Like any other type of loan, there’s a minimum credit score you need for a mortgage approval. If you can exceed that number, even better.
Brandon A. went for the “even better” result.
Like many others who enroll in the CredEvolv program, Brandon wanted to reach the minimum 620 credit score to qualify for a mortgage. His counselor had several late payments and collection accounts removed from his credit report. This helped Brandon achieve his goal and then some, turning his original 521 score into a 646!
What can and can’t be removed from my credit report?
As we discussed in one of our Credit Education blogs, it’s important to know what can legally come off your credit report and what must remain. Here’s the truth: Better credit is not about erasing your financial past. It’s about correcting inaccuracies and improving your credit going forward.
There’s a lot of misinformation out there. Some so-called credit repair companies claim they can remove all derogatory information from your credit report. But this simply isn’t true. In fact, it’s illegal to remove accurate information, even if it’s negative.
Under the Fair Credit Reporting Act (FCRA), credit reporting agencies are required to report accurate, verifiable information. If you missed a payment or defaulted on a loan, for instance, that information can legally stay on your report for up to seven years. Bankruptcies can remain for up to 10 years.
At CredEvolv, we want to set the record straight: no one can legally remove accurate, negative information from your credit report. What the certified, nonprofit counselors on our platform can do, however, is help you dispute any inaccuracies or outdated information that may be hurting your score. They are trained to spot errors and unfair practices on your report. This gives you the best chance of improving your credit by removing anything that doesn’t belong.
In Brandon’s case, the legitimate removal of several collections accounts from his credit report meant the difference between simply achieving the minimum credit score required for a mortgage and increasing his chances of approval by surpassing it. Outstanding job, Brandon!
Read more credit success stories here.