Posted by: Andrew Pia
Over the last year, the credit crisis has contuinued to grow throughout our economy. With millions of Americans obtaining bad credit that blocks them from borrowing money to buy a home and the increased number of foreclosures, our housing market is in serious trouble. Banks will not lend to people who have recently developed a bad credit report and nearly froze all their lending at the end of last year.
The problem lies with the basic knowledge of how a bad credit report is obtained, and how so few Americans have no clue where to find this information out. The first step includes getting your credit report and figuring out what negative items can be removed or paid off. With the government currently lowering home mortgage rates even bad credit borrowers can benefit from the current interest rate environment. If the real estate market begins to thrive again in a more controlled and monitored way, our economy will thrive again.