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Coping With a Bad Credit Rating
- Article from:
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The Washington Post
- Article date:
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December 5, 1987
- Author:
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Copyright informationCopyright 1987 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Q)I want to buy a house or condominium as soon as possible.
However, a few years ago I had some financial problems and have a
poor credit rating. What can I do to get it removed from my record?
Will any lending institution take my application for a mortgage loan
with this kind of background?
A)Unfortunately, once a person has a bad credit rating, it
follows him or her for a long time. Credit bureaus, which keep track
of our financial histories, do not expunge these bad ratings for many
years. When someone applies for a mortgage loan (or any loan, for
that matter) the lender often checks with the credit bureau. In your
case, the lender would get a negative report.
Many mortgage lenders ...