Quantcast

There are many consumer watchdog organizations helping people learn more about how credit works and what it takes to get a better FICO score so you can get more competitive interest rates and down payment requirements from a lender.

FHA Rates Near 50 Year Low!

Now is the time to drop the interest rate on your 30-year mortgage or refinance into a 15-year home loan.

FHA Rates for June 21, 2021
Are You Watching Your Credit Score?

NOTICE: Some FHA mortgage lenders are substantially raising FICO score requirements during the Coronavirus crisis, even though FHA minimums remain unchanged.


- Improving Your Credit Score Has Never Been More Important -

Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

FHA.com is a privately owned website, is not a government agency, and does not make loans.

Home Loan Credit Advice From Credit Watchdogs

November 7, 2019

Home Loan Credit Advice From Credit Watchdogs
There are many consumer watchdog organizations helping people learn more about how credit works and what it takes to get a better FICO score so you can get more competitive interest rates and down payment requirements from a lender.

Some of these agencies are private concerns, including (but certainly not limited to):
 
  • Americans for Fairness in Lending
  • Association of Certified Fraud Examiners
  • Association for Consumer Research
  • Association of Home Appliance Manufacturers (a consumer action program)
  • California Consumer Rights Association
  • Call for Action (a group of associated consumer call centers)

One of those watchdog agencies is operated by the Federal Government; the Consumer Financial Protection Bureau (CFPB) is charged with informing borrowers of their rights, helping consumers make informed decisions about credit, and much more.

What kind of credit advice does a house hunter need before contacting a real estate agent or realtor to begin the journey toward home ownership? According to the CFPB, consumers need to be proactive about checking their credit reports and making sure there are no errors or old, outdated information there.

There are several areas that could be “routine” problems you might have to address, including the following concerns according to the CFPB:

Closed accounts reported as open;
Your name is listed as the owner of a credit account you are only an authorized user for:
 
  • Accounts that are incorrectly reported as late.
  • Accounts incorrectly listed as delinquent.
  • Incorrect date of last payment or date opened.
  • Incorrect reporting of account delinquency.
  • Identical debts listed twice or more.

Note that identity theft or other concerns are not listed here; those are different topics for different articles. Our main purpose here is to demonstrate how easy it is to have problems with a credit account through simple human error. And those problems should be corrected before you begin the loan approval process.

It takes time to fix credit reporting errors, let alone addressing identity theft or other credit-report related problems. Give yourself as much time as possible to work on your credit report before you hit “Send” on your mortgage loan application or refinance loan paperwork.

You can learn more about credit and what it takes to get approved for an FHA loan, or search for down payment assistance programs or home buyer grants near you.

------------------------------

RELATED VIDEOS:
Disclosures Give Transparency to Borrowers
Understanding the Purpose of Your Mortgage Down Payment
Putting Money Into Your Escrow Account

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


GET STARTED