If you’ve lost your home to foreclosure, you may be wary about buying again and you’re not alone. The good news is, buying a home after a foreclosure is possible! It always pays to find out the facts about applying and exploring your options. Here’s three steps you can take to get started with your […]
Why Should I Check My Credit Report?
We talk about your credit score and report a lot here when it comes to applying for a home loan from SmartMortgage, and for good reason. Your credit report is an essential document that outlines your credit history.
Checking your credit report provides you with a host of benefits to help you manage your finances and apply for home loans and other large purchases.
Checking Your Credit Report Is Free
Checking your credit report is free! Need we say more? Under the Fair and Accurate Credit Transactions Act of 2003, you can request your credit report through Annual Credit Report for free every 12 months. It is very easy and costs you nothing.
Checking Your Credit Report Lets You Catch Errors
Reviewing your credit report each year lets you catch and dispute errors. Even if you have been diligent about paying off debts on time, every time, mistakes can still happen. Review your credit report each year to prevent errors and keep your financial history accurate.
Checking Your Credit Report Helps Prevent Identity Theft
Do you see activity and names on your credit report that you do not recognize? Report it immediately! Checking your credit report each year helps you catch identity theft early and prevent it from hurting your good name and credit.
If you find names, social security numbers, and any other information you do not recognize you may be a victim of fraud. Report it and consider applying for fraud alerts.
Checking Your Credit Report Helps You Rebuild Good Credit
Remember that your credit report does not include your credit score. This is a number that must be purchased separately when you get your report. Reviewing your credit report helps you be proactive in rebuilding your credit before you apply for a loan. This means:
- Catching errors and potential identity theft
- Keeping track of spending
- Putting aside savings