Get a credit report today! Are you a first-time homebuyer interested in your credit standing? Maybe you are curious about your personal finances? Is it debt consolidation in your future? Looking for a mortgage or loan? It’s important to take time and get your credit in order, before looking for a home loan. Every consumer should check his/her credit to make sure it is correct. Start with an online credit report. Learn how your credit report can help you get on track.
Facts About Pulling Credit Checks
As long as you are looking for a mortgage to purchase a home, a mortgage to refinance a home, a home equity loan, a line of credit or an auto loan will only count as one inquiry. These inquiries asking for your credit report need to be made within a 14-day period and will be shown as one inquiry. However, if you are looking for a personal loan or credit card, each inquiry is looked at as a separate inquiry.
Before Looking for a Home Loan – Take Advantage of Credit Check
In many cases, it is to your advantage to review your credit report/file, prior to looking for a home loan. Check your report/file for accuracy and completeness. You may find discrepancies that can be resolved, prior to locating a home and starting the loan process. Find out how to get your credit check and prevent future problems.
Are You A Credit Risk?
Lenders make their decisions based on whether an individual has too many late payments and/or slow payments. There are three categories that lenders use to assess credit risk. These categories are revolving credit, installment credit, and housing credit. Lenders have guidelines within each category that they use to identify individuals with credit risk. The following is a list of categories and their corresponding guidelines.
· Revolving Credit (department store credit cards, credit cards) – These debts may be red-flagged if they have a history of any payment of 60 days or more past due and no more than two payments of 30 days past due.
· Installment Credit (car loans, furniture loans, appliance loans, boat loans, motorcycle loans) - These debts may be red-flagged if any payment of 60 days or more is past due and no more than one payment 30 days is past due.
· Housing Debt (mortgage, rent) – These debts maybe be red-flagged, if any payment is past due. Lenders can use canceled checks covering the past 12 months or a loan payment history provided by a mortgage company.
Any discrepancies or late payments in any category should be clarified, in order for the credit report to be re-examined. If your credit report contains negative information that is accurate, however, there are good reasons for believing that you will repay a loan, be sure to explain your situation.
Find out today - if you are a credit risk.
What do Credit Reports Contain?
It is important that you check your credit to make sure the report is accurate. Knowing what is inside a credit report will help you evaluate your own credit report. Although styles, formats, and coding cues may be different, depending on which credit reporting bureau is used, typically consumer credit reports include four main areas. These areas are: identifying information, credit information, public record, and inquiries.
What is Credit Score?
One type of credit score is given through a credit bureau. This score is calculated using the information found on file at the credit bureau. It is also created at the time the credit information was requested. Thus, a credit score is a single frozen moment in time. At that given moment your credit score reveals your past and current credit use, along with a prediction of your future credit performance.
Credit scoring applies one set of rules to everybody. These rules allow for behavior patterns based on age. Credit scoring differentiates between the credit patterns of individuals. It also contains a scoring model that has a list of questions used to predict future credit performance. Credit scoring does not consider race, religion, gender, marital status, birthplace, or current address.
Learn what your credit score is today!
First Step Toward Better Credit
Your credit score shouldn’t be a mystery. Find out your credit score today.
Many times people have unexpected expenses that can throw you off track. A sick family member, a couple of late payments, an accident, child support – all can cause you to fall behind. Don’t let your past get you down. See what your credit score is today and get on the path to better credit.
Get relief from bad credit and overdue bills. Take the first step by obtaining your credit score. Once you have that in hand, identify the next steps needed to get yourself back on the road to recovery.
Uncover your credit score now. It is time to start mending the past.
Your Fair Credit Reporting Rights
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of the information of the files of consumer reporting agencies. Consumer reporting agencies include credit bureaus and specialty agencies.
The following is a list of several key rights covered under the FCRA: