Finishing Up Credit Repair
With accounts that were last reported over TWO years ago, set aside the funds you need to settle these accounts (typically about 50% of the amount owed). If you need a better idea of a settlement amount, simply call the creditor and ask. But don't settle yet! These items must be negotiated to settle just before your closing.
Once you have begun the mortgage application process, you can then review your remaining plan with the lender, broker, and bank, so they may include it within the write up for underwriting. They should then advise you on how and when to address these remaining obligations.
Gaining FICO Fast
By using this process, and if done correctly, you can quickly regain lost FICO points. The average home buyer can easily gain 40 to 60 FICO points by simply addressing small issues contained on a credit report.