How to Dispute Credit Report Errors Systematically

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How to Dispute Credit Report Errors Systematically

Did you know that your credit report could have mistakes that even you’re not aware of? According to a Federal Trade Commission study, approximately 20% of the consumers studied had errors on the report from at least one of the major reporting agencies: TransUnion, Equifax and Experian. Could you be one of these consumers? Take advantage of the free credit report the federal government entitles you to each year and find out. Here is valuable information on what to look for and how to dispute credit report errors.

What Kind of Errors Should I Look For?

While some may have more importance than others, any inaccuracies can affect your credit numbers, which can play a role in determining your creditworthiness to lenders and creditors. According to the Consumer Financial Protection Bureau, the following areas are worth double checking.

• Identity – Verify your name, address, social security number and phone number. This area is where you may find indications of identity theft or incorrect information that belongs to another individual. Names may get mixed up if they’re similar or have Jr. or Sr. after them.
• Account Status – closed accounts still showing as open; reports erroneously listed as delinquent or late; debt listed more than once but with different names and incorrect dates on when the account was opened, or payment was made.
• Data Information –same account but listed multiple times under different creditors or a correction that was not actually entered.
• Balance – incorrect credit limit or current balance.

How to Dispute Credit Report Errors

Fixing errors on your credit report is the responsibility of the creditor who sent in the information and the credit reporting agency, but it must be reported by you. You must submit a report to both the agency and the creditor listing what you believe to be incorrect as well as copies of documentation proving the information. You must include your name, address and all pertinent information.

Send the information certified mail “return receipt requested” so you know they received the news. Agencies typically correct the mistake within 30 days unless they feel change is unnecessary. Once the change is made, they’ll send you a free copy of your report, which does not count as one of your annual free reports.

Get Your Free Copy to Dispute Credit Report Errors

Checking your credit report will not only help you find mistakes but can also make you aware of possible identity theft as early as possible. The sooner you’re aware of the problem, the quicker you can get it fixed. It’s effortless to get your free copy online. You also have the choice of which agency’s report you want to view. To dispute credit report errors you simply need to fill out a simple online form and specifying which statement you want.

Conclusion

An inaccurate credit report can affect you in many ways and cost you extra money. This can result in paying more in interest than they should or being overcharged on auto loans, credit cards, insurance premiums and various other financial obligations. The best way to know your information is correct is to get your free report. If there are mistakes, dispute credit report errors as soon as possible and verify that they get corrected.


Bad Credit Rating – Can I Get A VA Loan?

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Can I Get A VA Loan With a Bad Credit Rating?

Bad Credit Rating - Can I Get A VA Loan?While most VA home loan requirements are looser than those set by traditional banks, the VA still has some requirements when it comes to borrower credit score. If you would otherwise qualify for a VA mortgage, but have a bad credit rating, there are still ways to qualify for a loan that meets your budget and needs.

Buying a home is a very major personal and financial commitment. When buying a home, one of the biggest choices that you will have to make is picking a mortgage. For those that are members of the VA, or active military members, a great mortgage option would be to take out a VA home loan. VA home loans have a variety of approval criteria, which are generally not as tight as those set by most mortgage lenders.

Get a Co-Signer

One of the best ways to get a VA home loan if you have a bad credit rating is to get a co-signer to sign onto the mortgage. A co-signer is an individual that will take on the financial responsibility of the mortgage if you miss some payments.

Since there is another person that is taking on the financial requirements of the loan, the VA home loan lenders will be willing to take their financial situation into consideration. This will include reviewing the co-signers financial position and credit score.

Normally, it would be ideal if the co-signer were someone that will be living with you, such as a spouse or other family member.

More Money Down

One of the reasons why the VA takes credit score into consideration is because they often provide loans with as little as zero money down. While this is a great advantage for veterans that may not have a lot of cash saved, it does add risk to the lender and servicer.

If you have a bad credit rating and are not able to qualify for a traditional zero-down loan with the VA, a good option may be to put more money down instead. While it is not necessarily within their policy, if you are able to put down up to 20% of the purchase price, the lender may be willing to look past the poor credit score and approve you for the loan. However, you may still be charged a higher interest rate and fees.

Wait and Rebuild Credit

The last option that you may have for getting a VA home loan is to wait to buy the home and look for ways to rebuild your credit in the meantime. VA home lenders normally want their borrowers to have a credit score of 620.

If your credit score is in that range, it likely will not take too long to improve it to the 620 level. There are some easy and fast ways that you could improve your score, which would include paying down credit cards, opening a secured loan and show quality payment history for a few months, or have negative fraudulent information removed from your report. These tasks could lead to a quick improvement in your overall score.

Call Jimmy Vercellino – VA Loan Specialist

As an award-winning, nationwide loan originator specializing in VA loans, I can help you qualify even if you have a bad credit rating, or help you increase your credit score so you will qualify for a VA home loan. Contact me today!

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VA Loan Credit Score Requirements

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Credit Scores for VA LoansWhat are the VA Loan credit score requirements?

Oftentimes Veterans are told they don’t qualify for their VA Loan when they still may be actually able to get one elsewhere.

The reason behind this is that different lenders have different credit score requirements.

For example First Choice Loan Services (the company that I work for) requires that the Veteran have a minimum credit score of just 600 in order to be able to obtain a VA Home Loan. While I am familiar with other institutions whose VA Loan Credit Score Requirements are a 620.

So again, just because you may have been told that you don’t qualify for your VA Loan does not mean that you are not be able to seek financing elsewhere, which is exactly why I am here to serve you.

Video About VA Loan Credit Score Requirements

If you have questions about your VA Loan and the specifics of the credit score requirements I would be honored to serve you! My name is Jimmy Vercellino and I am a United States Marine Corps Veteran Specializing in VA Loans.

Feel free to roger up with my by emailing me at jimmy@valoansforvets.com

Thank you and may God bless you for your service to our great country!

Semper Fidelis,
Jimmy Vercellino