Eliminate Debt Central

Many off us that are looking for a bad credit mortgage refinance like to feel that we have been hard done to and that someone has made a mistake when compiling our credit rating. The reality is that the vast majority of us have made mistakes in our past and deserve the score we have gained. Lenders see us a higher risk and we have to pay the price by finding it hard to get the loan we need and we have to take higher interest rates than everyone else. You can however try to rectify any mistakes you feel might have been made on your report, and doing so will certainly help you if you are trying to secure a mortgage from a high street bank. However disputing a fact on your credit rating that you know to be true won’t do you any good and can actually lead to fraud charges.

Correcting Mistakes and Omissions

To get genuine mistakes corrected for free all you have to do is send a letter to the relevant credit agency with proof outlining the reality of the situation.

What If Your Bad Credit Reports Is Accurate?

The rest of you who have a legitimate bad credit report and can’t find a mortgage should take steps to fix your credit so that in the future agencies are more likely to give you the loan you need. This can be a long drawn out process, taking up to ten years if you have been through a bankruptcy. Although 10 years can seem like too long away to even worry about, it makes sense to start planning to fix your credit now so that you won’t always find it impossible to get a mortgage approval. Obviously this will be no good to you if you need a mortgage for bad credit right now, but there are a few things you can do to secure your mortgage with a low FICO score, even if it means you will have to pay higher interest rates.

The two best steps you can take right now to improve your mortgage situation are:

1. Consolidate your debts so that you are only making one payment each month and ensure that you pay all bills on time for the next six months. This will allow you to show a quick improvement in your score.
2. Get in touch with the bank where you have your mortgage and ask them if you can reduce you repayments for a few months to help you get back on track. The banks know that more people than ever are having trouble at the moment and may be willing to help you out.

The most important thing when you are having mortgage troubles is to talk honestly to your lender, you may be surprised at how often they will be willing to help you out.

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