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The fact is, you never realize the importance of the information contained in your credit report until that information comes back to bite you. That is certainly true in my case, and I once watched the car loan I needed slip away, and with it my dream car, all because of a mistake in my credit report.

As a young person, I paid little heed to that mysterious thing known as a credit report. After all, I had always paid my bills on time, and I just assumed I had perfect credit. That is until I applied for a car loan - and was turned down cold. I could not imagine what the problem was, and I asked the loan officer at my bank for an explanation. He explained that my credit report showed negative entries and that was why they could not approve the loan.

Luckily, he also told me how to get a copy of my credit report so I could find the problem. So I trudged down to my local credit reporting bureau. This was in the pre-internet days, when things were still handled with paper and pencil. I pulled a copy of my credit report, and to my surprise I saw a bunch of negative entries from collection attempts by one of those record club things. I had cancelled the membership, but apparently the club had not processed the cancellation. For all I know, there is a pile of records sitting on the doorstep of my former apartment.

I did finally get the issue cleared up, and the record club of the month no longer haunts my credit. But I did learn the value of keeping tabs on your credit report on a regular basis. The information in your credit report, whether accurate or not, can cause you problems. It is best to take the bull by the horns and review your own credit report from time to time.

Copyright 2006 TheLowQuote.com

http://www.TheLowQuote.com is dedicated to bringing it’s readers fresh content related to credit, Bad Credit Mortgages, and Home Loans.

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If you have recently had your heart set on buying your dream home but your mortgage company could not qualify you, it’s not the end of the world. There are more options to people with bad credit than ever before. The first order of business is to find out your credit score, if you haven’t already. Talk to a credit specialist and figure out a solid plan on how to improve your credit. This will prove to the mortgage company that you are serious about restoring your credit.

The next thing to do is research. Find a couple of mortgage brokers that specialize in people with credit issues. You can find a specialist in local real estate newspapers and (free) magazines. There advertisements are usually announce the following: We can help you buy a home regardless of credit history - bad credit, no credit and foreclosures.

There are also programs such as ‘purchasing a home with the option of buying’. The homeowner or landlord will make a fair arrangement with you. You will be required to leave a down payment between the amounts of $3000 - $8000 (the higher the deposit, the less you have to pay monthly). If you pay consistently without any late payments, they will place a percentage of your monthly rent towards the purchase of the home that you will be renting. After a 12 to 24 month period, the landlord or homeowner will turn your lease into a mortgage. This will not only make you an official homeowner but it will help your credit rating. Make sure that all transactions are done in writing. Hire a lawyer to review the terms and conditions of your ‘rent with option to buy’.

If renting with the option of buying is not your cup of tea, there are other options. You can buy foreclosed homes at annual tax sales. In most states, you do not have to have good credit to purchase a home. The county or city tax office is only concerned about one thing: a cashier’s check or a money order for the full amount of the sale. The tax office could care less if you were unable to keep up with your monthly cable bill for the Showtime Movie Channel. If the tax bureau had to keep score of who has good or bad credit, they would have a difficult time selling houses.

You can find out further information on how to buy a home with bad credit on the Internet. To find out how to get a listing of yearly tax sales, contact your county or city’s tax claim office. You can also find out further information on a credit specialist on the Internet.

Connie Barker is the owner of several financial websites including those which deal with How To Buy A Home With Bad Credit

Tags: bad credit home loan, bad credit mortgage, home loan center, home loans, home mortgage, mortgage lendersbad credit home loan, bad credit mortgage, home loan center, home loans, home mortgage, mortgage lenders

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