We talk about your credit score and report a lot regarding applying for a home loan from SmartMortgage, and with good reason. Your credit report is an essential document that outlines your credit history. Checking your credit report provides many benefits to help you manage your finances and apply for home loans and other large purchases.

Checking your credit report is freehealthy finances

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’s straightforward and costs you nothing.

Checking your credit report lets you catch errors early

Reviewing your credit report each year enables you to catch and dispute errors. Mistakes can still happen even if you have diligently paid off debts on time. Review your annual credit report 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 don’t 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 build good credit

Remember that your credit report does not include your credit score. This number must be purchased separately when you get your report. Reviewing your credit report helps you proactively rebuild your credit before applying for a loan. This means:

  • Catching errors and potential identity theft
  • Keeping track of spending
  • Putting aside savings

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The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.