Archive for the ‘fixing credit report’ Category

Fixing Credit Report Error during Mortgage Loan Process Q & A

Monday, March 9th, 2009

We are in the process of buying a house (closing this Friday). Perhaps this question is too late, but I still would like to know:

When we were in the process of getting approved, we learned we needed a co-signer. No problem, my father-in-law signed on. Upon obtaining credit scores, his came in lower than ours. (His was 699, ours in the mid 700s). Because he is our co-signer we were told the rate would have to be based on his score. Furthermore, the rate would be higher because he came in at a more “risky” score of 699.

However, while looking at our credit reports in front of the lender (broker, actually) – my father-in-law noticed a credit card statement that was not his, and it had a balance of over 10K. His son has the same name, so we’re pretty sure that the credit report had his son’s info on there in error. We brought this up to the broker, and she suggested we take care of it someday, but not now, as we wouldn’t want to mess with the credit score while going through the process of trying to buy a house.

Hi Jim,
This is very common out there. When getting loan lenders always take the lower middle credit score out of everyone involved. This is the case even though someone else might have a higher credit score. The lender did direct you correctly, since SOMETIMES when removing credit from your credit report, could TEMPORARILY have a negative affect on your credit score. There is no Legal recourse that I can think of. Not sure what type of loan you got approved for, and what your terms are, but I always recommend checking with a couple of good lenders just to make sure you are not getting ripped off. I am a lender and I know that everything is negotiable.
I hope this helps.

Mike Clover

Author: Mike your resource for free credit reports, credit cards, loans, and ground breaking credit news.

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