July 14, 2000

Welcome to 0nly4Homebuyers Issue 22
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IS YOUR CREDIT BUREAU FILE HURTING YOU? - FIND OUT!

By Doris Dobkins
dorisd@...

I've received quite a few questions and comments over the past few
weeks regarding credit reports, credit ratings and questions on how to
improve information in the credit files.

It's not a surprise then that one of the biggest problems plaguing
over 260 million Americans is the negative and damaging information
about them in their credit file. And Americans aren't the only ones
plagues by this problems. People from all over the world are too!
While some of the information in your credit report may be accurate,
there are many times when there is false or inaccurate data. Has this
been your experience?

The first step you should take whether you have good, bad or something
in between credit is to find out exactly what is in your credit file.
You can do this by either contacting each of the three agencies
directly or ordering them through a service. (I'll list a few places
to do that below). It is a good idea to order a copy from all three
agencies so you can compare them and get a more accurate picture of
what is being reported.

Your second step would then be to review the information thoroughly
and carefully. It is as important to note the good and positive
things that are missing from your file, as well as any incorrect
information that might be present.

If you find some negative reports in your file, even if they are true,
there are times when they are misleading. There are several things
you can do to complete, correct and make your file up-to-date.
Matter-a-fact, it is your responsibility. The credit bureau's are not
going to help you out. Their basic responsibility is to collect
information about you. This would include things such as account
information and payment habits.

If the information in your file is accurate but doesn't tell your side
of, the story, it is important to get your story included. If you
were seriously ill or had some unavoidable circumstance happen in your
life, you might want to include that in your file. Definitely
emphasize all the positive's before the incident.

If there is inaccurate information in your file, challenge it. If
there are items in dispute status and that isn't indicated in the
report, be sure to inform the agency.

Complete a consumer dispute form that is available at any consumer
reporting agency. If there are errors in your file and you are able
to get them corrected, the consumer reporting agency is also
responsible for notifying all potential creditors and employers who
have inquired into your file the past few years about any of the
errors that have been corrected.

Don't let the credit bureau tell you that you have no right to request
changes. Section 611 of the Fair Credit Reporting Act states that you
do have the right to question your report and have it corrected. The
agency must investigate and either respond or delete the item within
30 days.

If you will need credit in the future to buy a home or vehicle, it is
a good idea to start this process at least six months before you will
actually need the loan. This will give you time to clean up any
problem areas and disputes as well as have any red flags removed that
might have been placed in your file as a result of the correspondence.

There are three main credit bureaus. Here is their contact
information:
1. Equifax
P.O. Box 740256, Atlanta, Georgia 30374-0256
Phone: (800)685-1111
http://www.equifax.com


2. Experian National Consumer Assistance Center(Formerly TRW)
P.O. Box 2104, Allen, Texas, 75013-2104
Phone: (800)682-7654 or 1-888-397-3742
http://www.experian.com


3. TransUnion
P.O. Box 2000, Chester, PA 19022
Phone: (800)888-4213
http://www.transunion.com/CREDITREPORT


I also want to recommend a few sites for additional information on
credit.

http://www.CreditDefenses.com/ - a consumer website operated
by former credit collection pros! There's insider information,
assistance, credit law references, services and more. They also
have a FREE newsletter you can subscribe to. Check out their
RESOURCES section. You can also get copies of the following Acts at
their
site:

- Fair Credit Reporting Act
- Fair Debt Collections Act
- Fair Credit Billing Act

Another site for credit report information is:
http://www.mycreditfile.com

They will obtain your credit reports for you from all three bureaus
and you can access all three credit bureaus from their site.
FOR SOME CREDIT PROBLEMS, self-help may be best. Under the Fair
Credit Reporting Act, credit repair companies can't do anything that
you cannot do for yourself at little or not cost. You don't have to
pay a credit repair company to learn what is in your file or to
correct inaccurate or incomplete information.
- per the Federal Trade Commission

This site has some great articles on credit as well as some credit
repair tools. Free straight talking info, advice and tips:
http://www.consumercreditrepair.com/default.asp?AffID=30003160


I challenge you to get a copy of your credit bureau report as soon
as possible and review it carefully. Take the necessary steps if you
find errors. Also, make a commitment to follow this procedure once a
year to keep your credit looking good.
* = * = * = * = * = * = ** = ** = ** = ** = ** = ** = **
Doris Dobkins is the author of "Financial Freedom From A-Z"
and publisher of the weekly ezine $mart Money New$
featuring financial strategies and money saving tips.
To subscribe, send email to: news@...
or check out her web site: http://www.creativefinances.com

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The Three Biggest Seller Turnoffs for Buyers to Avoid
By Ted Iversen

Househunting? You'll find the meeting of homebuyer, real estate
agent and seller can be a complicated affair. At any one time, there
are tons and tons of pseudo-homebuyers out shopping, wasting an agent's
time, while wasting their own time. While home sellers actually see
less than one percent of the flakes and poseurs in the marketplace, that
is enought to ensure that, by the time you as a buyer deal with a
seller,
chances are he or she has had negative experiences.

By knowing and avoiding the following three biggest seller turnoffs, you
will
build cooperation and confidence, laying the foundation for a smooth,
successful
transaction:

1. You cant get a loan.

You go through the entire "dance" of seeing properties, finding one you
like,
putting in an offer, having it accepted, getting yoru hopes up that you
will purchase it,
visualizing yourself living there, fantasizing about how life will be in
your new home--
only to be turned down by the finance companies and have your dream
crushed..

Look at this from the seller's viewpoint. Imagine that yourare
acutioning an item.
A few people bid. You are excited about the winner. Then you find out
that the buyer
doesn't have enough money. What would you do? How would you react?
Would you immediately
recognize that you are dealing with a turkey?

Avoid becoming associated with a Thanksgiving meal. Here's how. The
best thing you can do
is obtain a pre-approval by a lending institution. Usually you pay a
processing fee, a credit
reporting fee and an appraisal fee upfront. This often totals about
$500. You fill out an
application, your credit is evaluated, your bank accounts verified and
the company gives you a
letter stating that you are pre-approved for a certain amount based on
this information and
your planned down payment.

A seller who sees this pre-approval letter knows that you are serious
and you have the money
to buy the home. You have a lot more clout than someone with out the
Pre-approval letter.


2. You fail to express appreciation
One hundred years ago people were born and died in the same house.
Today, people move every
three to seven years on average - depending on the state they live in.
Regardless, most
people have pride in their surroundings no matter how short-lived their
stay.

For example, you may meet a seller in a 3000 square foot house who is
trading up to a
7500 square foot home. You hear him complain about his old home- how
small the rooms are.
The rooms seem big to you. Then you notice some pink wallpaper in a
small room that you
don't like. You get caught up int he seller's badmouthing of his own
house, and make comments
about the wallpaper. Mistake.

Talk to your agent - not the seller - about issue that bother
you. Your agent might tell you it will cost $1000 to have wallpaper
removed, use this as
leverage in the offer. The seller might tell you he proudly put the
paper up himself for his
daughters bedroom, which you now want to use as an office. You may
alienate the seller with
your comments.


It is better to try to look at the house from the seller's point of view
and express
appreciation for it, knowing that you can make changes later, than to
offend the seller.
You will lose points and create an adverse negotiating position.

3. You are not willing to pay a fair price.
You can try to pay $500,000 for a million-dollar property. You probably
won't get
too far. Even worse, you probably won't get a second chance - at least
not with the
same seller.

If a home that you like is overpriced, it is better to avoid it. The
seller has his/her
head someplace where the sun doesn't shine. Don't waste your time
trying to bring the
seller into the light. Find another deal. Find a fair property that is
worth a fair offer.

Games Real Estate Agents Play is adapted from TEd Iversen's consumer
handbook by the
same name, a decade-long study of the real estate industry, available at
bookstores or
through at http://www.gamesplay.com/
(C) Copyright 2000 Theodore Iversen
Syndicated by ParadigmTSA
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