Friday, June 14, 2013
Step 2 To Fix Your Credit After A Ventura County Short Sale: Analyze Your Credit Report
Ventura County CA – Once you have gotten your credit report, the next step in the process of restoring your credit score is to go over it with a critical eye. Analyze what the report says.
Put aside any emotion that looking at the report might stir up – you need to look at it objectively.
First, make two copies of your credit report. Save the original without any marks on it. You can make any notes you need on one of the copies, and put the other copy aside for a later step.
Your credit report will show all sorts of history on your credit accounts. Look for all the negative items on your credit report and highlight each one.
The credit reporting firms might not make it easy for you to know what they are considering negative with all the codes they use.
As a very general rule, Experian notes negative items with an asterisk or an inquiry; Equifax and TransUnion put “>>>” as a way to signal negative items or items that have a rating higher than l1, M1, or R1.
You can also look for these words: repossession, foreclosure, profit and loss write-off, charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, included in bankruptcy, collection amounts.
Paid, unpaid (or anything indicating payment history); court accounts, liens, judgments, bankruptcy (chapters 11,7, or 13) divorce, satisfied liens, or satisfied judgments; or items that show more than 30, 60, or 90 day payments. All of these should get highlighted by you.
Once you’ve highlighted anything that is listed as negative, take out a pencil and put a note next to the items that are either inaccurate or inconsistent. Inaccurate items are the ones that aren’t yours, or show the wrong balance, etc.
An inconsistent reporting is where the same information on the report contradicts itself somewhere else. For example, showing one place that there are twelve 31-day-lates on an account, while also saying that the account was only reviewed for 4 months.
It is always surprising how often there are errors like that found on credit reports. Remember – there’s a whole lot of information being submitted each day to these companies, and mistakes can happen.
The next step will be important to take as soon as you finish highlighting your report.
You will need to move quickly through these first few steps – your timing is all tracked and it’s important for you to be diligent so that your credit can be restored.
Thinking about a short sale?
I can help you short sale your property and get back on your feet.
Send me an e-mail at firstname.lastname@example.org.
I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson.
Chris B is a Real Estate Agent at Prudential Califonia Realty.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Ventura County CA Short Sales. Ventura County Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Chris B Johnson, Prudential Califonia Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Chris's personal views and do not reflect the views of Prudential Califonia Realty.
This information on Step 2 To Fix Your Credit After A Ventura County Short Sale: Analyze Your Credit Report is provided as a courtesy to our viewers to help them make informed decisions.