3 Vital Credit Report Issues Home Buyers Need to Know

3 Vital Credit Report Issues Home Buyers Need to Know

August 07, 2018

Most of us don’t give a lot of thought to what is on our credit report – until we are turned down for a loan!  Did you know that your credit score is also used in determining rates for your car insurance?  Some employers even use information in credit reports to choose which candidates to employ or even to promote!

We don’t think much about it in our day to day lives, but the information found in that one report is crucial to many financial decisions being made about us, and it’s up to you to make sure that information is accurate.

Especially when the time comes to make a major purchase like a new house, we don’t want to be scrambling to correct errors or discover unpleasant surprises we never knew were there.  The higher the credit score we often leads to lower interest rates we can qualify for on the mortgage loan.

Monitoring our credit history isn’t difficult.  In fact, once you carefully scrutinize your credit report from all three of the major reporting agencies, a quick once a month check should be enough to keep your report clean of errors.

It’s important to monitor these reports on a regular basis. There is no one else minding this store; you’re in charge of your credit.  Start here by ordering your free report from Experian, TransUnion and Equifax.

You should be aware of these three vital things concerning your credit report:

  • Your credit report and your credit score are not the same things. Creditors have their own scoring methods, so what they say and what you see may not match exactly.
  • The Federal Trade Commission reports 1 in 4 reports carry errors. Sometimes it’s as simple as a misspelling of your name, sometimes collection agencies post incorrectly.
  • Finding accounts opened that you didn’t authorize is an indication of identity theft. The sooner you catch and report it, the less damage may be done to your actual credit.

A Consumer Reports survey revealed that over half of us have never reviewed our credit reports – not even once in our lifetime!

If you are getting ready to purchase a home, your local marketing specialist can provide guidelines to help you prepare.  Even if you aren’t making a major purchase like a house or a new car, start today to take control of your credit.  Just like balancing your bank account, it should be looked over at least once a month.

Give me a call or send an email if you'd like more detailed information on either selling or buying!

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