It is estimated that more than two out of five people have erroneous information on their consumer-credit reports. Incorrect information can cause long delays in the approval process and can even be the basis for denial of credit, including a mortgage.
The time to check with credit reporting agencies is when you don’t need the credit. It can take months straightening out a problem and you don’t need that added stress during the homebuying process.
The major credit reporting companies are TRW, Equifax, and Trans Union. Since they operate independently, you might check your report at all three. If you have difficulty, you can ask for help from your mortgage or commercial banker.
One of the most common misunderstandings homeowners have is that since there may not be a late fee due on the house payment until the 15th of the month, they think it isn’t due until then.
The house payment is due on the first of every month and will not only be considered late but reported as such if it is received after the first.
MAJOR CREDIT REPORTING COMPANIES:
Experian
Phone: (800) 397-3742
P.O. Box 2106, Allen, Texas 75002-2106
Equifax Credit Information.
Phone: (800) 685-1111
P.O. Box 740256, Atlanta, GA. 30374-0241
Trans World Union
Phone: (800) 888-4213
P.O. Box 390, Springfield, PA 19064
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Jane Idzi specializes in the Park Cities and areas south of LBJ/635 including Lake Forest, Devonshire, Preston Hollow, and the historical districts of M-Streets and Munger Place. She has earned the coveted e-Pro Certification in addition to CCRC and Historic Home Specialist and is a member of the Texas Association of Realtors, the MetroTex Association of Realtors, Dallas Chamber of Commerce and Dallas Network Connection.She was voted a DMagazine’s Dallas Top Realtor for 2005.Her website, www.idzi.com, boasts over 12,900 individual visitors a month and over 467,000 hits a month. She can be reached at 214-522-7997. |
