Lehigh Valley Mortgages
Lehigh Valley Reverse Mortgages, Rates
A Full Service Pennsylvanie Mortgage bank
1425 Grape St., Whitehall, PA. 18052
Serving the Lehigh Valley region
Commonwealth Mortgage Services
"Count On Us To Find A Mortgage That Fits Your Needs"
2299 Brodhead Road, Suite J, Bethlehem, PA. 18020
Serving the Lehigh Valley region
AFC Reverse Mortgage
"Reverse Mortgages For Better Living"
Take Control of Your Life unlock the financial power of your home
1541 Alta Drive Suite 304, Whitehall, PA 18052
Tax free income for life without risking your home. Extra income to repair your home, pay your bills and taxes, pay off your mortgage, buy insurance, take a vacation, go out to dinner, buy gifts for your grandchildren, buy a boat or vacation condo.
Fulton Mortgage Company
Our Mortgage Professionals are eager to help put you in the home
of your dreams.
PO Box 25091, Lehigh Valley, PA 18002-5091
Tips on your Credit / Credit Report
1. What's in a credit report?
A credit report shows the payment record including delinquencies for each of your credit accounts. This covers credit cards, charge accounts, loans, or any other type of credit. It will also show zero balance or closed accounts, bankruptcy, liens, collection items and judgements. Credit inquiries are also listed, such as applications for credit and employer requested credit data.
2. Start early with a credit checkup
Lenders commonly focus on bill payment records for the previous two years, although the borrower's credit history for the last 7 to 10 years is usually included in the loan documentation file. With minor credit problems, lenders may accept a good reason for individual late payments. Even a good justification for bankruptcy can sometimes get you in the door for a decent mortgage in today's market. There are times, however, when credit problems can materialize unexpectedly. Remember that credit bureaus are nothing more than repositories of credit data , and wherever there is data, there are surely errors. On the positive side, you can do something to protect yourself from inaccurate credit reports if you start early enough.
3. Correcting errors
To remedy credit reporting errors, you must submit a written complaint to the credit agency along with copies of supporting documents such as bills and canceled checks. You can call each credit agency to learn what information to send and where, but your complaint must be filed in writing. The credit agency then has approximately 30 days to either make the correction or deny it.
The process of verifying your claim involves the credit agency forwarding your complaint to the creditor that supplied the information to the credit agency. The credit agency then sends you a written report of the results. If an error occurred as you claim, then you are entitled to a free copy of your corrected credit report. Credit bureaus are then required to send the correction to all creditors that have received your credit report in the last six months.
If the credit agency does not resolve the dispute, you are entitled to include a brief statement in your credit file. A summary of your statement must then be enclosed with copies of your future credit reports.
Alternatively, you can start the whole process by going directly to the creditor that reported the incorrect information. The creditor must then supply the agreed-on correction to the credit agency. Whether this method is more effective than going through the credit agency depends on how cooperative the creditor is with you. Avoid using a credit doctor who promises to cure your bad credit by changing your social security number. This practice is illegal.
4. Who regulates credit agencies?
The Fair Credit Reporting Act (FCRA) sets limitations on how credit agencies handle your credit information. First, FCRA specifies that any inaccurate credit report information must be corrected or deleted. Outdated information, including negative data that is more than 7 years old must be deleted from the credit report. Bankruptcies must be removed after 10 years.
5. Where to complain
If you have problems resolving a dispute with a credit bureau, you can file a complaint with the Consumer Response Center of the Federal Trade Commission. Call (202) 326-3761 or write to the Consumer Response Center, Federal Trade Commission, Washington, DC 20580. You can also contact the state Attorney General.
6. Obtaining copies of credit reports
Here are the three major credit reporting companies. Equifax, Experian and Trans Union.
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