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As
part
of
the
loan
application
process,
virtually
all
lenders
will
want
to
see
a
copy
of
your
credit
report.
The
report
will
list
all
your
long-term
debts
(credit
cards,
mortgage
payments,
automobile
and
student
loans,
etc),
as
well
as
your
payment
history.
If
you
don't
have
a
copy
of
your
credit
report,
most
lenders
will
generally
require
you
to
pay
for
a
copy
when
they
process
your
loan
application.
However,
most
real
estate
experts
agree
that
it
is
a
good
idea
to
obtain
a
copy
of
your
credit
report
several
months
before
you
apply
for
a
loan.
This
is
so
you
have
a
chance
to
resolve
any
problems
with
your
credit
before
your
bank
sees
it.
U.S.
Federal
law
ensures
that
you
have
access
to
your
credit
report,
which
may
be
obtained
from
your
local
credit
bureau
or
any
of
several
national
firms
that
specialize
in
credit
reports.
Late
payments
For
most
people,
problems
with
their
credit
report
are
likely
related
to
late
payments
on
a
debt.
If
you
were
late
one
month
in
paying
off
your
credit
card,
but
otherwise
have
a
good
payment
history,
chances
are
most
lenders
won't
be
too
concerned.
But
if
you
have
a
history
of
late
payments
you'll
need
to
document
the
reasons
why.
A
slow
payment
history
won't
necessarily
get
you
turned
down
for
a
loan,
but
you
may
have
to
pay
a
higher
rate
of
interest
or
otherwise
prove
to
the
lender
that
you
can
repay
your
loan
in
a
timely
fashion.
Errors
on
your
credit
report
Many
people
are
surprised
to
learn
that
credit
reports
can
often
contains
errors
or
inaccurate
information.
If
this
is
the
case
with
your
credit
report,
you'll
need
to
contact
the
reporting
agency
or
creditor
to
have
the
problem
resolved.
This
can
sometimes
be
a
slow
process,
so
make
sure
to
give
yourself
time
to
clear
up
the
mistake.
Bankruptcies
and
foreclosures
There's
no
getting
around
it,
a
bankruptcy
on
your
credit
report
is
not
a
good
thing.
But
that
doesn't
mean
you
still
can't
obtain
a
loan.
Even
though
a
bankruptcy
may
stay
on
your
credit
report
for
seven
to
ten
years,
lenders
will
often
consider
the
circumstances
surrounding
a
bankruptcy
(family
illness,
injury,
etc.).
Moreover,
if
you
have
reestablished
good
credit
since
the
bankruptcy,
a
lender
will
be
more
inclined
to
approve
your
application.
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