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Blog by Philip Jones

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Check Up On Your Credit Report

  CHECK UP ON YOUR CREDIT REPORT 

Are you aware of how your credit report can affect your home buying options?  When you approach a mortgage lender, they will look at your credit history to evaluate what kind of risk you represent based on the probability you will default on the loan. 

Information about how promptly you pay your debts is sent to reporting agencies by your creditors, including banks, hospitals, electric utilities, department stores, landlords, credit card and cell phone companies.  It is prudent to request a copy of your credit report before applying for a mortgage loan, because it may contain inaccuracies due to a computer or clerical error that could result in your being denied credit or being obliged to pay more interest on your loan. 

Credit reports are issued by three reporting agencies that will each give you a different score. The rule of thumb is to use the score in the middle. If you get a credit score of 615 from Experian, 623 from Equifax and 637 from TransUnion, your "basic" credit score is 623.  Superior scores begin at about 650 and earn you the best credit terms and the lowest interest rates.

If you discover an error on your report, contact the reporting agencies to have it corrected.

 

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