Pinetop White Mountain Blog

Good Afternoon Everyone,

I know I have talked about Credit in the past but it is a subject worth visiting again. 

In today's Market it is more important than ever to have a good credit score to acquire financing for your dream house.  Even the Government Backed Programs like FHA & VA, while not Credit Score driven, are looking for Clients who are likely to pay back their loans. 

If you haven't checked your credit recently - do it now.  There are likely items on your report that are errors or just haven't been updated recently.

I can attest to this in that I recently pulled my Credit Report only to find a mortgage that I had paid in full over six years ago was still showing as an open account.  In addition, it was showing a 30 day past due on it and was included in the files that are considered detrimental to credit evaluation by a potential lender.

I wrote to this company repeatedly and I finally got the information on that file corrected.  It takes a lot of diligence because lenders and credit card companies just don't care if the information on your file is wrong.  They would rather just let things ride than work to correct them.

This gets very challenging too when the company that is reporting something that is wrong no longer exists.  Mortgage Companies get taken over by other Mortgage Companies and so on and so forth until the person you originally had your loan with is impossible to locate.  You just have to be diligent in working to get the information corrected.

Credit Card Companies are the worst to try and get something straightened out with.  They just don't care about you or what their erroneous reporting is doing to your credit.  Again, one company is bought out by another company and the next thing you know you haven't a clue where to find someone to correct things for you.  You just have to be diligent.  It may take several letters to different organizations, including the Credit Reporting Agencies, to get to the right person.  But, it is vital that you keep at it until you get things straightened out. 

It may take some time and effort but in the end it is worth it.  It will help improve your credit score so when you are ready to apply for that loan, whether it be for a car, a home, or other big ticket item, you have a good chance of being approved.

You have the right to check your credit report once a year at no cost.  Just go to www.AnnualCreditReport.com and follow the bouncing ball.  It is easy and it is free.  For a small fee you can also get your FICO Score, a tri-merged Score from all three bureaus to see where you stand. 

I recently heard a good suggestion too.  Rather than pulling all three reports at one time, spread them out over the course of the year.  That way you have a better chance of catching something that is wrong more quickly and it is easier to work on one report at a time. 

So, go for it.  Get online and check on your credit.  In today's market good credit is the saving grace for anyone considering purchasing any big ticket item.  For Mortgages it is absolutely vital. 

Have a wonderful day, and I'll be back with you soon.

SANDRA & BRUCE PAULOW, REALTORS®

Pine Country Realty in Show Low, Arizona

(928) 537-9001 or (928) 242-0300