Annual Credit Report

Dated: 04/08/2019

Views: 344

Annual Credit Report


3.  You need to check your credit reports and correcting errors. Also, know your FICO score.

 As soon as you think about buying a home please, please, request a free credit report and comb through for errors and omissions. If there are errors and omissions I strongly urge you to have them corrected. You can get a free report from each of the three major credit bureaus namely: Experian, TransUnion, and Equifax. The web address is AnnualCreditReport.com. Be aware that a mortgage lender goes through your credit report to see how well you manage your finances. A report without omissions or errors could be the differences between a low and high-interest rate. Do aim for a high FICO eg. 640 or higher but you can also get a decent interest rate with a score of 580.  FICO score is a  measure of consumer credit risk. Lenders use it as a tool to determine your worthiness for a loan. Please bear in mind that usually, the higher the FICO  score is the lower the interest rate.

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