Most of us understand that a good credit score is worth money. A higher score generally means you get more favorable credit terms (lower interest rates). That's money in your pocket.
Whether you are a first time home buyer or a multiple time home buyer, your credit scores are important if you are taking a mortgage (borrowing from a lender) to buy the house.
We've heard that it's up to each of us to keep tabs on our credit file to make sure it's accurate and to challenge things that are not correct. There are places on the Internet that can help you get access to your credit files held by the three main credit reporting agencies. To get your actual credit score, you usually have to pay fee.
Yesterday, I learned of a way to get my credit score from one of the agencies, without paying a fee. The site is http://www.creditkarma.com/.
Here is a portion of a review of this website: "When other companies are charging you to look at your own credit score, it's nice to be able to see it for free. You don't have to provide a credit card number, there's no "trial," and there's no sneaky catch in there. It's free and they never ask for a penny. That's very refreshing."
You can read the full review here.
In this age of identity theft, it's important to keep an eye on your credit records so you can take action at the first sign of a problem. Whether you are preparing for a mortgage loan for a home or a refinance, or an auto loan it is important to know where you stand. Don't wait until the last minute to determine your credit history and credit score.
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