San Diego, CA (PRWEB) June 25, 2013
LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at LoanLove.com is devoted to helping empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A recently posted article on LoanLove.com gives borrowers some simple do it yourself credit repair tips.
The Loan Love article explains that even though there have been increased media reports about the importance of credit, many consumers remain mystified by the credit process and have only a vague understanding of what they need to do to ensure their credit is as good as it can be. But, while the credit industry may seem confusing, the good news is that taking the right steps to improve poor credit – and look better to lenders – is actually a pretty straightforward process. The Loan Love article gives tips on credit repair that works so that borrowers can improve their credit standing and avail of better mortgage interest rates.
The first thing that borrowers should do before they even apply for a home loan is to get a credit report from the three major credit bureaus in the States - Equifax, TransUnion and Experian – these reporting bureaus are required to give consumers in the U.S. a free credit report every twelve months, so if a borrower has not gotten a report in while, now would be the time to do this. Once the borrower has the reports they can go over them with a fine tooth comb and see if there are any reporting errors. Even a single late payment can have an effect on the score, so it is important to be meticulous. If they find any errors they should report them immediately and get the report updated to reflect the most current data.
It is also not wise to apply for more credit or take out a number of loans at this time. Each time a person applies for a loan or for more credit the lender will make an inquiry into the person’s credit history and this will detract points from that person’s credit score – some times as much as ten points or more. Although those points will melt away over a few months, now is not the time to take those hits. If lenders see the person is applying for lots of credit, they may think they are in financial trouble or see their risk for getting into debt as being higher than if they just stick with current credit and loans.
These are just a few of the tips offered in Loan Love’s credit repair guide. The important thing for borrowers to remember is even if they can not wait to apply or their efforts yield little improvement, they should not despair: Today, there are more options than ever for borrowers – even those with less than perfect credit – to get a loan for their needs.
For more information, please visit Loan Love.com for the full do it yourself credit repair guide.