Nothing can be more shocking or discouraging than to plan to purchase your perfect home, and find out that the lenders have rejected your application because you have some credit problems.  It is entirely possible that you may not know that you have them, because you have not checked your credit in a long time, or at all.  Many new buyers are unsure about how to go about it, or have heard conflicting reports about doing so.

Whether you are buying a Piedmont home, an Oakland home, or any home, you need to know where you stand financially.  Even if you have been paying all your bills on time,  and not exceeding your credit limits, there may be items in your report that are there due to the fact that they may have been incorrectly entered by the credit reporting bureaus.  Other causes of error could be incorrect attribution to you because your name or address is similar to another. 

It is important to check this information before you apply for your home loan.  Do so before you begin a serious house search because it takes some time to review your reports, and then more to send and document any necessary corrections. 

The good news is that under Federal Law, you, as a consumer are entitled to one free credit report each year from the three credit reporting agencies--Equifax, Experian, and TransUnion.  You can choose to receive your report as a combined 3 in 1 report where all agencies list their information side by side with the other agencies, or you can get an individual report from each one.  The individual report will be more detailed, and is probably the best choice. 

Because there are so many websites offering credit reports, it is best to go to the official site for your initial information--, or you can phone at 877 FACTACT. 

You will not be penalized in a credit report for researching your own credit information, so get started, and get informed.

Posted by Bruce Wagg on


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