Steps for Re-Building a Credit Record
1. Pay up all past due accounts.
Request a free copy of your credit record at annualcreditreport.com.
Make sure the credit
report is accurate.
Credit Report Errors
name of a former spouse appears on the credit record
name is misspelled, the address is wrong, or the social security number is incorrect
Duplicate accounts are listed
information that is inaccurate or incomplete
account balances are incorrect
Paid-off or closed accounts are reported as open
information is included
information does not relate to the home buyer
inquiries are listed
fails to show paid tax liens as satisfied
accounts included in bankruptcy are not identified
4. Write an explanation letter.
5. Negotiate with creditors.
6. Add positive histories to the file.
7. Add stability to the file.
8. Get credit in your own name.
9. Start making payments in a timely manner.
10. Work with local merchants.
11. Open a savings account.
|First Home Club Schedule of Workshops
|Home Buying Tips
|Rebuilding a Credit Report