Take a Look at What's Inside

What Is A Credit Bureau Score And How Do Lenders Use Them?

How Can I Find Out Information About My Credit History?

How Can I Improve My Credit Score?

What If I Find A Mistake In My Credit History?

 

What Is A Credit Bureau Score And How Do Lenders Use Them?

As we show you in this video, a credit bureau score, or credit score is a number based upon your credit history that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a favorable loan. Know your score and ensure that lenders have current information about it.

 

How Can I Find Out Information About My Credit History?

Watch this video and take a few notes! There are three major credit reporting companies: Equifax - www.equifax.com 1-800-685-1111 Experian - www.experian.com 1-888-397-3742 Trans Union - www.transunion.com 1-800-916-8800 Obtaining your credit history is as easy as calling and requesting one. Once you receive the report, it's important to verify its accuracy.Double check the "high credit limit,"'total loan," and 'past due" columns. It's a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Fees, ranging from $5-$20, are usually charged to issue credit reports but some states permit citizens to acquire a free one. Contact the reporting companies at the numbers listed in the video for more information.

 

How Can I Improve My Credit Score?

Like the video says, there are no easy ways to improve your credit score but you can work to keep it acceptable by maintaining a good credit history. Pay your bills on time. Pay down cards and keep monthly debts sustainable, And limit your overall debt. and check your credit history annually for accuracy and correct any errors.

 

What If I Find A Mistake In My Credit History?

Like the guy in the video says, simple mistakes are easily corrected by writing to the reporting company, pointing out the error and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness explain that for the record. Keeping your credit score accurate is in your best interest and it can help lower home buying costs.

 

These videos are for informational purposes only when thinking about buying or selling a house. These are not intended to supersede any information or transaction that you may be involved in with a Broker, Lender or other Real Estate Professional.