Boise Real Estate

Your credit and Real Estate

"Have You Heard?...." by Miss Information

Some how, like much of everything else in today's world; what used to be held as private and protected is now vulnerable and accessed by many different persons and institutions.

Any track record we have stays with us as never before. And as much as I hate to say it sometimes someone else's track record can get attached to your name-The credit bureaus are full of errors. These errors need to be caught and corrected by you.

I'll never forget our own personal experience when I was informed that there was a negative report due to the fact that Mike, my husband was behind on his child support. After 10 years of marriage this came as a shock to both of us; as the only three children he had were the three that were ours and were living with us. This misinformation had been attached to our file for quite sometime. After we pursued getting it correct; we found out there were two Mike Klassens in the same state. See what I mean. You need to find out what is on your report.

What about the evils of identity thieves, they have no conscience for what scars they may put on your credit file along with the dollars they wrack up in debt for others personally or for big companies. All of this is enough to make you very angry. It does me.

Your recourse is to keep your credit protected by taking the precautions that are available by lending and bank institutions. In the future, we will be posting some of these articles on our web site at KlassenHomes.com.

Another very important part of you protecting you is for you to KNOW YOUR CREDIT BUREAU FILE! Review it on a regular basis. Find out what the schedule is for you to have one free report given to you per year by each of the main credit bureaus. Then space the three major companies throughout the year to look for anything suspicious. This is not fool proof-as you have read in our article "Why Would My Data Be Different at Three Different Credit Bureaus?" currently posted on our web site. One Bureau can have information that another will not, but this is a useful tool.

Go to the credit Bureaus web sites and find out how to get your yearly free report and to update and correct your information. The addresses and contact information for the three major credit bureaus are listed in the same article on this website.

Address not only the errors that you see but look into any information that doesn't look quite right. That is why it is so important to get professional advice on the standing of your credit file. Someone who can recognize what needs addressing and how to do it in the shortest amount of time-one that can scan for things in your file that could be detrimental to you.

Even If you are looking at purchasing a home or investment property in the distant future AND especially if you are looking at it in the near future, you need to talk to a trusted lender today-one that can design a plan with you.

Sometimes it can takes up to several months to remove an inaccurate reporting. If you have waited to start to work on your credit file until just before you intend to make an offer on a property; and then find errors or items that may need changing; ;you may delay your ability to purchase a home and it could be delayed up to several months.

Even if you feel that your file is in top shape: still talk to your lender and know that you are pre-qualified and for how much. Otherwise if you wait until you find your perfect home, you could more than likely lose it to another pre-qualified buyer who has their letter in hand.

Don't let this happen to you due to someone else's error. Know your credit file. Review it with your lender and give a copy of your pre-qualification letter to your real estate agent that represents you as a buyer, therefore giving you the best possible position to be in when making such an important investment.

Call Mike or Jen to get a referral to a Qualified Professional Lender 1-888-362-3680 EXT 432

Article by Jenny Klassen
Licensed Real Estate Executive