Help on the way for first time home buyers credit?

It’s no secret that getting a first time home buyer loan in today’s market requires better credit histories than in the past.

But bad credit doesn’t have to be a life sentence, but it’s up to you to get your financial house in order to make that dream of owning your first home a reality.

Did you know that more than 30 million Americans are contacted each year by collection agencies regarding unpaid medical bills?

In June 2011, a bill titled the Medical Debt Responsibility Act was introduced to Congress by a bipartisan group. This bill would require the three national credit reporting agencies, Equifax, Experian and TransUnion, to remove medical collection records of $2,500 or less from credit reports within 45 days of being paid or settled.

Reasons to Support the Bill

1. Medical bills are sent to collections too quickly by medical professionals

2. Collections can have a major impact on interest rates

3. To improve credit scores so that Americans can buy homes and stimulate the economy

4. Medical bills are not considered a planned event and are usually a necessity or an emergency

5. Some medical bills are disagreements over co-payment

6. Some consumers may not be aware that the hospital or doctor turned the bills over to collections

7. Some consumers don’t know collections are on their credit report until they apply for a loan

To contact a first time home buyer specialist about your credit scores