Occasionally, credit bureaus are slow to record paid-off loans, especially student loans. Since credit scoring is only as good as the data fed into the system, it’s important to have backup paperwork.
Data on paid-off judgments, collections account, and other credit problems can take a long time to work through the system. It’s especially important in these cases that you have the paperwork clearly showing the payoff along with your canceled checks.Too many loan approvals get held up at a critical time, jeopardizing purchase of that dream home because the buyers lost or didn’t keep vital paperwork.
Keeping your finances on Quicken, Microsoft Money, or a similar software program is a great way to track your accounts. You can record your payments with dates and check numbers, and if a question arises, you can print out the payment histories and payoff dates along with the check numbers. Creating a paper trail can save you time, frustration, and bank research fees.
Correcting Credit Problems
Credit reporting is not an exact science, and errors and misreporting are all too common. Fortunately, you can usually clear up most errors and problems on your own, without paying hefty fees.
Should a dispute with a credit source or agency arise, you have remedies available through the Fair Credit Reporting Act (FCRA). This isn’t a way to erase legitimate late pays on your report, nor is it a wizard to turn bad credit into good, but it is a legal avenue for you to remove errors.
The credit reports a lender pulls up usually include reason codes. These codes provide data that help you to identify problems, such as who gave you a thirty-day-late rating or a missed payment that you really didn’t miss. Reason codes are an important tool for increasing your score by helping you correct inaccurate information. Click here to read more.. »
The three national credit-reporting agencies—Experian, TransUnion, and Equifax—are competing companies that assemble your credit information into numerical scores. A mortgage lender will usually get reports from one or more of these companies when you apply for a loan. Click here to read more.. »
Finding a mortgage with the best terms takes shopping around—much the same as you would shop for a car or major appliance. Lessons learned from the last few years have shown that lenders don’t always offer you the best loan package. As a consequence, it’s important to request and compare proposals from at least three lenders. Click here to read more.. »
There’s also an old couch that is now covered with book parts. I have a radio tuned to the local classical/jazz station on the desk and an old TV set and VCR sitting on an unused sideboard. Click here to read more.. »
Live in a nice house is being dreamt by many people. Who don’t want to live in such a nice house? All of us want it! To make you house nice, you have to do some changes. Having a nice house is not equal with having a big house. You can even decorate your small house creatively so it looks nice. Below are some tips to make your home looks nicer especially that are related to lightening things Click here to read more.. »
My home office is in the basement, which, despite being unfinished, is comfortable and cozy and, thanks to a dehumidifier and central air-conditioning, dry and cool. I chose not to finish the space, because I didn’t want to go through the permit process and didn’t think I needed anything formal. Click here to read more.. »