Questions & Answers
Get the answers on home selling and buying.
Credit - Q & A
Q: What exactly is bad credit?
A: There are numerous types of credit report problems that would
cause a lender to reject your application for a loan.
Such problems include: missing a credit card payment, defaulting
on a prior loan, filing for bankruptcy in the past seven years or
not paying your taxes. Other black marks on a credit report include
a judgment filed against you (perhaps for non-payment of spousal
or child support) or any collection activity.
If you feel that your credit report is wrong, experts say it's best
to take it up with the organization or company claiming you owe
them money.
But if you've been late paying
your bills, regroup by paying in full and on time for six months
to a year to prove to the lender that the late payments were an
aberration.
You can order a copy of your
own credit report by calling the three major credit reporting agencies:
Experian at (800) 392-1122, Equifax at (800) 685-1111 and Trans
Union at (312) 408-1050.
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Q: How do I find out what
my credit report says?
A: For a copy of your own credit report, call one of the three main
national credit reporting agencies: Equifax, (800) 685-1111; Experian,
(800) 392-1122 or Trans Union, (312) 408-1050.
CONTINUE
Copyright 1999 Inman News Features
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