As a home buyer, whether you are a first time home buyer, a move-up buyer, an empty-nester looking to downsize or an investor, the first thing you must know is if you can afford the home. For most home buyers, unless you are paying cash, that means obtaining a loan. This can sometimes be a daunting task and it has become even more difficult over the last couple of years.
To improve your chances of being approved for a loan, we have written a series of blogs offering hints on how to check your credit, improve your credit and increase your chances of being approved for a loan. This first blog focuses on obtaining your credit report.
Some consumers do not realize that you can check your credit history at absolutely no charge. Federal law mandates that each consumer can obtain a copy of his or her credit report once every 12 months from each of the three credit reporting companies. If you order a credit report from only one of the credit bureaus, you can order one more from each of the other two bureaus at a later date, even if it is within the same 12 month period. In essence, that means you may actually obtain three free credit reports every year.
Beware of sources that claim to provide a free credit report and then require additional fees. The best source for your truly free credit report is the Federal Trade Commission's sanctioned site, www.AnnualCreditReport.com.
Once you have received your credit report, it is important to review your credit report to find out if you have any potential issues. There may even be errors that you can have corrected prior to applying for a loan. To dispute any items that appear on your credit report, you may contact the three credit companies directly.
- Equifax - www.investigate.equifax.com
- Experian - www.experian.com
- TransUnion - www.transunion.com
Contact any of the members of Team Leung for information on buying or selling a home in Greensboro, NC or throughout the Triad.
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