2019 Idaho Real Estate Blog

A Veritable Plethora of Mistakes Main Boise Home Loans
It is estimated that 4 out of 5 credit reports contain errors. Do you know if your credit report is accurate?

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Dear BuildingCredibility.com reader:

The credit crunch we are experiencing now can be attributed to many different factors. However, few would dispute that these problems started in the Housing Sector, and in particular, the subprime mortgage sector. Underwriting guidelines were much too relaxed (ever heard of a NINJA loan) and teaser ARM fixed rate terms were much too short (fixed for no more than two years before fast rate adjustments ensued).

Your credit score is one of the most important factors a lender will weigh when considering your application for a refinance...and rightly so. Unfortunately, almost 80% of credit reports contain some type of error. Granted, a lot of these errors are simple and easily corrected (misspelled name, transposed digits in zip code, incorrect credit account balance, etc.). However, statistics show that you have a 25% chance that your credit report contains errors serious enough to cause you to be denied credit.

So, what should you do? First and most importantly, monitor your credit! Many banks and credit reporting services offer ways for you to pull your own credit reports. Also, you can sign up for credit monitoring services that notify you at any time if your credit is pulled or new accounts are opened; and provide help and insurance coverage in the event that your credit is damaged because of ID theft. Or, for free and on your own, you can pull one free copy of your credit report per bureau per year with no score thru the website http://www.annualcreditreport.com.

In the posts to come on this blog, I will give you more education and information on how to interpret your credit reports and how to improve your credit scores.

If you are interested in talking more about this post or a specific credit scoring issue you have or know about, feel free to call or email me at (208) 880-0316 and [email protected]. You can also visit my website at http://www.ericsloans.com.
 

Best Regards,


Eric Leigh, Mortgage Consultant
2965 E. Tarpon Drive, Ste. 150
Meridian, ID 83642
(208) 880-0316
http://www.ericsloans.com
[email protected]
 
Posted by Eric Leigh at 1/16/2009 4:02:00 PM
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Michelle Penick, Build Idaho Client Real Estate Services

Michelle Penick

Client Care Team
208.629.0217 | [email protected]

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