How to Correct Credit Report Errors Before Applying for a Mortgage
Don't wait until you find your dream house to check your credit reports for errors.
November 11, 2022 6 MIN
Don't wait until you find your dream house to check your credit reports for errors.
Having a good credit score gets you a better mortgage interest rate, lower fees and, if you have less than a 20% down payment, cheaper PMI.
Looming economic storm clouds make protecting your credit score even more important if you plan to buy a home.
The CFPB sued TransUnion, one of the nation’s largest credit bureaus, claiming it violated a 2017 consent order.
The idea of having a public credit reporting agency housed at the CFPB was proposed more than a year ago by President Joe Biden when he was a candidate.
Every homebuyer is hoping to get approved for a mortgage at the current, historically low rates, but experts warn that only people who have high credit scores are likely to receive them.
The average U.S. FICO score rose to a record high in 2020 amid the worst pandemic in more than a century, according to Experian data.
The average U.S. FICO score rose to 710 in 2020 from 703 in 2019 while late payments and credit utilization dropped as Americans hunkered down during the Covid-19 pandemic.
The three largest credit reporting companies in the U.S. announced last week they will remove about 70% of medical collection debt from consumer records.
Less than 2% of requests to correct errors on consumer records maintained by Equifax, Experian, and TransUnion resulted in corrections in 2020, down from 25% in 2019, the report said.
Freddie Mac is incentivizing landlords to report on-time rental payments to help potential first-time homebuyers build credit histories.
Homebuyers applying for a mortgage may find the credit score their loan officer sees isn’t the one they thought they had.
