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Page 16 of 29 |
What can I do if I have bad credit but I want to obtain a home loan? |
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If you have bad credit, it generally cannot be avoided on your credit report. However, you can help to correct credit errors or misunderstandings by writing a letter to the creditor or by writing letters to be included within your credit reports. Sometimes, a letter explaining a sudden loss of a job, a lay off, or a long-term illness will change the view of the lender in reviewing your credit report. Additionally, you should provide any documentation proving your reason for failing to pay on your debts. By law, credit reporting agencies are required to include letters of explanation along with any documentation proving such explanation with the credit report. As a general rule, a bad credit report usually stays upon your record for a period of 7 years. If you need further information about changing a bad credit report, please seek the advice of an attorney. (Also see our section on Credit Problems.)
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