Why canât information be deleted from the credit report? Experian stores information from credit grantors and public records in compliance with the Fair Credit Reporting Act. When you use credit, a record of your payment history is reported to credit reporting agencies.
(Updated March 4, 2016) No. Earnest money is not necessary to make an otherwise accepted offer into a valid contract. Earnest money is a buyer-performance item required to be deposited after a contract is fully executed. A contract could become effective even if no earnest money is required in the agreement.
An earnest money deposit is the amount of money paid to secure a purchase contract. It is part of your down payment and is generally dictated by local custom. The EMD can vary from a small amount such as $100 or $500, to a larger amount such as $1,000 to $10,000. It is money that can be at risk if a buyer defaults on the contract, known as liquidated damages. It shows you have good faith intentions to buy the home.