Tag Archives: mistakes

Handling Mistakes on Your Credit Report

Your credit score is important to your financial life. If you are considering financing or re-financing your home, you should thoroughly review your credit report to confirm it is accurate prior to applying for the loan. Mistakes on credit reports are more common that you think and they can cause serious damage to your credit score. In fact, failure to catch an error could affect your ability to obtain a mortgage loan or to be eligible for more advantageous loan terms.

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Handling a Misreported Short Sale

If you have previously had a short sale on a home, you must confirm that it is properly reported and not listed as a foreclosure. A foreclosure notation on your credit report is extremely damaging to how lenders view your credit-worthiness. Under the law, your creditor must accurately report the circumstances surrounding your default or delinquent account. It is common for a short sale to be noted as the debt being “settled for less than the full balance.” This is an accurate description. However, you must also confirm that the lender does not add the code for a foreclosure to the notation. If you are unable to determine what the codes listed on your credit report mean, it is important to contact the credit reporting agency and have them explain them to you.

Take Immediate Action To Correct Your Credit Report

If you discover there are improper codes on your credit report, you should take immediate action to have it corrected. If you are in the process of applying for new loans, you should put everything on hold until the mistake is corrected. One foreclosure entry could result in you not being eligible for a mortgage loan for three years and up to seven years before you are eligible for a conventional loan. In comparison, a short sale notation only negatively impacts your ability to obtain a conventional loan for two years. As you can see, correcting an improper foreclosure entry or code on your credit report is extremely important.

Correcting Mistakes and Knowing Your Rights

To correct mistakes on your credit report, you should follow the credit reporting bureau’s instructions. Typically, they require you to submit your written objection and any supporting evidence you have that the notation is incorrect. Within 60 days, the creditor that made the report should provide you with a confirmation letter stating that your report has been updated. If your lender fails to make the necessary corrections, it is time to contact us for help. You have rights under the Fair Credit Reporting Act and we will take action to get the issue resolved.

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The information on this blog or any blog is not intended as, and should not be taken as, legal advice.


Legal Pitfalls Your Business Must Avoid

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When you are starting a new business, there are many pitfalls you want to avoid. The difficult part is that most of the time you never see them coming. If this business is your first one, understanding the legal risks and taking preventative action can save you money, time and heartache. Below are a few obstacles to be aware of:

Don’t rely on oral agreements. When your business is first starting out, people will make promises you want to rely upon. However, having a personal relationship with the other party does not eliminate the need for a written agreement. Don’t think you will be able to just “work it out” if disputes arise. Having a written contract is well worth the time and money.

Patent infringement. Before you spend your life savings on your new idea that is going to take the world by storm, you’d better make sure the idea doesn’t already exist. Patent infringement lawsuits can be expensive. Also, losing your idea after you are heavily invested in it can be devastating. Have a lawyer perform a search to determine if your idea has already been patented or if you should obtain a patent to protect it.

Unfair competition. If you hire employees from your competitor, it can be a huge benefit. However, if your new hire is converting business from his old employer to you, it can cause legal troubles for you. It is important to make sure you are not violating the unfair competition laws that prevent you from using protected information to obtain new accounts.

The business world is full of legal traps, so it is imperative that you get help from a seasoned attorney that can protect your best interests. Contact the skilled attorneys at Faro & Crowder to schedule a free consultation. We are located in Melbourne and proudly serve all of Central Florida.

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