The trouble is, most people go into the mortgage lender’s office cold, without any knowledge of how good or poor their credit rating is. This can leave you open to some big surprises, and possibly some disappointments. So the best thing to do is educate yourself before you walk into that lender’s office.
There are three major credit-reporting agencies that companies use when trying to ascertain a person’s credit history. They are Experion (formerly TRW), Equifax, and Trans Union. Anyone is entitled to get copies of their personal credit report from each of these agencies. You can visit each of the companies’ web sites, or you can simply do a search on the web for “credit reports.” This will bring up a list of sites from which you can order your credit scores from each of the three services all in one place. In most cases, you will have to pay a fee, probably between $8 and $30 for the credit report. But you have to pay a fee if you get them directly from the reporting agency as well, so you may as well consolidate!
It may take a week or so for you to get your report in the mail, and when you do, do not be put off by the number of pages and level of detail. It can sometimes be difficult to read until you get the hang of how they are formatted. But you can call each agency directly and ask for helping in reading your report. They agencies will also give you direction on how to dispute anything you believe is inaccurate directly with the creditor in question.
It is a relatively painless process to get your credit report, and once you do, you will be in a much better position to understand what areas you may need to improve.
www.transunion.com
www.experian.com
www.equifax.com
