Correcting Your Credit Report Errors
(June 14) -- Online data correction services, such as
Scorepower.com, are giving prospective homebuyers the opportunity to check
their credit files for errors and to make any necessary corrections.
Just 10 years ago, it was not uncommon for a loan officer and an applicant to
routinely review a credit report; however, today's automated credit scoring
leaves little room for a closer look. Consequently, mortgage lenders and brokers
are signing up for services like Scorepower.com, seeing them as a solution to
reviewing credit files in the high-speed, automated underwriting environment of
today.
With Scorepower.com, most errors can be corrected within 72 hours of creditors
receiving documentation of a mistake. Cleaning up credit mistakes is critical
for prospective homebuyers, as an error in a credit file can artificially lower
their credit scores and potentially lead to tens of thousands of dollars of
higher monthly payments on a home loan.
Source: Newsday (NY) (06/14/02); Harney, Kenneth