Credit Consulting
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This may be your golden opportunity to re-establish your credit...recover from overwhelming debt...or consolidate your high-interest debt into one easy, low-interest monthly payment. Because you may qualify for a mortgage at an affordable rate! We specialize in helping homeowners repair their credit... putting them on the road to recovery. Even if you've been turned down for a home loan before - or don't think you can qualify - we can help! |
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The Sidwell Group works with you! Our mortgage programs include a variety of financing options...competitive interest rates...personalized service... We realize that everyone is different. That's why we treat you like an individual - on a one-to-one basis. And it's why our Mortgage Professionals work with you every step of the way. Because everyone has different incomes, asset bases and credit histories. You may be able to qualify for our loan programs even if you fall into any of the categories below:
Don't wait! Contact Us to Apply Now!
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Credit Reports and Credit Reporting Agencies
A credit report is a summary/history of your credit activities. A credit report is a necessary part of your overall "Loan Package" (the documents gathered by your lender,) A brief summary report, known as an "In File", typically costs about $8.00 and indicates who your creditors are, when you last made payments, if you have any late payments or other derogatory items. You can request this type of report yourself to check for any discrepancies. An In-File report is also helpful when working through the pre-qualification process.
As part of your loan application process, in most instances, your lender will require a "Residential Mortgage Credit Report" (RMCR), which is a more detailed report than the InFile. This type of report typically costs $50-65. Information contained in the "RIVICIR" is obtained from no less than two credit staring agencies (called Repositories) and also information that is a matter of Public Record such as: tax liens, bankruptcies, judgments and divorce decrees. Information contained in the "In-File" report comes from only one storing agency, and may not accurately reflect the borrower's "TOTAL" credit picture.
When your lender reviews your credit report, they will note if there are any "Derogatory Items" or "Inquiries." You have the right to request a copy from your lender.
An "Inquiry" is when a Creditor has checked your credit history. Perhaps you have recently applied for a new credit card, looked into purchasing a new car, raised existing credit limits, etc. Each of these would show as an inquiry. For inquiries within the last 90 days, your lender will require a written explanation.
A "Derogatory Item" is an dication of credit problems on your credit report. Examples of derogatory Items are listed below. If your report shows any such items, your lender will require a written explanation.
1. Late Payments (30, 60, 90 days etc.)
2. Collections Must be Paid Off
3. Judgments Must be Paid Off |
4. Tax Leins Must be Paid Off
5. Repossessions
6. Bankruptcy
7. Home Loan Foreclosure
A "Judgment" is a court issued decree stating a certain amount is owed from one part to another.
A "Lien" refers to the right to take and sell or hold the property of a debtor as security or payment for a debt. An example would be a tax lien imposed by the IRS to collect outstanding taxes owed to them.
If you've been paying rent, on time, and need additional "positive" credit, you may want to consider obtaining a "Landlord Rating" from your landlord to show your housing payment history.
The "Fair Credit Reporting Act" states that you have a right to obtain a copy of your credit report. Where do you go to get a credit report?
Credit Bureaus - are local or regional companies that compile credit information from repositories for the lender to help evaluate the consumer's credit patterns. Credit Bureaus are not in a position to change a consumer's credit history, only assist in providing resources or settling disputes. Contact any of these local Credit Bureaus for information or to request a copy of your credit report:
(800) 682-7654
Maintaining a good credit rating is very valuable, and it Is Important that you know exactly what is In your credit report before you apply for a home loan. RCA and CBI offer an In-File report for $8.00 and TRW now runs them for free
Repositories - are agencies that store credit information provided by individual creditors, i,e., Macys, VISA, MasterCard, Sears, etc, In addition public records, including tax liens, judgments and collections are also reported. Examples of agencies that Sacramento area Credit Bureaus pull from include:
TRW
P.O. Box 2350
Chatsworth, CA 91313-2350
(800) 682-7654
Consumer Assistance~ 9~00-1 Z00 & 1:30-4:00
(800) 422-4879 for Dispute in Progress
Trans Union
P,O. Box 1032
Fresno, CA 93714
(800) 834-4656
Equifax/Credit Bureau Reports, Inc. (CBI)
P,O. Box 740241
Atlanta, GA 30374
(800) 685-5000
(800) 685-1111
(404) 612-2668 Fax
Derogatory information may show on one repository and not the others, but will still affect your Residential Mortgage Credit Report (RMCR) during loan application.
