Knowledge is Power!
Thinking of buying a house? Whether you are a first-time home buyer or you are thinking of moving, it is a good idea to check your credit report on a yearly basis. This yearly review will allow you to contact the individual bureaus to correct any misinformation. Identity theft is currently the fastest rising crime in America today. By reviewing your credit report you will be an active participant in the war against identity theft. Remember, knowledge is power!
Ordering Your Report
There are three major credit reporting bureaus. All three bureaus can supply you with a single report generated by their own company (generally, $9 to $10 each), or a 3-in-1 report that clearly states all three reporting bureaus information for side-by-side comparison (these run anywhere from $29.95 to $39.95). In addition to a comprehensive review of your credit report, you may also request additional information providing you with your credit score, an explanation of your score and ways to improve your score over time. Here is a contact list of the three bureaus:
Equifax Information Services Center
1.800.997.2493
Instant on-line access: www.equifax.com
Experian
1.800.397.3742
Instant on-line access: www.experian.com
Trans Union
1.800.888.4213
Instant on-line access: www.transunion.com
Whenever you contact these agencies you should provide your social security number, date of birth, current and previous home address, employers name and your home telephone number.
Reviewing/Correcting Your Report!
If you have a common last name, such as Smith or Jones, or you have a name that includes Jr. or Sr., you should be especially vigilant in reviewing your report as it is very common for mistakes to occur in these situations. Once you receive your report, you should review it closely for any problems or mistakes. If the problem is the result of an incorrect entry by the credit bureau, they will work with you to correct the information. If, however, the information is provided by the creditor, you will need to contact them in order to correct the mistake. Many times, simply writing a letter to the creditor is all you will need to do. Another area of concern may arise if you have recently become divorced. You should be sure that all joint accounts are closed in order for your report to reflect only your accounts and not the accounts of your ex-spouse. In any case, it is best to use a keen eye as you review your report!
Talking With Us!
It is vital that you provide as accurate a financial picture as possible when talking with us. If you have ever had difficulties in the past, it is important to know that time can lessen the severity of their impact on your ability to secure a loan. While bankruptcies, collections or judgments can adversely affect your chances of securing a loan, how you have paid your obligations is of more importance to us. However, high balances and repeated late pays of 30, 60, 90 days can effect how your report is viewed. We may require a letter of explanation in that case.
As you review your report, it is important to realize that we will be sorting through the same information as part of your loan application process. As a lender, we simply use the credit report to verify the information you have already provided us. A complete listing of all your current financial obligations will allow us to provide you with a well thought out list of potential loan programs that best fit within your current and future financial goals. This is what we do! This is why we are here! By providing us with a complete list you are allowing us to insure that your dream of home ownership becomes more than a far off dream...it can be a reality!
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