Your Credit Report

Published on 08/23/04
By Lewis J. Corcoran - Realtor-Associate - Weichert, Realtors

Your Credit Report

Mortgage applicants are now able to request and receive one free copy per year of their credit reports from each of the three national credit reporting agencies: Equifax, Experia and TransUnion.

Ordering your credit report once a year will give you the time you need to find any errors or omissions that could raise the mortgage rate and fees that lenders quote you on your next home loan application. If you find any problems with your report, each credit reporting agency has specific procedures to notify them of the problem and request a correction.

The Fair and Accurate Credit Transaction Act of 2003 also guarantees that you can access the credit scores used to evaluate and price your mortgage application.

If you're thinking about buying or refinancing your home, or even if you don't plan to make a move any time soon, the more you know about what is in your credit file, the smarter you can be about protecting your good credit and giving yourself a better chance of getting the favorable home mortgage rate and terms you actually deserve.

Owner's Tip:

Protect yourself from being blindsided by errors in your credit file that can affect your mortgage application.

Owner's Tip:

The 2003 Credit Act also has some provisions to protect you from credit problems associated with identity theft.