dcsimg

Credit Report

Posted by  on Apr 16, 2009
 
If you are looking for a house to buy, you are probably looking at mortgage, mortgage rates, mortgage brokers and interest rates. Wherever you are looking to buy a house, your financing quest will be more successful and less time consuming when you have an exceptional credit rating. In addition, you will be more likely to receive that encouraging smile, rather than the serious, all business look from moneylenders. This is because exceptional credit demonstrates that you have been responsible with your debts and, of course, lenders only want trustworthy customers who pay at least the minimum and pay on time.

If you were to put yourself in the shoes of a lender, would you continue lending money to deadbeat friends or others who rarely or never pay you back? Since you are reading this and are probably more like the rest of us, who are borrowers, let us hope you have been pretty good and responsible. If not, you can turn over a new leaf and start repairing the damage by getting a credit report.

Getting Credit Reports

If you have been good, an exceptional credit rating will help you qualify for a loan or mortgage much easier. Of course, any credit rating blemishes should be repaired as soon as possible. How do you find out your credit rating? You can obtain a report for under ten dollars or, even, free with some services.

You are eligible for a free report if you have been rejected for credit due to damaging data in your credit profile. Once you determine the bureau that supplied the credit report, the bureau will provide you with a free report within 60 days of the rejection date.

If you have or have had credit cards, an automobile, or a home, then chances that you will have a lengthy credit report. This information may be as scary or even scarier than what Uncle Sam knows about you. If you have been good, then you should have no worries, because your credit report will contain information about your identification, credit and lending, public records, and inquiries. If you are verifying the report, make sure your standard personal information is correct.

However, if you have been bad, then you will have some work to do to correct your blemishes. The most important information will be the credit blemishes, if any, with banks or lenders, retailers, and credit card companies. Next will be the public court records, which include bankruptcies, liens, and monetary judgments. Finally there will probably by the inquiries or applications for loans or credit. These listed inquiries may bring about questions of credit overextension.

To understand your credit rating, you should be familiar with the following reporting information. A Single Credit Report is a report compiled by one of the industry leading credit bureaus. The report is a compilation of your credit history according to the reporting bureau. This report can be obtained online or via regular mail. A Comprehensive Credit Report or 3-in-1 is a report with combined data compiled by the three national credit bureaus. This report is useful for comparing credit information easily, because information collected by the bureaus may vary. This report, depending on the service to which you have subscribed, can be obtained online or via regular mail within 24 hours by most of the credit bureaus. Your Credit Score or index is your creditworthiness interim report card, which must be a good grade when approaching lenders. The score, which is compiled by the leading credit bureaus listed above, tells lenders how responsible you have been with your bills.

Find A Mortgage Rate


X

Get Mortgage Rates by Email

  • Compare mortgage rates offline
  • Get updated rates in your inbox
  • Apply for a mortgage from your email
  • We don't spam

Get Your Rates Emailed Now!

Subscribe To Lending Lowdown
Your information will never be shared
Shoprate User Survey