You have been seriously considering buying an Oakland home, and you feel that you can afford to do so, so you begin to take some important first steps to see what options you may have, and what you might be able to buy.  However, nothing can be more upsetting and discouraging than finding out that potential lenders have turned down your loan application because of your poor credit rating.  There are a lot of elements that contribute to your final credit ratio, and it is entirely possible that you are not aware of all the details, because you may not have checked your complete credit picture until now.  Additionally, many potential buyers are unsure about how to get a report, or have misinformation about how to do so. 

Obiously, whether you are you are buying a Piedmont home, an Oakland home, or any home, your first step is to gain solid information on where you stand financially.  Perhaps you are comfortable knowing that you should have a good rating, because you have paid all your bills on time, not exceeded your credit limits, and have not got a string of outstanding unpaid credit cards. 

What you may not know, if you don't check your credit throughly, is that there may be errors on your report due to faulty entries by the credit reporting companies. Additional errors crop up if incorrect events are attributed to you because you have a similar name or address to someone else.  This misinformation can sabotage your loan application. 

So, stop and take the time to read and clarify every page of your credit reports.  Do so before you begin a serious house search, because it will take you some time to review your reports, and then more time to send and document any necessary corrections to each of the major reporting agencies. It is only after this should you consider apply for a home loan. 

 Federal Law is here to assist you.  As a consumer, you are  are entitled to one free credit report each year from the three credit reporting agencies--Equifax, Experian, and TransUnion.  Additionally, you can choose to receive your report as a combined 3 in 1 report where all agencies list their information about you side by side with the other agencies, or you can get an individual report from each one.  The individual report will be more detailed, and is probably the best choice.

So, what is the best step forward?  Go to the official site to start: and begin your exciting first steps toward your new home!




Posted by Bruce Wagg on


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