 The
information in your credit report has a huge impact on whether
or not you qualify for a mortgage loan and what interest rate
a lender will offer. Therefore, it’s important your
credit report reflects a positive image of the way you manage
your money. If you're getting ready to buy a home, checking
your credit report is the best way to ensure you get the loan
and interest rate you deserve.
The easiest way to see what’s in your credit report
is to contact the three national credit reporting agencies
– Equifax www.equifax.com,
Experian www.experian.com
and TransUnion www.transunion.com
- and request a copy from each. That’s because the three
agencies are independent of each other and the information
may differ on all three reports. In addition, you may not
know which agency your lender will use to check your credit,
so it’s best to verify that all three have correct information
about your credit history.
If you've been denied credit, insurance, or employment because
of information in your credit report from any of the three
agencies, you can obtain a free credit report by contacting
the agency within 60 days of receiving a denial notice. In
addition, you're entitled to a free copy of your report each
year when you certify in writing that (1) you're unemployed
and looking for a job within 60 days, (2) you're currently
on welfare, or (3) your report contains errors due to fraud.
Otherwise, the agencies charge a fee for a copy of your report.
For additional fees, each agency may offer you different
report variations, such as:
- A credit report with or without your credit score.
- A three-in-one credit report that lets you see a side-by-side
comparison of records, from all three agencies, with or
without scores.
- Notification services when your credit history is requested.
- Routine notification changes to your file.
- Subscriptions that allow you to access your report on
a regular basis.
New law promotes free access to credit reports
Soon you'll be able to get your credit report for free regardless
of your employment or financial situation. A recent amendment
to the federal Fair Credit Reporting Act (FCRA) mandates that
each agency provide you with a free copy of your credit report,
at your request, once every year, from www.annualcreditreport.com.
Free reports will be phased in during a nine-month period,
rolling from the West Coast to the East beginning December
1, 2004. By September 1, 2005, free reports will be accessible
to all consumers.
Here is a breakdown of eligibility for a free credit report:
Beginning December 1, 2004 - Consumers in Alaska, Arizona,
California, Colorado, Hawaii, Idaho, Montana, Nevada, New
Mexico, Oregon, Utah, Washington, and Wyoming
Beginning March 1, 2005 - Illinois, Indiana, Iowa, Kansas,
Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio,
South Dakota, and Wisconsin
Beginning June 1, 2005 - Alabama, Arkansas, Florida, Georgia,
Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina,
Tennessee, and Texas
Beginning September 1, 2005 - Connecticut, Delaware, Maine,
Maryland, Massachusetts, New Hampshire, New Jersey, New York,
North Carolina, Pennsylvania, Rhode Island, Vermont, Virginia,
and West Virginia – the District of Columbia, Puerto
Rico, and all U.S. territories.
Whether you are thinking of buying a home or simply curious
about what’s in your credit report, it’s important
to correct any errors you discover as soon as possible. You
don’t want errors in your credit report affecting your
eligibility for credit in the future.
F.A.Q
We offer a wide range of services including real estate sales,
financing, and property management. Call us today for a free
consultation @ 916-482-6899 or email us at fay@amerpropmgmt.com.
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