Credit Basics
FOLLOWING ARE THE REQUIREMENTS IF YOU'VE HAD PRIOR BANKRUPTCY OR FORECLOSURE:
- Chapter 7 & 13 Bankruptcy require 4 years or greater to have passed from either discharge or dismissal.
- Multiple Bankruptcies require 5 years or greater to have passed from either discharge or dismissal.
- Foreclosures require a 5 years to have passed.
- Deed In Lieu of Foreclosure requires 5 years to have passed if you are purchasing a new home.
- Deed In Lieu of Foreclosure require 7 years to have passed if you are refinancing your home.
- Short Sale require 2 years to have passed.
After any of these situations there can be no new Judgments or Collections and there must be a minimum of 4 new trade lines established (one of these 4 tradelines must be your housing, renting does count) & the median credit score must be 680.
THE BASICS OF CREDIT REPORTS:
Credit card companies report the balance and payment each month as revolving credit accounts to all three of the credit agencies (Experian, TransUnion, Equifax). Banks and credit unions report installment loan payment history and monthly payments and balance if they hold an overdraft account, equity line or other line of credit. The payment history and extension of credit becomes the weight of credit known as the credit score. You can view your credit online with each of the credit agencies for free by going to AnnualCreditReport.com.
AnnualCreditReport.com is the official site to help consumers obtain their free credit report from all 3 credit agencies. You can request this report for free every 12 months.
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Toll Free Number: 1-877-322-8228
Mailing Address:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA. 30348-5281
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To order your credit report, call: 1-800-685-1111 (automated)
Write: Equifax
P.O. Box 740241
Atlanta, GA. 30374-0241
To dispute, call: 1-800-685-1111
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To order your credit report, call: 1-888-397-3742
Write: Experian
P.O. Box 2002
Austin, TX. 75013
To dispute, call: 1-888-397-3742
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TRANS UNION:
CONSUMER FRAUD:
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To order your credit report, call: 1-800-888-4213
Write: Trans Union
P.O. Box 2000
Chester, PA 19022
To dispute, call: 1-800-916-8800
Identity Theft Toll-Free Hotline:
1-877-IDTHEFT (1-877-438-4338)
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For additional Consumer Credit Information :
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Kimberle Barton, Mortgage Lending website provides links to other Internet addresses. Please note:
1) by clicking on any link to other Internet addresses, you are leaving Kimberle Barton, Mortgage Lending’s/AmericaHomeKey, Inc. web site;
2) you are linking to an alternate web site not operated by the Kimberle Barton, Mortgage Lending or AmericaHomeKey, Inc.
3) Kimberle Barton, Mortgage Lending and AmericaHomeKey, Inc. are not responsible for the content of the alternate web site;
4) Kimberle Barton, Mortgage Lending or AmericaHomeKey,Inc. does not represent either the third party or the member if the two enter into a transaction; and
5) privacy and security policies may differ from those practiced by Kimberle Barton, Mortgage Lending or AmericaHomeKey, Inc.
OPT-IN OR OPT-OUT OF CREDIT OFFERS:
Under the Fair Credit Reporting Act (FCRA), the Consumer Credit Reporting Companies are permitted to include your name on lists used by creditors or insurers to make firm offers of credit or insurance that are not initiated by you. The FCRA also provides you the right to "Opt-Out", which prevents Consumer Credit Reporting Companies from providing your credit file information for offers.
Through this website, you may request to:
- Opt-Out from receiving Firm Offers for Five Years - (electronically through this website).
- Opt-Out from receiving Firm Offers permanently - (mail Permanent Opt-Out Election form available through this website).
- Opt-In and be eligible to receive Firm Offers. This option is for consumers who have previously completed an Opt-Out request - (electronically through this website).
If you choose to Opt-Out, you will no longer be included in offer lists provided by these four consumer credit reporting companies. If you are not receiving offers because you have previously completed a request to Opt-Out, you can request to Opt-In. In doing so, you will soon be among the many consumers who can significantly benefit from having ready access to product information on credit and insurance products that may not be available to the general public.