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There are a number of factors that impact your ability to secure a mortgage, and your credit score is one of them. The thing is, you won’t know what your score is without pulling your credit report.
Your credit report influences whether or not you’ll qualify for a mortgage and what kind of interest you’ll pay on that loan, which isn’t something you can safely ignore. Smart homebuyers understand the importance of monitoring credit scores and credit reports, and you should too. Here is some information about how to get your credit report.
You don’t have to worry about having to pay for getting a copy of your credit report. According to the Fair Credit Reporting Act, you’re entitled to free credit reports and can get one free report each year from each of the three major credit bureaus; Experian, Equifax, and Transunion.
The easiest way to get your free report is to go to AnnualCreditReport.com. This is the official site that was originally established by the Fair Credit Reporting Act. Once you have your credit report, you can not only see what your credit score is, but what factors are influencing it. This can give you some information on what you can do to improve your credit score and increase your chances of getting approved for a mortgage.
You can also see if there are any errors in the report that may be unfairly pulling your score down. If you see any, have them reported to the respective credit bureau right away to be investigated and fixed.
Once you reach the AnnualCreditReport.com site, create an account by registering. Have as much of your available credit information available when you request your free credit report. The reason for this is that the site will need to verify that it’s actually you requesting the credit report, and not someone else impersonating you. If you have your information at hand, it will be easier and faster to confirm your identity.
This is just a process that the site has in place to protect your identity from fraud. They might ask you things like your past residences, past credit card companies, or something else that can verify your identity.
Related: 4 Website to Check you Credit Score for Free
When you apply for a home loan, the mortgage lender will pull your credit report and review it. They’ll look for signs that you are a good credit risk. Things they consider include how you handle your debt to income ratio, whether or not you pay your bills on time, how many credit accounts you have, and if you have any negative notations on your credit report.
For this reason, you should look at your own credit report before applying for a mortgage. This gives you a chance to fix anything that is incorrect in your credit report and an opportunity to improve your credit report if it’s not in great shape. Your lender will be pulling your credit report, so it’s in your best interest to see what they’ll find first in order to make any improvements needed.
Another important reason to review your free annual credit report is to prevent identity fraud. If you see anything unfamiliar with your reports, such as loans you didn’t take out or balances for things you don’t recognize, you can immediately act on those issues so they don’t affect your chances of getting approved for a home loan.
Identity theft is a huge issue these days, but luckily there are ways that you can protect yourself from this crime, and pulling your credit report for free once a year is one of them.
Always be proactive when it comes to your credit history. By availing of your right to a free annual credit report, you can ensure that your credit is in as good as a possible condition when you go to apply for a mortgage.
If you are looking for a new home or if you are interested in refinancing your current property, be sure to consult with your trusted home mortgage professional to discuss financing options.
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.