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U.S. Bank Mortgage Help

U.S. Bank operates in 24 states offering consumers and businesses investing, brokerage and banking services. With more than 3,000 banking facilities, the corporation reported assets of more $280 billion in 2010.

Making Home Affordable

U.S. Bank is participating in the federal government program designed to assist eligible homeowners in modifying or refinancing their mortgage. The bank has developed two different programs to accommodate their clients who are eligible: Home Affordable Refinance and Home Affordable Loan Modification.

Hardship Loan Modification

Eligible homeowners must provide documented proof of a financial hardship, such as a pay cut or temporary unemployment. The modification can be one of the following, or a combination of, rolling delinquent payments and interest into the existing loan, reducing the interest rate or increasing the mortgage payment temporarily.

Repayment Plan

The repayment plan allows homeowners to make regular and additional payments toward delinquent payments and fees during a set amount of time. This plan is ideal for clients who have a large surplus of funds at the end of the month.

Short Sale

U.S. Bank offers homeowners who cannot afford their mortgage the option of selling their home at a discounted mortgage amount. The sale price of the home typically falls short of the balance of the loan, however, enables a homeowner to protect their credit and make smaller payments until the balance is paid in full.

How Letters of Credit Work

The federal Fair Credit Reporting Act (FCRA) requires that U.S. consumers be entitled to a free credit report each year. The government’s goal is to make sure that consumers stay informed, fight identity theft, and get fair treatment.

Credit reports are important because they are the raw data that go into your credit score.

What Information do I Need for a Free Credit Report?

You’ll need to be prepared with your name, address, Social Security number, and date of birth. You’ll also need any prior addresses from the past few years. Finally, you’ll be asked to disclose something that only you know (like the amount of a given payment, for example) as a security measure.

When Can I See my Free Credit Report?

In order to manage the process, availability is only available to certain regions at certain times. As of September 1st, 2005, the entire nation has access to a free credit report.

If your region is up and running, you can see your free credit report instantly online (at www.annualcreditreport.com). If you use the toll-free number, it may be 15 days or so until you receive the report.

What Else Should I Know About Free Credit Reports?

The regulations only entitle you to get a free credit report – not a free score or any other service. As you order your reports, watch out for sneaky attempts to sell additional items that cost money.