Return to Finding the Right House Credit Issues  Late payments
For most people, problems with their credit report are likely related to late payments on a debt. If you were late one month in paying off your credit card, but otherwise have a good payment history, chances are most lenders won't be too concerned. But if you have a history of late payments you'll need to document the reasons why. A slow payment history won't necessarily get you turned down for a loan, but you may have to pay a higher rate of interest or otherwise prove to the lender that you can repay your loan in a timely fashion.
Errors on your credit report
Many people are surprised to learn that credit reports can often contains errors or inaccurate information. If this is the case with your credit report, you'll need to contact the reporting agency or creditor to have the problem resolved. This can sometimes be a slow process, so make sure to give yourself time to clear up the mistake.
Bankruptcies and foreclosures
There's no getting around it, a bankruptcy on your credit report is not a good thing. But that doesn't mean you still can't obtain a loan. Even though a bankruptcy may stay on your credit report for seven to ten years, lenders will often consider the circumstances surrounding a bankruptcy (family illness, injury, etc.). Moreover, if you have reestablished good credit since the bankruptcy, a lender will be more inclined to approve your application.
Be prepared
Know what's in your credit report before you start shopping for a mortgage. You can get a copy of your credit report for FREE! Go to www.AnnualCreditReport.com to request your credit report online, by phone or by mail. This central site allows you to request a free credit file disclosure once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. If you want to know your actual credit score (also known as a FICO score), you can purchase this information through this website or by going to www.MyFICO.com.
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