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Knowing your credit report: Helpful tips for home buyers

November 12th, 2021 11:54 AM by Holly Ecimovic

How does your credit score impact you during the home buying process?

The information in your credit report has a significant impact on whether or not you qualify for a mortgage loan and what interest rate a lender will offer. Therefore, it's important your credit report reflects a positive image of the way you manage your money.

If you're 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.

The easiest way to see what's in your credit report is to contact the three national credit reporting agencies - Equifax www.equifax.com, Experian www.experian.com and TransUnion www.transunion.com - and request a copy from each. That's because the three agencies are independent of each other and the information may differ on all three reports.

In addition, you may not know which agency your lender will use to check your credit, so it's best to verify that all three have correct information about your credit history.

What to do if you've been denied credit

If you've been denied credit, insurance, or employment because of information in your credit report from any of the three agencies, you can obtain a free credit report by contacting the agency within 60 days of receiving a denial notice. In addition, you're entitled to a free copy of your report each year when you certify in writing that (1) you're unemployed and looking for a job within 60 days, (2) you're currently on welfare, or (3) your report contains errors due to fraud. Otherwise, the agencies charge a fee for a copy of your report.

For additional fees, each agency may offer you different report variations, such as:

  • A credit report with or without your credit score.
  • A three-in-one credit report that lets you see a side-by-side comparison of records, from all three agencies, with or without scores.
  • Notification services when your credit history is requested.
  • Routine notification changes to your file.
  • Subscriptions that allow you to access your report on a regular basis.


Quick Re-Cap 

Here is a short rundown of things to remember when it comes to your credit score:


  1. Your credit report affects your potential interest rate on your mortgage
  2. Use AnnualCreditReport.com to get your free credit report
  3. Check your credit report annually
  4. Maintain reasonable amounts of unused credit
  5. Contact us today to discuss your options: 407-834-3377 or visit ContemporaryMortgage.com


Remember, you are able to get your credit report for free regardless of your employment or financial situation.

An amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each agency provide you with a free copy of your credit report, at your request, once every year, from www.annualcreditreport.com.

Whether you are thinking of buying a home, or simply curious about what's in your credit report, it's important to correct any errors you discover as soon as possible.

You don't want errors in your credit report  affecting your eligibility for credit in the future. 


How to get a Free Credit Report

While there are multiple services that offer free credit reports, the service that gets recommended by mortgage professionals is www.AnnualCreditReport.com

Receive your free credit report today by going to: www.annualcreditreport.com


Posted by Holly Ecimovic on November 12th, 2021 11:54 AM


Contemporary Mortgage Services, Inc

498 Palm Springs Drive Suite 220
Altamonte Springs, FL 32701