YOUR CREDIT REPORT

Data bases have been keeping a record of your financial transactions since the day you got your social security number. They probably know more about some financial aspects of yourself than you do.

Your buying habits

The stores you frequent

Your payment history

Your employer's name

and much more

Your personal credit report is the single most important factor in determining whether you get mortgage approval.

The Bad News

• A substantial income and down payment will not always overcome bad credit.
• Credit reports often contain inaccurate information that can hurt your chances of obtaining a Home Loan.
• Most accounts remain on your credit file for seven years with the exception of PAID SATISFACTORY accounts and BANKRUPTCIES, which remain for 10 years. Tax LIENS never go away.

The Good News

• Credit Bureaus are regulated by federal and state laws to strictly report the "Facts" about your payment history for: car loans, personal loans, credit cards, mortgages, etc.
• The Credit Bureau isn't Picking On You. They don't have any influence or control over what your creditors tell them about your payment history. Since each of the major credit bureaus operates independently they can contain different and often conflicting information.
• The GIGO (Garbage In Garbage Out) rule applies. You Can Challenge The Facts if you believe them to be inaccurate
• The Federal Trade Commission estimates that 40% of credit reports contain incorrect information.
• A manager for a major Florida-based mortgage reporting company recently testified that between 50% to 90% of all credit reports contain inaccurate information.

• The Right of Financial Privacy Act.