VVS Realty Group also assist clients with their credit goals to prepare them for the purchase of their home. As certified credit consultants, we know the ins and outs to restoring one’s credit report. And as real estate professionals, we know the key things that lenders look for within your credit report. Ultimately, we know how important credit is to being approved for a mortgage loan.
Allow VVS Realty Group to help with your credit and real estate goals.
THE CREDIT PROCESS
We will obtain a current copy of your credit report from the three major credit bureaus and thoroughly analyze the report. Your homeownership goals will be discussed so we’ll know how to tackle your particular situation and devise an individualized plan by implementing our proven disputing system, processes, and letters.
COLLECTIONS ACCOUNT
A delinquent account transferred to a debt-collecting agency or debt collector that seeks payment on behalf of the creditor.
CREDIT INQUIRY
A request for a copy of a consumer’s credit report to evaluate their creditworthiness. Inquiries take place on submission of every credit application to determine whether a prospective borrower should be extended credit. Excessive inquiries within a six-month period may affect the borrower’s credit score.
BANKRUPTCY
A voluntary or involuntary process in which a business or person petitions the federal court because they can no longer pay down their debts. In bankruptcy, either the debtor’s liabilities are reorganized, or their assets are liquidated.
MEDICAL BILL
A medical bill that goes unpaid and then transferred to a debt-collecting agency. And can decrease one’s credit score by 100 points and take up to seven years to disappear.
REPOSSESSION
The borrower’s surrender of a possession after defaulting on payments. Repossessions can be involuntary or voluntary.
CHILD SUPPORT
Late or delinquent child support payments transferred to a debt-collecting agency or debt collector that appears negatively on the credit report and impacts one’s credit score.
CHARGE-OFFS
A charge-off means that a lender has written off a loan as a loss. However, if you have a loan that is a charge-off, you are still obligated to pay it. Having a charge-off on your credit report can negatively affect your ability to get future loans.
PUBLIC RECORD
Consumer information pulled from court records by a credit bureau. Accessible to the public on request. This information may refer to liens, judgments, or bankruptcy proceedings.
INACCURATE INFORMATION
Erroneous or outdated information such as addresses, employers, misspelled names, or other personal information. And can negatively affect one’s ability to get approved on applications.
