3 Tips for Getting Credit Report Mistakes Fixed When Applying For a Mortgage

3 Tips for Getting Credit Report Mistakes Fixed When Applying For a Mortgage

If you are like most homebuyers in Salt lake City, you’ll be looking to apply for a mortgage when buying your first home. One of the biggest factors that determine your ability to borrow, as well as the mortgage rate that banks will be willing to give you, is your credit score.

But what happens when you discover that your credit report has mistakes that can negatively affect your mortgage application? Here’s what to do.

1. Identify the error

Credit report errors come in all forms. The commonest ones include name misspellings, especially when two or more family members share names that are almost similar. Sometimes the mistake is duplicate or incorrect accounts.

An incorrect payment status, or some outdated information, can also negatively impact your ability to get the mortgage you are seeking.

2. File a dispute

Once you have identified the exact error in your credit report, the next thing you need to do is file a formal dispute to the credit bureau. This process is entirely free.

To ensure that everything is handled quickly, it’s best to report the issue through the bureau’s online dispute reporting form. It’s important to provide all the information required by the agency so they can resolve the issue.

3. Wait for results

The credit bureau is required by law to investigate and resolve the error within 30 days. The exception, of course, is when the bureau sees the issue as frivolous.

While waiting for the results, keep checking the status of your request. Once you receive the results, you can decide to contact the bureau if you are not satisfied or proceed with your mortgage application if the situation has been resolved.

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Mistakes in your credit report can be damaging to your credit score, negatively affecting your ability to get the mortgage you thought you could. Fortunately, there are ways to get the matter resolved smoothly.