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Debt consolidation: How it can help your credit report

Credit bureaus: What’s the difference between TransUnion, Equifax, and Experian?

My credit report: What is a Real Estate Account and how does it relate to my credit report?

My credit report: What is a Revolving Account and how does it relate to my credit report?

My credit report: What is an Installment Account and how does it relate to my credit report?

My credit report: What is a Collection Account and how does it relate to my credit report?

My credit report: What are my Public Records and how do they relate to my credit report?

My credit report: What is a Credit Inquiry and how does it relate to my credit report?

My credit report: What is a Credit Account History and how does it relate to my credit report?

My credit report: What details are listed per credit account in my credit account history in my credit report?

PLUS Score report: What is a PLUS Score and how does it relate to my credit report?

PLUS Score report: What does a PLUS Score mean?

PLUS Score report: Who uses a PLUS Score?

PLUS Score report: What factors lower your PLUS Score?

 
 
 
 
 

My credit report: What is a Real Estate Account and how does it relate to my credit report?

 

A real estate account is usually a home mortgage loan or a home equity loan that appears on your credit report. Like other accounts on your report, it will list the lender, how much you borrowed, your installment payments, the amount of your monthly payments, and your payment history. Since a mortgage is a secured loan, it is not factored into your credit report negatively. In fact, if you make your payments on time, it could reflect favorably on your overall credit rating.

Information relating to a real estate account could stay on your report indefinitely, as these loans tend to extend 20 to 30 years. However, negative information will stay on your report for only seven years. The amount of the loan will not affect your credit score; however, potential credit grantors may look at your debt to income ratio as they determine your level of risk. Therefore, it’s a good idea to ensure that your monthly mortgage payments are not too high; some credit counselors recommend that your housing costs not comprise more than 30 percent of your income.

It’s worth noting the five elements of a credit score as you think about your real estate accounts and how they may affect your credit report. Those elements include payment history, outstanding debt versus available credit, history of credit, inquiries, and variety of credit. Having a real estate account can reflect well on your credit report; make sure that your monthly payments are manageable and are paid on time. If you have any additional questions about how real estate accounts and credit report, seek the advice of a trusted financial advisor or credit counselor.

 

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