Daniel Yelovich Explains How to Begin Improving Your Credit Score
As a mortgage loan officer, Daniel Yelovich has witnessed hundreds of individuals fail in their dreams of property investment because of poor credit scores.
GLEN ELLYN, Ill., May 11, 2018 (Newswire.com) - Whether an individual is buying their first home or investing in their 10th property, if a loan is required to make the purchase, any lender will look at three major factors.
"These are income, down payment, and credit history," explains Yelovich, a licensed mortgage loan officer and father of two from Glen Ellyn, Illinois.
Daniel Yelovich explains that while most banks will routinely grant loans to those with large down payments, excellent credit ratings, and plenty of regular income, for many individuals, this isn't the reality of their situation. "For a lot of people," says Yelovich, "it's hard to be strong in all three of these areas, and credit concerns, in my experience, are a particularly big factor in preventing people from succeeding in purchasing a home."
Sometimes called a FICO, your credit score is affected by any late payments made to, for example, utility or credit card companies, as well as mortgage lenders or landlords, among others.
With this in mind, Yelovich believes that addressing credit concerns should be a top priority for anyone looking to purchase a property, especially where income or any down payment may be limited.
"Depending on the situation, credit scores can be improved in as little as two weeks," points out the mortgage expert. "That said, in some cases, it may take up to twelve months before scores improve," he continues.
Yelovich is keen to stipulate that there are no guaranteed timescales when it comes to improving credit, as invariably each case is unique. He does believe, however, that by making a concerted effort, it's possible for many people, even those with a less than ideal financial history, to improve their credit score and successfully achieve their dreams of real estate investment.
Starting with understanding the process, Yelovich suggests first requesting a copy of your credit report. From here, an individual may verify the data contained in their report and apply to have any mistakes corrected.
"Your credit report is a snapshot of your recent credit history," Yelovich explains. "Sometimes called a FICO, your credit score is affected by any late payments made to, for example, utility or credit card companies, as well as mortgage lenders or landlords, among others."
The Fair and Accurate Credit Transactions Act, or FACTA, allows every consumer one free yearly copy of his or her credit report from each of the three U.S. credit bureaus. Currently, these are TransUnion, Experian, and Equifax, Yelovich explains.
The mortgage expert advises carefully checking over each of these reports to ensure the information contained within is correct. "If there's a mistake on a report, it's imperative that you get it rectified as quickly as possible," he points out.
"You can contact your creditors directly, or send letters of dispute to the credit bureaus to have inaccuracies on your report corrected," Yelovich continues. "The credit bureaus have 30 days to investigate your claims and make any necessary amendments."
"From there," he adds, "you should request that an updated copy of your report be sent to you once any errors have been corrected."
By taking these initial steps and making a concerted effort to maintain a good line of credit going forward, Yelovich believes that almost anyone can turn around their financial situation, regardless of their past, and whatever their plans for the future. "Follow sound advice from licensed professionals and adhere to best practices when it comes to both existing and new credit," he suggests.
"Do this, and you'll be well on your way to a better credit score and a lifetime of future financial security," Yelovich adds in closing.
Daniel Yelovich has been a licensed mortgage loan officer for over 20 years. He currently resides in Glen Ellyn, Illinois with his wife, Janet, and two children, Rebecca and Adam.
To connect with Daniel Yelovich, you can connect with him through Linkedin.
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Categories: Mortgages and Loans