Resource Center
Credit Reports and Credit Score
- Getting Your Credit Report
- Mistakes On Your Credit Report
- Disputing Credit Reports
- What Is A Credit Score
- Improve Your Credit Score
Getting Your Credit Report
If you're getting ready to buy a home, checking your credit report is one of the most important things you need to do. Your credit report contains information that reflects the way you manage your money. If you want to qualify for a home mortgage loan at the lowest interest rate possible, then you need to project a positive image of your money handling skills.
If you want to request a copy of your credit report from just one or two of the national credit reporting agencies it is easy to do, just contact the three national credit reporting agencies – Equifax (http://www.equifax.com), Experian (http://www.experian.com) and TransUnion (www.transunion.com) - and request a copy from each. It is important to contact each of the three agencies because they are independent of each other and the information may differ on all three reports. In addition, you do not know which agency your mortgage lender will use to check your credit, so it’s best to verify that all three have correct information about your credit history.
If You Have Been Turned Down For Credit
If you've been turned down for credit, insurance, or employment because of information in your credit report from any of the three agencies, you can obtain a free credit report by contacting the agency within 60 days of receiving a denial notice and you should receive your report within 15 days. In addition, you're entitled to a free copy of your report each year when you certify in writing that (1) you're unemployed and looking for a job within 60 days, (2) you're currently on welfare, or (3) your report contains errors due to fraud. Otherwise, the agencies charge a fee for a copy of your report.
For additional fees, each agency may offer you different report variations, such as:
- A credit report with or without your credit score.
- A three-in-one credit report that lets you see a side-by-side comparison of records, from all three agencies, with or without scores.
- Notification services when your credit history is requested.
- Routine notification changes to your file.
- Subscriptions that allow you to access your report on a regular basis.
New law promotes free access to credit reports
You now have the right to obtain a free credit report annually from each of the three national credit reporting agencies, as established by the Fair and Accurate Credit Transactions Act (FACT). They have established one central website (www.annualcreditreport.com), a toll-free phone number 1-877-322-8228, and a central mailing address Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-528 to handle these requests.
To Get A Credit Score
Along with knowing what is on your credit report, you need to know about your credit score. To get a credit score your credit report must contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months. This ensures that there is sufficent data to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage.
In todays world it is important to know that what is in your credit report is accurate and correct. Any errors on your report should be corrected right away. Once you know where you stand, you can decide if you need to improve your credit score before approaching a mortgage lender to buying a house or if the time is right for you to buy a house now.