It's no secret that your credit score plays a major role in being approved or denied for a loan. Over the past 2 weeks, I have spoken with about 6 customers that are looking to purchase or refinance due to the great mortgage rates. In most of the cases, the customer has no clue what their credit scores are. I tend to ask a LOT of questions to get an idea of someone's score without pulling the credit. If you have no clue and have not purchased anything in quite some time, it makes it harder for someone like me to guestimate your scores and provide an accurate Good Faith Estimate.
Don't get me wrong, I understand when someone does not know the exact score. I am referring to anyone who has never looked or taken an interest until the day they decide to refinance or purchase a home. Not just a home, but any major purchase where financing may be needed. Back in October, I wrote a few posts about Credit Scores, what to look for, and how to improve them. Within those posts, I talked about what to look for and how to address issues, but I never really talked about who you could contact for a free credit report. Below should help with your research.
Ultimately, if you are thinking about making a large purchase, you may need to be eligible for a loan. The Fair Credit Reporting Act (FCRA) was amended to require each credit reporting agency (Equifax, Experian, and TransUnion) to provide a credit report to you each year, at your request, completely free of charge.
How do you get the free credit report? The three credit reporting agencies have set up one central website, toll-free telephone number, and mailing address through which you can order your free annual report.
One the web: www.annualcreditreport.com
Telephone: 877-322-8228
Mail in the Annual Credit Report Request Form to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Once you receive your report, call a local Credit Counselor to review it with you and offer assistance. You may also be able to have a local Loan Officer review the report with you and offer suggestions. Please note that Loan Officers review credit reports in detail and can offer suggestions, but they are not the experts. For serious delinquencies, contact a Credit Counselor because they are familiar with credit laws & guidelines. Somethings can be removed where as others need specific attention.
I hope that you have found this information useful. Feel free to contact me with any questions or concerns and I'll be happy to assist and/or direct you to a Professional Credit Counselor.
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