It's Your Credit... You Have a Right to Know How it Looks!

By
Mortgage and Lending

Did you know that all residents of the US have the right to obtain one free credit report from each of the three credit bureaus per year? Since your credit score is more important than ever due to today's tightening credit standards, it's the perfect opportunity to take advantage of this benefit.

But Beware...

Although you see commercials offering free credit reports, many companies actually charge a fee or require enrollment to qualify for the free report. That's why one of your best resources is www.annualcreditreport.com for a free report of your credit history. This report of your credit history can help you check the accuracy of the information in your report. However, it does NOT include your credit score. If you want to know your number, you can pay an add-on fee from the service or simply contact me for help determining your actual score.

Stagger Your Reports

Remember, you are only entitled to receive one free report from each bureau per year, so consider staggering the requests. For example, make a note on your calendar to order a report from TransUnion® one month, then one from Equifax® a few months later, and finally one from Experian® a few months after that. In essence, this will allow you to order three credit reports per year...and provide you the ability to monitor your credit throughout the year.

Mortgage Interest Rates*
Rates as of Friday, 12th June, 2009:
  Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
30-Yr. fixed 5.500% 5.635% $5.68 5.750% 5.842% $5.84
15-Yr. fixed 5.125% 5.352% $7.97 4.875% 5.026% $7.84
7-Yr. fixed ARM 5.250% 5.383% $5.52 5.125% 5.213% $5.44
5-Yr. fixed ARM 4.625% 4.753% $5.14 5.000% 5.088% $5.37
3-Yr. fixed ARM 4.500% 4.627% $5.07 4.115% 4.198% $4.84
5-Yr. Interest Only 4.875% 5.005% $4.06 5.250% 5.339% $4.38
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department


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Karl Peidl
Superior Mortgage Corp
Augusta Professional Center 854 S White Horse Pike
Hammonton, NJ 08037

800-706-6671 ext 4349

kpeidl@supmort.com

www.karlpeidlsmc.com

 

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Rainmaker
525,302
Regina P. Brown
MBA Broker Consultants - Carlsbad, CA
M.B.A., Broker, Instructor

Karl, borrowers should be aware the "freecreditreport.com" is NOT free!  Thanks for pointing this out.  That name & web site is a SCAM for consumers.  You pointed them in the right direction with www.annualcreditreport.com .

Regina P. Brown
Real Estate Broker, Author

Jun 12, 2009 04:05 AM #1
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Regina, I guess they need to charge in order to pay for those commercials with the catchy jingles.  Thanks for validating my info.

Jun 12, 2009 04:16 AM #2
Rainmaker
194,106
Christine Wade - Real Estate Virtual Assistant
Christine Wade - Townsend, MT
Proud to Serve Your Real Estate Support Needs

I HATE those commercials...because they are effective and get stuck in my head, but I know they're a joke...so I don't want them stuck in my head!  LOL  I like your info about staggering your free report requests throughout the year, Karl - good advice!

Jun 12, 2009 05:37 AM #3
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

They do seem to have a good Ad Company, unfortunately.  Staggering isn't fool proof as not every account shows up on every report; however I think is does help folks monitor things more closely.

Jun 12, 2009 06:09 AM #4
Rainer
273,383
Irene Tron
Valparaiso, IN

Great advice.  People should be aware of what their credit reports show. 

Jun 13, 2009 01:54 PM #5
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Thanks Irene.  I'd love to see the public school systems to add credit and money management classes to their curriculum.

Jun 15, 2009 02:33 AM #6
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Rainer
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Karl Peidl

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