Excerpt from: Ski Resort Newsroom
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| June 12, 2009 | | Removing inaccurate information from your credit report | One of the most important things you can do for your financial life is to keep a good credit score. This is especially true if you want to buy a home. A second home is even harder to get approved for than a primary residence, so your good credit score becomes indispensable when you are trying to buy a ski resort home. One of the things that can damage your credit score is inaccurate, negative information on your credit report.
Because your credit score is based on your credit report, it is important to make sure that the information on your report is accurate and up to date. You should check your credit report regularly -- and at least 60 days prior to applying for a home mortgage loan. If you find inaccurate information, you should write all of the credit bureaus listing this information separate letters. Real Estate Pro Articles offer insight into these letters:
This letter is basically telling the bureaus that you do not agree with
the information they are reporting. The credit dispute letter that you
are writing should have your account number, your name, address and
social security number. You also need to state the reason you do not
agree with the account information. ...
Once your letter is received the bureaus under Federal Law must
investigate this information with the original lender. If the original
lender does not or will not provide proof of the information then the
bureaus must remove the item. Once the negative item is removed from
your report your scores should increase.
It is best to do this in advance of your home mortgage loan application, since it can take 30 - 60 days for the issue to be resolved and have an effect on your credit score.
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