Home Buyers Articles
What's In Your Credit Report?
Anyone who has ever had a bank account, mortgage, credit card,
car loan, or account with a retail store will invariably have a
credit rating. Most information in your credit rating comes from
companies you have credit with, as well as from certain public
records such as tax liens, bankruptcies, judgments and lawsuits. It
is important to know and understand your credit rating, how the
information is compiled, and how it affects your ability to acquire
a loan for your new home.
Credit reports are usually divided into five sections:
- Your credit history.
- Who has reviewed your credit history.
- Information you have provided for the credit company.
- Specific identification information about you.
- Explanatory notes and comments.
Different states have different requirements and it is important
that you check on what applies to you. There are three major
credit-reporting agencies,
Trans Union,
Experian and
Equifax.
Your REALTOR can recommend a reputable mortgage lender who has
the reputation of providing excellent service and good rates. This
lender will be able to immediately pull your credit report for your
review and can make recommendations of how to make it better. The
better your credit score, the higher your credit rating will be.
Choose your agent wisely. Working with a full-time
professional real estate agent is a must. Ask questions of your
agent. Find out how knowledgeable he or she is about houses
currently for sale in your price range and also of houses that have
recently sold. Can your agent recommend a good lender that has the
reputation of excellent customer service and low rates? Does your
agent ask questions of you to have a full understanding of what you
are looking for to help you get the most home for the money?
