The first thing that any lender or broker will do when you sit down at your initial meeting is to pull up your credit score and credit history. This information will give the lender a way to easily see the type of credit you have had in the past, the credit you currently have, and what your repayment habits are like. For the majority of lenders, this is all that is needed to either continue with the appointment or to decline your application. To prevent this from happening to you, before you meet with anybody, order your own copy of your credit report and score and go through it with a fine-toothed comb, looking out for any of the following:
- Instances of a misspelled name
- Application for credit which you didn’t make
- Addressed you have never lived at or registered
- Unrecognized outstanding debts
Any of the above false information can greatly impact your credit score for the worse and potentially leave you trying to explain to lender inconsistencies which you don’t know about or understand. Once you have your report and have identified any of the above, investigate them with any relevant credit reporting agencies so that, when the time comes for you to attend a meeting with a lender or broker, the credit information they use is accurate and your own. Before you sign any purchase documents, speak with Speedy Title and Escrow Services, LLC at (586) 739-2233 to learn about the benefits of title insurance in Clinton Township. Available via a one-time payment, title insurance in Clinton Township can provide financial protection to homeowners against a range of issues which can arise post-settlement.