Whether you are interested in buying a home in the Piedmont hills, or among tree lined streets in Oakland, it is important that you know exactly where you are financially, so that you won't be disappointed when you begin to search for your perfect home.  Nothing can be more disturbing than to find that the homes that you want are out of your reach because of a credit history problem. Luckily, gathering proper credit information is just a matter of investing just a bit of research time.  

Even if you have been paying all your bills on time, and staying within the ideal credit limits, there may be issues in your credit reports that you may not be aware of.  Some may be due to clerical error, incorrect reporting by creditors, or incorrect attritution to you of issues that belong to someone else. These issues may have arisen in just the past few years, so you must check your reports before you find your perfect home, and make a loan application which will utltimately catch these troublesome issues.  The good news is that it is easy to do, and you can do it on your own.

Under Federal law, you, as a consumer, are entitled to one free credit report per year from each of the three credit reporting agencies--Experian, Equifax and TransUnion.  You can receive this report in a couple of ways.  The first way is a combined 3 in 1 report where all agencies list their information side by side with the other agencies, for in essence, a master summary report.  The other option is to get an individual report from each agency, which is probably the best idea, because it will be much more detailed than the combined report, so lending agencies will have the complete picture when they review your loan application.  

Using these reports, go over each one in detail.  See if there are errors, mistakes, wrong attributions, misinformation, and clarify them with each agency immediately.  There is a procedure in place to do that which will assist you to do it correctly.  

As you have no doubt observed, there are a lot of companies out there offering you a credit report.   The best source should be the official site for your information: -http://www.annualcreditreport.com, or you can phone at 877 FACTACT. 

Finally, you will not be penalized for researching your own credit information, so get started, and then let's go home shopping.   

 

Posted by Bruce Wagg on

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