Buying a home in Georgia - Review your Credit Reports and Scores
There are some fantastic interest rates right now, but in order to take advantage of them and get the lowest rate possible, I highly recommend that you take the following steps to ensure that your credit report is accurate and that you understand your credit score at each of the credit reporting bureaus.
Here are a few tips to get started...
First and foremost, start EARLY
1) Order your credit reports: By law, Georgia residents are allowed a FREE credit report from each of the three bureaus (Experian, Equifax, Transunion) every 12 months. You can contact each one directly OR you can visit:
** Please note that the "Annual Credit Report" website above is the official, government-sanctioned site to help consumers obtain their free credit report and does NOT cost anything or require you to sign up for an annual subscription.
2) Review ALL THREE of your credit reports to ensure that there are no discrepancies. If there are errors, usually the credit bureaus can resolve in 30 to 60 days. Ideally, you should have the issues resolved BEFORE applying for a loan.
3) Get your credit SCORE from at least one of the bureaus (preferably Experian or Equifax) to see where you stand. Usually you have to pay a small fee to retrieve your score, but according to Clark Howard, Consumer Reporter for Channel 2 Action News & AM750, there are several ways that you can get it for free.
Visit Clark Howard's web site for details on your free Credit Score
After you are armed with your credit score and history, you will know where you stand and can have an informed discussion with a mortage broker or loan officer.
** Please don't have a loan officer pull your credit UNITL you have checked your credit reports. Multiple inquiries (from lenders, insurance companies, etc) on your credit can actually lower your credit score. When you are ready to get pre-approved for a mortgage, the credit bureaus do give you a break when shopping for a mortgage -- usually you can have multiple inquiries during a 3 week period and it won't impact your credit score, but please confirm with your loan officer or mortgage broker.
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Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Nest Atlanta Team
The Nest Atlanta Real Estate Group is part of Ian Marshall Realty, specializing in Intown Atlanta real estate including Grant Park, Kirkwood, Oakhurst, and East Atlanta neighborhoods.
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