Colorado Springs Real Estate | Colorado Springs Homes for Sale
  • Home
  • Advanced Search
  • Military Relocation
  • Selling
  • What's My Home Worth?
  • Blog
Login
(719) 660-1116

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Correcting Your Credit

When considering purchasing your first home, whether you get that mortgage or not, may depend on a network of credit reporting agencies that either share information with, or are owned by, three major credit bureaus. This report is what lenders use to issue mortgages or other loans.

It’s a good idea to check your credit report to know where you stand before you get too far in the home buying process, that way you can be aware of problems before they jump up and derail your plans.

Getting copies of your credit reports is easy. You can request a copy from each of the three major national credit bureaus: Equifax, Experian and TransUnion. Checking your credit can cost you as much as $9 per report, although it differs from state to state.

If you applied for a loan and were turned down, you are entitled to a free copy of your credit report, but you must request a copy by writing the correct credit bureau within 30 days of the rejection. With your request, you should include a copy of the declined loan application.

You can also get a free report if you are unemployed, planning to apply for jobs in the next 60 days, receiving public welfare assistance or believe the credit file contains mistakes resulting from fraud.

To obtain a copy of your credit report, call the number of the proper credit bureau and follow their directions, or order it online. If you write, you will need to include your full name, date of birth, current and former address, Social Security number, your spouse’s name and your phone number. Each person requesting the report should sign the request.

When planning to buy a home, you should check your credit at least three to six months before you apply for a mortgage.

Once you get the report, you should make sure the following information is correct:

  • Your name, or names if you are or were married
  • Social Security number
  • Date of birth
  • Addresses of places you’ve lived
  • Names of places you’ve worked
  • Pending accounts and accounts that have been closed
  • Nothing has been on the report longer than is allowed by law:
    • Bankruptcies must be taken off your credit history after 10 years.
    • Suits and judgments, arrest records, and most other kinds of unfavorable information must be dropped after seven years. Tax liens must be dropped seven years after the lien is paid in full.
  • Records of delinquent payments or other problems (i.e., make sure they aren’t mistakes)

Any error that you find must be investigated by the credit bureau and with the creditor who supplied the data. The bureau will remove any errors a creditor admits are there. If you disagree with the findings, you can file a short statement in your record giving your side of the story. Future reports to creditors must include this statement or a summary of it.

Be certain to be careful about applying for additional credit when you’re about to apply for a mortgage. When the mortgage company checks your report they can find out who else has been checking your report and determine what, when and how you have been applying for credit. That means if you have been getting turned down and are desperately applying for credit all over town your potential mortgage company will know, and might turn your loan down because of it.

Like or Share
Loading likes...

Address Search

Colorado Springs Real Estate

  • Black Forest
  • Briargate
  • Cordera
  • Falcon
  • Falcon Estates
  • Flying Horse
  • Gleneagle
  • Kissing Camels
  • Meridian Ranch
  • Mountain Shadows
  • Northgate
  • Norwood
  • Oak Valley Ranch
  • Old Farm
  • Paint Brush Hills
  • Peregrine
  • Peyton
  • Pine Creek
  • Pulpit Rock
  • Ridgeview
  • Rockrimmon
  • Spring Creek
  • Springs Ranch
  • Stetson Hills
  • Villa Loma
  • Village Seven
  • Vista Grande
  • Wagon Trails
  • Wolf Ranch
  • Military Relocation Military Relocation

Military Bases in Colorado Springs

  • Fort Carson
  • Cheyenne Mountain
  • Peterson SFB
  • Schriever SFB
  • US Air Force Academy

About Colorado Springs

  • Area Attractions
  • Area Info
  • New Construction Builders

Real Estate Market Reports

  • Colorado Springs Market Report
  • Fountain Market Report
  • Monument Market Report
  • Peyton Market Report
  • Woodland Park Market Report

Interactive Map Search

Buying & Selling Made Easy

 Freshest Data Available
 Active Listings Only
 Customizable Search Options
 New Listing Alerts
 Instant Home Value Assessments

The Home Buying Process

 

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years
Calculate

Does not include any taxes or fees.
Please consult a financial professional.

Buyer Resources

  • Ask Your REALTOR®
  • Applying for a Loan
  • Bi-Weekly Mortgage
  • Buyer’s Agent
  • Buying versus Renting
  • Closing Costs
  • Closing the Deal
  • Contract of Sale
  • Correcting Your Credit
  • Environmental Issues
  • Find the Perfect House
  • First Time Homebuyers
  • Get Pre-Qualified
  • Home Inspections
  • How Much Can I Afford?
  • Make Your Move Easier
  • Making an Offer
  • Market Snapshot
  • Mortgage Savings Tips
  • Real Estate FAQs
  • Short Sale
  • Top 10 Signs to Own
  • Types of Lenders
  • What is Escrow?
  • Who to Work With

Seller Resources

  • 10 Biggest Selling Myths
  • 10 Signs it’s Time to Sell
  • Black Mold Basics
  • Closing Costs
  • Comparable Sales
  • Contingencies/Negotiations
  • Curb Appeal Checklist
  • Getting the Highest Price
  • Getting Ready to Sell
  • Home Appreciation
  • Home Inspections
  • Is Your Price Too High?
  • Make Your Move Easier
  • Market Snapshot
  • Real Estate FAQs
  • Short Sale
  • Should I Sell By Owner?
  • The Selling Process

Bob De Young

About Us

  • Meet the Team
  • Testimonials
  • Featured Properties
  • Recently Sold Listings
  • Blog
  • Ethics in Real Estate
  • MRE – Master of Real Estate
  • Why Use a REALTOR®

Connect With Us

Translate Site

  • Home
  • Advanced Search
  • Military Relocation
  • Buying
  • Featured Properties
  • Coming Soon
  • Foreclosures
  • Selling
  • What's My Home Worth?
  • Recently Sold Listings
  • Market Reports
  • Meet the Team
  • Blog
  • Contact Us

 

Bob DeYoung & Associates, Inc
Harmony Real Estate Group
(719) 660-1116
bob@thankavet.com

 
 
 

© 2021 All Rights Reserved | Privacy Policy

3220 N. Academy Blvd, Suite 1
Colorado Springs, CO 80917

Advanced Searches

  • Condo Search
  • MLS # Search
  • Sold Search
  • Address Search
  • Foreclosure Search
IDX Real Estate Websites by
• Accessibility • Terms • Privacy