Ones FICO score is a very important determinant of the ability to finance the purchase or refinance of a home. The FICO score is determined by a formula developed by Experian and takes into account many different factors. In today’s lending environment, automated underwriting has taken a predominant position in the processing of loan applications. It has become more cumbersome to address issues that do not easily fit into the formula. It is of extremely high importance, therefore, to protect ones credit by guarding against identity theft. Once an item is shown as a negative on ones credit report, it is very difficult and very time consuming to get it taken off. Also, while an item of bad credit is being investigated and attempts are being made to rectify the problem, the result is that the overall FICO score is reduced, and therefore reflects a greater credit risk than it should.
The protection of your identity is one of the most important functions in maintaining your financial health.Identity theft can cause many a myriad of problems.One major problem could be the inability to achieve the “American Dream” of homeownership.Even if you already own a...
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