Credit Reports/Credit Repair
If you’ve been rejected for a home loan in Austin Texas, we can probably help you. We’ve helped many prospective Austin home buyers get their credit repaired. We can refer you to trusted and proven credit repair specialists, who have helped many prospective home buyers qualify for a home loan. Credit scores can take 1 to 90 days to restore. Some of the issues that might warrant a referral to a credit repair specialist are:
• Late Payments
• Charge Offs
• Foreclosures
• Judgments
• Repossessions
• Personal Identification
• Closed Accounts
• Bankruptcies
• Negative Settlements
• Liens
• Collections
• Divorce
When refinancing your current mortgage or applying for a new home loan, getting your credit report is easy. The cost of obtaining a tri-merge credit report is about thirty five dollars.
A tri-merge credit report is a combination of reports from all three credit bureaus. When applying for a home loan, a single credit report is not sufficient, a tri-merge credit report is required. Mortgage lenders evaluate the three credit scores and use the score which ranks in the middle as your final credit score.
Each time your credit is checked a record is added to your credit report. If there are too many checks on your credit in a short period of time your score may be negatively impacted. At a minimum, the credit checks will be displayed to all subsequent creditors, who may be more cautious if they see too many credit checks.
Credit scores range from about 375 to 900. A score of 700 or above is normally required for the lowest interest rates available. 620-699 for average interest rates. And 500-619 for B&C loan programs.
Credit Reporting Companies
Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Internet: www.econsumer.equifax.com
Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Internet: www.experian.com
TransUnion
Post Office Box 2000
Chester, PA 19022
Phone: 800-888-4213
Internet: www.transunion.com
