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Good credit is critical for lenders. They need to know that you understand that you
are buying something now and paying for it over time AND they need to know that you have successfully demonstrated your experience
doing this. Generally, they will want at least three sources of good credit. Collections, judgments, bankruptcies,
and poor credit scores WILL affect your ability to be approved for a loan. If you have lots of debts, start to pay them
off. Meet with a credit counselor or your service provider for help correcting your credit. Repairing
your credit may take time but it can be done! If you have not
established any credit, do so immediately. Families can charge rent and document a family member’s payments.
Keep good records and be sure payments are made regularly. Open an account at a local store in the name of the person
who will be buying a home. Use the credit card and PAY YOUR BILL ON TIME! Your support system
can help manage your credit card if you need help. If you are unsure
of your credit, get a copy of your credit reports from all 3 bureaus. You can do this online at www.annualcreditreport.com or contact each one separately if you
do not have internet access. As a Colorado resident you are entitled to a free copy from each agency every year.
Make sure to check all 3 reports and make sure the information is correct. If there is something on your credit report
that is not correct, contact that credit bureau in writing with the necessary documentation to support your claim. Be
sure to make copies of any correspondences with the credit bureaus.
Equifax www.equifax.com
Order your credit report: (800) 685-1111
Report fraud: (800) 525-6285 or TDD 800-255-0056
Address: P.O. Box 740241,
Atlanta, GA 30375-0241
Experian www.experian.com
Order your credit report: (888)-EXPERIAN (397-3742) or TDD 800-972-0322
Address: PO Box 2104, Allen TX 75013
Report
fraud: (888)-EXPERIAN (397-3742) or TDD 800-972-0322
Address: PO Box 9532, Allen TX, 75013
Trans
Union www.transunion.com
Order your credit report: (800) 916-8800
Address: P.O. Box 1000, Chester, PA 19022
Report fraud: (800) 680-7289
Address: Fraud Victim Assistance Div.,
PO Box 6790, Fullerton, CA 92634-6790
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