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We Just Got Turned Down For Our Mortgage. How Long Does This Process Take?

Mortgage Pre-Approval Process

When applying for a mortgage, one of the main things any creditor will consider is your credit worthiness. This is clearly indicated by your credit report. Your credit report will show details about any lines of credit you have taken before. It could have information such as missed payments, instances when the credit card limit was exceeded or any other forms of default. All the negative information might work against you and have a negative impact on your credit score. But what happens if you notice an error whether it is inaccurate or incomplete information on your credit report?

Incorrect or inaccurate information

When you applied for a mortgage, the creditor turned you down because of a poor credit score. This credit score was calculated based on information that was inaccurate or incomplete. What next? The best thing is to file a complaint with the credit reporting agency. Most of these agencies have standard dispute resolution procedures that consumers can use to get any information that is incorrect out of their credit report. Once this information is removed from your report, you may reapply for the mortgage and this time round, your application will be approved.

What to look out for

Your credit report should be a clear representation of the lines of credit you’ve taken before and how well you’ve paid them. Look out for credits that you have already cleared but are still depicted on the report as pending. It could be that your bank or reporting agency has made an error. You may also have incorrect details of how well you made payments or credit card balances that you are not aware of. Sometimes the issue could be identity fraud that is sometimes complex to deal with. Just ensure you thoroughly go through your credit report and ascertain that every detail is correct.

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Credit Repair Options

Should you work with a credit repair company?

Expert help Toronto

Sometimes you may need to enlist the services of an expert to help in credit repair Toronto. But first, you may want to make simple changes that improve your credit rating. For instance, make a point of paying all your bills on time. Whether it’s balances on your credit card or utilities, always make timely payments to avoid having a negative impact on your score. Other forms of credit repair such as consolidating debts and paying them as a single loan as well as taking a secured credit card can help you to rebuild credit.

The time that a credit repair company will take to help you in rebuilding your credit and getting approved for a mortgage will vary depending on the issues at hand. In the case of errors, creditors or reporting agencies are required to comply with the law so they must respond within a reasonable amount of time. Most importantly, the length of time that any errors or misinformation will be removed, adjusted or corrected on your report will depend on the specific credit reporting agency you’ll be dealing with.

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