Applying For A Mortgage? Check Your Credit Report First!
The Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.
The three companies – Equifax, Experian, and TransUnion – have set up this central website through which you can check your credit report for free.
Visit www.annualcreditreport.com to get a free, no strings attached, copy of your credit report.
Keep in mind that the Fair Credit Reporting Act does not require the credit reporting companies to provide you with your 3-digit credit score that everyone talks so much about. This may be obtained for an optional charge if your curiosity gets the better of you. Included in the free report, you will have access to view any negative items that would be considered when calculating your credit score. We suggest reviewing these items to make sure there are no unexpected negative items on your credit before applying for a loan.
Looking for more information on how credit scores are calculated and ways to improve your score, check out our page on mortgage credit score requirements.
It is also a good idea to monitor your credit several times each year for any unauthorized activity that may appear on your credit report. The Fair Credit Reporting Act allows you to get a free copy of your credit report from each of the three reporting companies every 12 months and you do not have to get them all at once. It is recommended that you review your report from one of the three companies, saving the others for later in the year. Typically your reports from each of the credit reporting companies will include the same information.
If you have any questions on boosting your credit score or applying for a home mortgage we are here to answer any questions you may have.