CREDIT REPORTS
Buying a home is probably the single largest investment most people will make in a lifetime. By preparing yourself and your credit profile before a home purchase, you can ensure a smooth finance process and can potentially save thousands on your loan.

When applying for a mortgage, lenders will look at your credit report from any or all three of the following major credit reporting agencies, now you can too.

Begin your home purchase process by checking your credit reports from TransUnion, Equifax and Experian.

Equifax Credit Information Services, Inc.
PO Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Web: www.econsumer.equifax.com

Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888-397-3742
Web: www.experian.com

TransUnion
PO Box 2000
Chester, PA 19022
Phone: 800-888-4213
Web: www.transunion.com

• To get the best possible mortgage rate, make sure your credit history is healthy and accurate. Aim to raise your credit score above 650 in order to qualify for most prime loans.
  
  
• If your credit score is not quite 650, focus your efforts on paying bills on time, reducing your debt balances, avoiding new inquiries and clearing negative inaccuracies from your credit report. It is possible to improve your credit score quite a bit over a few months.
  
  
• Make sure the information on your credit report is correct and fix any problems you discover. Give yourself 30-90 days for correcting inaccuracies.
  
  
• Found an error while reviewing your credit with the lender? Ask about the “rapid rescoring” process where your lender can submit a dispute and potentially improve your credit score in 72 hours.

Remember: Each time your credit is checked a record is added to your credit report. If there are too many checks on your credit in a short period of time your score may be negatively impacted. Be sure to talk with your lender if you have applied for credit or checked your credit report recently.