.com;
Experian,
http://www.experian.com;
and TransUnion,
http://www.tuc.com.
2. If you have collections or negative trade lines, sign up with 45Credit
to get specific advise on what and how to correct the negative information.
This service will provide you with specific recomendations on which actions you
can go that will raise your scores and what not to do that might lower your
scores. Sometimes paying off old collections can actually lower your score.
After signing up for the service, input the tradelines from your credit report.
3. Follow the instructions from the Action List.
Go back to teh credit bureaus and dispute errors.
Request deletion letters from collection companies.
4. Once you have completed everything on teh Action List, notify me to continue with the loan process.
Below are links to information About Credit Scores
Building a Better Credit Report
Fake Credit Report Sites: Cashing in on Your Personal Information
Credit Repair: Self Help May Be Best
How to Dispute Credit Report Errors
http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm
Q: Are there other situations where I might be eligible for a free report?To buy a copy of your report, contact:
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Equifax
800-685-1111 www.equifax.com |
Experian
888-EXPERIAN (397-3742) www.experian.com |
Trans Union
800-916-8800 www.transunion.com |
creditscore.com
Want a Free Annual Credit Report? PDF Form
www.CreditSourceOne.net "On average we raise our Client's Credit Scores 60 to 100 Points while removing 2 out of 3 negative items from their credit report.
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Fannie Mae/Freddie Mac Alert!
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November 20, 2007- Fannie Mae and
Freddie Mac have announced loan price increases for borrowers with
credit scores below 680 on loans with LTVs less than 70%. In an investor conference call Mike Quinn, SVP Single-Family Risk Officer for Fannie Mae said, "we announced a meaningful, across-the-board increase on loans having credit scores below 680 and LTVs above 70%. These changes in underwriting and pricing will help control losses and maintain appropriate levels of profitability through this cycle." And in a letter posted on their website, Freddie Mac said they will be charging from .75% up to 2.0% depending on the borrower's credit score for loans submitted with less than a 70% LTV and credit scores below 680. The following table illustrates the rates and costs for a borrower with a loan amount of $300,000.
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