Your credit report serves as an account of your financial history. It offers potential lenders a glimpse of where you’ve been so they can estimate where you are going. Based on that estimation, they will determine what they will charge you to borrow money or whether they will lend to you at all. Because of this, it is very important to be cognizant of your credit, particularly when you are preparing to make a large purchase, such as a car or home.
It is also important because the internet age has made the electronic transmission of personal information a daily occurrence, causing identity theft to become an increasingly common crime. Examining your credit report can inform you that you’ve been the victim of identity theft.
You’ve probably seen commercials for companies offering free credit reports, but obtaining these “free” products is often contingent upon signing up for the companies’ less-than-free services. Don’t despair, though, there is a way to get a credit report at no cost.
In 2003, the federal government passed the Fair and Accurate Credit Transactions Act (FACTA). One of the provisions of FACTA is that consumers are allowed, by law, to access their credit report from each of the three credit-reporting agencies (Equifax, TransUnion and Experian) once every 12 months.
You can access this service through www.annualcreditreport.com. There you will be able to view your three credit reports. Generally, it is advised that you look at one of your reports every four months. That way, you can, for free, keep an eye on your credit throughout the year.
If, after looking at your credit report, you think you won’t be able to buy a home, don’t sweat it. We can help you find a mortgage product to suit your needs, regardless of your credit situation. Give us a call at 865-909-0211 to find out more.
Keystone Mortgage provides Tennesseans with the best mortgage experience, period. So what are you waiting for? Apply here now.