Key West Real Estate Loan and Poor credit history

In Key West there are several options. First, before you attempt to buy, you will want to improve your credit record by paying your bills on time and by curtailing your borrowing.

Second, credit-reporting agencies can and do make mistakes. Major credit-reporting companies such as Equifax (http://www.equifax.com), Trans Union (http://www.transunion.com), and Experian (formerly TRW) (http://www.experian.com/experian_us.html) maintain computer files on your financial history. Credit-reporting agencies are authorized by law (see http://www.ftc.gov/os/statutes/2summary.htm) to disclose credit information to any person or organization with a legitimate business need for the information. On the other hand, the law also gives you the right to examine your own file. A summary of the report must be made available to you free of charge; however, there is a fee if you request a full credit report. If you believe your credit report is in error, you may challenge the report by explaining the error in writing. The information must be verified by the agency if it is kept in the report. If you discover inaccuracies and you can prove them, you can demand that the agency correct them within a reasonable period of time. If there are no errors, you have the right to include a letter of explanation of up to 100 words in your report. The agency must include your statement, or a clear and accurate summary of it, in all future reports. For example, if you were unable to pay a real estate loan because you were out of work or suffered a severe illness, you could add this information to the report. You may want to consult your local Key West lawyer if you are unable to have your report changed as required by law. (See the "Consumer Credit" chapter for more details.) Credit-reporting agencies are allowed to retain negative information in your report for seven years and bankruptcy information for 10 years.