Your credit report is maintained by credit bureaus who keep a record of all your financial history like credit owned, repayments made etc. and use this information in a formula to give your report a credit score in the range of 300-850.
For lenders, your credit score is one of the vital factors in deciding on your home loan request. Moreover, a good credit score also helps in getting lower interests on your loan which can help save a lot of money over time.
A credit score above 700 Is considered a perfect score and can quickly get your home loan approved at the lowest interest rates. But the problem starts when your credit score is below that. If your credit score is between 500-650, then a majority of lenders will begin rejecting your loan applications, and those who do approve will charge higher interest rates and maybe even additional fees.
Having a low credit score doesn’t mean you can never buy a house. There are various methods to repair your credit score. Credit repairing involves different steps like disputing errors on credit reports, repaying outstanding and budgeting for future. Though you can carry out these steps yourself, it is far better to hire a professional to do it.
Credit Repair Agency
There are credit repairing agencies in San Jose who are experts at credit repair. A good credit repair agency can help you identify the mistakes in your credit report and raise disputes with the different credit bureaus.
They first get your credit reports from all the major credit bureaus and study them in detail to identify the errors and mistakes. They then meticulously raise your disputes supported by all the relevant documents to get to the error corrected on your credit report. They also focus on identifying that the mistakes are in line with the laws that regulate these credit bureaus. Credit repairing agency meticulously study your credit scores and highlight the disputed information