Looking to buy a home but your credit needs help?

Looking to buy a home but your credit needs help?

Are you thinking about buying a house in Brown County and surrounding areas, but worried about your credit score? You’re not alone. In this blog post, we’ll be discussing a recent podcast episode featuring Greg Dallaire from Dallaire Realty and Chris Fisher from My Credit Guy, which covers essential topics related to credit reporting.

Credit score matters more than you think.

One of the main takeaways from the podcast is that many people don’t fully understand credit reporting, which can be a significant obstacle when buying a house. Chris Fisher notes that around 95% of people who go through high school and college don't receive credit one-on-one classes, which means they don't learn about essential concepts related to credit reporting. As a result, many people are unaware of the Fair Credit Reporting Act, a federal law designed to protect borrowers by ensuring the accuracy of their credit reports.

You can drastically improve your credit with professional help

Chris explains that his company helps borrowers by working within the framework of the Fair Credit Reporting Act to identify and correct inaccuracies in credit reports. He notes that 70% of credit reports have inaccurate negative items on them, which can make it difficult to secure loans or mortgages. By working with creditors and using the Fair Credit Reporting Act, Chris’ company can help borrowers correct these inaccuracies and improve their credit scores.

Checking your credit score doesn't affect it like you think

Another important myth that Chris dispels in the podcast is that checking your credit score online will hurt your credit score. This is not true. Checking your credit score through online sources, such as annualcreditreport.com, does not impact your credit score. Also, hard inquiries, which occur when lenders check your credit score as part of a loan application, are not as damaging as many think. While they can lower your credit score by a few points, they are not the main reason why someone might have a low credit score.

In conclusion, if you’re thinking about buying a house in Brown County and surrounding areas, but are worried about your credit score, it’s important to educate yourself about credit reporting. Learning about the Fair Credit Reporting Act and working with a reputable credit repair company can improve your credit score and secure the loan or mortgage you need to buy your dream home.  If you'd like professional help you can reach out to Chris Fisher and his team at My Credit Guy

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