The credit report companies receive their information from national credit repositories, including Experian (formerly TRW), TransUnion, Equifax, and public records search firms.
The information reported to the repositories is only as current and accurate as the information reported by the creditors. Information should be disputed by contacting the creditors directly, and it should be completed in writing. The names, addresses and phone numbers of most creditors are listed on the last pages of your prequalifying credit report and are listed as Direct Check Addresses.
Once you have settled the disputed accounts, the information is then provided to the repositories that will then make the appropriate changes.
You may dispute the account directly with the repository. Creditors have 30 days to document your credit history, or the credit repositories must remove it. The credit repositories may be reached as follows:
P.O. Box 949
Allen, TX 75013-0949
Consumer Disclosure Center
P.O. Box 390
Springfield, PA 19064-0390
(714) 680-7292 Fax
P.O. Box 740241
Atlanta, GA 30374-0241
The balance reflected on your credit report is the balance reported by the creditor to the repositories. Creditors typically report once a month, so the balance shown may not be the balance as you know it today.
As a cosigner, you have accepted the responsibility of payment in the event of default by the primary borrower. Typically, if you provide proof (12 months canceled checks) that the primary borrower makes the payment and it is current, the payment will not be held against you for qualifying purposes.
A divorce decree does not override the original contract with the creditor. Even if the divorce decree states that your spouse is responsible for the payments, if the loan was originally a joint account, you are not released from legal responsibility on the account from the creditors. You should contact each creditor and seek their legal binding release of your obligation. Typically, these debts will not be used against you for qualifying purposes if a copy of the divorce decree is provided and the accounts are current. For loan approval proof (12 months canceled checks) that the primary borrower makes, the payment may be required.
For a judgment to show as “Satisfied,” a “Notice of Satisfaction” needs to be filed by the plaintiff with the court. If you have such proof, it may be forwarded to the repositories to update their records.
Most information, by law, must be removed from the credit history seven years after date of original occurrence. Chapter 7 and Chapter 11 bankruptcies may be reported for 10 years.
You may have provided documentation to us. This may have been done to prove that account information on a credit report used for a lending decision was incorrect and you were approved for credit. This does not mean it was cleared with the credit bureaus. Additionally, if you disputed or had credit cleared directly with a creditor, it may not have been cleared with all credit bureaus.
Credit bureau scoring is a scientific way of assessing how likely a borrower with your reported credit history is likely to default on a new loan based on credit history. The scores typically range from 450 to 850 points and are a complex mathematical formula based on millions of consumers’ credit histories and their track records of defaulting on credit. Higher credit scores indicate a better credit risk.
The score is based on all credit-related data available, not just negative data. Negative credit information includes the severity and frequency of the late payments, as well as how recently the late payments occurred. It will also include collection accounts, judgments, foreclosures, and the amount of outstanding debt. This includes available credit, total percentage of credit left available, timing of established credit history, and types of credit used (i.e., revolving accounts or finance companies may be worse than credit union or bank loans.) Another type of data used is the number of loan inquiries.
The importance of the credit score depends on the lender and the loan program chosen. Some lenders or loan programs do not use the credit score at all. Some lenders and loan programs require that a minimum credit score must be met, and many loan programs offer different terms based upon different scores. Your loan officer can explain the importance of the score for your particular loan program.
The credit score is determined by the credit repositories (not us or credit reporting company) and is not a point system that changes with every change of information on your credit report. A score may be increased by the following methods:
The process can take 30 to 60 days to repair incorrect or changed credit histories. The score is based on the database information held at the bureau.
This can be changed by contacting them directly or from new information reported from your creditors, which is typically done once a month.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:
An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020