Credit Report
Your credit can have a big influence on whether or not you can get a mortgage, as well as the terms of the loan and the interest rate. If you have good credit, you will have a wider range of options. That is why it is important to understand what affects your credit and to monitor your credit reports regularly.Get copies of your credit report - then make sure the information is correct. To get a copy of your credit report, go to www.annualcreditreport.com. This is the only authorized online source for a free credit report. Under federal law, you can get a free report from each of the three national credit reporting companies every 12 months.
You can also call (877) 322-8228 or complete the Annual Credit Report Request Form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Your credit report should accurately represent your credit history. From the moment you first apply for a loan or a credit card, you likely have a credit history.
Credit-related transactions appear on your credit report, including your current debts, paid debts, and payment histories. Your credit report is compiled by three private companies: Equifax, Experian, and TransUnion. These companies sell your credit report to banks and other creditors so they can review your past credit history.
Your credit report includes:
- A list of debts and a history of how you've paid them. This can include credit cards, car loans, and student loans.
- Any bills referred to a collection agency. This can include phone and medical bills.
- Public record information. This can include tax liens and bankruptcies.
- Inquiries made about your creditworthiness. An inquiry is made when you apply for credit. Your credit report can also show if you were given credit based on the inquiry.
Additionally, regular monitoring of your credit can help you spot and put a stop to identity theft early before your credit is seriously harmed.