Credit report, not credit score is the key!

With interest rates at an all time low and home prices low as well, now is a great time to buy a home. Paired with tax credits and down payment assistance, 2009 host many opportunities. One major obstacle that prevent most home seekers from taking advantage of today's opportunites is,

POOR CREDIT!!

Its nothing to be scared or ashamed of because we all make mistakes and things happen, but your personal credit report can make or break a deal on a home. Lenders not only look at your credit score, but also the items affecting your score. The best solution to fixing your score is to fix the negative items on your report. Some key points you should take note of are:

know whats on your credit report!
Many home buyers and borrowers have no idea what is on their credit report. Just because you know what you have borrowed, doesnt mean that is the only thing on your report. Idenity theft and inaccurate filings account for poor reports in some cases. You are granted 1 free credit report from each of the credit bureas per year. Visit www.annualcreditreport.com today to find out whats on your credit report.

dispute unknown, false, and/or incorrect items
Do not allow unknown, false, and/or incorrect items to keep you from owning a home that you and your family can grow in together. When viewing your credit report be sure to make note of items of this nature so you can dispute them and possibly have them cleared or corrected. Subscribing to a credit monitoring service is a great solution to be proactive in situations such as these.

communicate with companies you owe
Have you ever been owed money, but can never get in touch with the borrower no matter how much you try? It's frustrating isn't it? The only difference between you and a company you owe is that large companies have the money and power to hurt you in the long run by ruining your credit. Keep an open line of communication with the companies you owe. If possible, negotiate such things as interest, payment plans, and other settlement options. Having a report that reads, pays as agreed reads better than, slow pay or deliquent. Start the road to recovery today.

build your credit
If you have poor or no credit, do whatever you can to get some. Building your credit is just as important as fixing it. Pay current bills on time and finding secured credit lines are a few suggestions.

be patient
Time heals all wounds, including your credit. A mistake made today can remain on your credit report for years. Even after a debt is settled, succesfully disputed, or paid off it still takes time to update your credit report. Be patient, timing is everything when buying a home.

By no means is this an all inclusive list to patching, fixing, or repairing your credit. This will not soley ensure you can buy a home. This simply is a list of important factors to acknowledge. If you are truly interested in repairing and/or building your credit you should research more about credit. A good place to start is by connecting with me on www.facebook.com/jasonthyman. One of my facebook friends is Joe Orsak, who is very knowledgeable about credit growth and repair strategies.