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The information in your credit report has a huge impact on whether or not you qualify for a mortgage loan and what interest rate a lender will offer. Therefore, it is important that your credit report reflect a positive image of the way you manage your money. If you are getting ready to buy a home, checking your credit report is the best way to ensure you get the loan and interest rate you deserve.
Obtaining free credit reports. Changes to the Fair Credit Reporting Act require that the three national credit reporting agencies (Experian, Trans Union and Equifax) provide a consumer with a free copy of their credit report once a year. By accessing www.annualcreditreport.com, a federally regulated site, you may request one, or all three of your credit reports. You have the option of viewing them online or having them mailed to you. The reports will not contain your credit score, only your credit history. To obtain your score, you will have to contact the credit reporting agencies and pay a fee.
Other circumstances for obtaining free credit reports. It is important to correct any errors you discover as soon as possible. You don’t want errors in your credit report affecting you eligibility for credit in the future. If you have been denied credit, insurance, or employment because of information in your credit report from any of the three agencies, you can also obtain a free credit report by contacting the agency within 60 days of receiving a denial notice. This would be in addition to your three free reports as stated above. In addition, you are entitled to a free copy of your report each year when you certify in writing that (1) you are unemployed and looking for a job within 60 days, (2) you are currently on welfare, or (3) your report contains errors due to fraud or identity theft. For any other reasons, the agencies could charge you a fee for a copy of your report.
Whether you are thinking of buying a home or simply curious about whats in your credit report, its important to correct any errors you discover as soon as possible. You dont want errors in your credit report affecting your eligibility for credit in the future.
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