• Sherita Noel

5 Steps to Becoming a Homeowner (How to Obtain A Satisfactory Credit Rating)



How I Cleaned My Credit and Purchased My First Home in 3 Months (Before the age of 30)

Despite having a greater responsibility, home ownership is an excellent investment. Keep reading to learn these simple steps and be on your way to homownership in no time.

1.The first step is to  request your free annual credit report from all three major reporting agencies including Equifax, Experian, and Transunion.If you have already purhased the free report for the year you should still be able to either print or purchase for a small fee. 

2. Review And Compare All Reports Review your reports for any inaccuracies or fraudlent activity. If fraud is suspected, report it to the bureaus immediately by opening up a case with each bureau the fraudlent activity is reported on. The reporting agencies have 30 days to respond to your request for review. if neither the creditor nor the reporting agency respond after the 30 day timeframe A simple inaccuracy such as a mispelling of your name or address will need to be corrected with each reporting agency.

3.Request removal of chargeoffs or late payments There are multiple templates and free letters that can be used to  generate a Goodwill Letter to be sent to the creditors. The letter will basically confirm the late payment and kindly request removal of the reported information, which can affect your credit score. For charge off accounts a letter requesting validation of the debt can be sent certified. It should include verbaige stating that you are requesting the account be validated under the Fair Debt Collection Practices Act (FDCPA). Just as with fraudlent accounts if there is no response within 30 days then it has to be removed from your report. 4, Be aggressive and follow up Monitor all cases and document the dates of when letters were sent to the creditors. Once the timeframe reaches the 30 day mark , began  requesting removal from all three credit reports. If there are any affordable debt that can be paid off then do so and then request removal from your report. 5. Research Know the credit ranges and what is needed to purchase a home. Take the time out to talk with a lender to find out the requirements even if you are not quite ready to purchase. Take notes and ask about any first time home buyer programs in your area. Learn what your budget will be and what you can afford to pay monthly.

I followed all of these steps and am now a 5 year homeowner! Good luck on your journey to homeownership. Feel free to email me if you have and questions or comments


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