Check your Credit Report before Buying a New Home

Check it yearly!

If you are currently looking for a new home or thinking about buying a new home, you should start ordering your credit reports from the three major credit bureaus now (Experian, TransUnion, Equifax).  It is critical to review your credit report at least once a year to make sure everything is correct because there could be mistakes, but reviewing before buying a home will help to reduce any surprises.  Even if your credit score is decent, mortgage loans are tough to get unless you have a credit score in the mid-700s or higher on a 300 to 850 scale.  If you find one or two credit errors and get the bureaus to fix just one, it can make a big difference to your credit score.  Don’t trust anyone else to scour through your credit reports.  I know it is tedious and the phone calls and letters are a real drag, but taking the time to correct your credit report will go a long way. Begin by ordering a free credit report from each credit bureau through AnnualCreditReport.com.  Only use AnnualCreditReport.com because they are the only site that was set up by the government for free credit reports.  You must get all three credit bureau reports because one could be correct, but another will show the mistake.

Credit bureaus are required by law to investigate all claims and fix any errors and inform you of the outcome within 30 days.  I know it is frustrating because I have been through it, but your good credit is on the line so power through!

For more information, please contact me at info@buytampafl.com

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Tags: buying a new home, credit report, mortgage