FACTA - Free Credit Report

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This law gives everyone the right to a free credit report.  There is also the requirement that when you apply for a mortgage, the lender must give you your credit score and show you the report it's based on. 

Your credit score is important.  The lower the score, the higher your mortgage rate will be.  Mortgage rates are tied to risk - higher risk = higher rate.  Working on your credit  to raiser your credit score before buying a new home will save you money in the long term.

How to get a copy?  Go to https://www.annualcreditreport.com.  Or you can request one via the phone by calling 877-322-8228.  Written requests can be sent to Annual Credit Report Request Service, P. O. Box 105281, Atlanta, GA 30348-5281.

You can get one free report each year from each of the major credit bureaus. 

When you get your report, you will also be asked if you want to buy a credit score from each of the bureaus. If you buy from Equifax, you'll get a Fico score. If you buy from Experian, you'll get a VantageScores. If you buy from TransUnion you'll get an older, proprietary score.  Keep in mind most lenders use your Fico score for your credit score when determining what type of loan you will qualify for.

If you see a mistake on your report - dispute it!  There is a form attached to your report to help.  Once they receive your dispute, they have 30 days to either verify or remove the item from your report.

 

Of course you can always work with one of our loan specialists as you apply for a loan!  Apply Online here.