Posts Tagged ‘Experian’

Lenders see your credit history as a reliable predictor of repaying your mortgage on time as agreed. You should protect your credit just as you would protect your good name. A damaged credit history can keep you from homeownership.

When you apply for a mortgage a lender will order a credit report from one of three credit bureaus: Equifax, Experian, and Trans Union. A credit report will give a history of your credit. It will show past loans, outstanding credit balances, how you make your payments, types of credit accounts, delinquent accounts, foreclosures, bankruptcy, judgments, liens, and collection accounts.

Lenders also look at your FICO credit score. FICO stands for the Fair and Isaac Company who developed the scoring system. The score is computer generated based upon information about your payment history. You get points based on how much you owe, the length of credit history, new credit, and your credit mix. FICO scores range from 400 to 900 points. The higher the score, the better your credit. You can go to www.myfico.com to learn about your score and ways you can improve it.

To obtain a copy of your credit report or to report problems with the accuracy of your credit report, go to www.equifax.com, www.experian.com, or www.transunion.com.

If your credit gets in the way of qualifying for a mortgage, your lender can help you devise a strategy to mend your credit and obtain a mortgage at a later time.

For more information, call Prudential Vision Properties at 573-449-6200 to speak with a real estate expert. You can also email your questions to info@PrudentialVision.com (email responses usually come back within the hour)

Get started on the right foot—get a consumer credit report before you start your home search. Checking your credit before you apply for a home loan will help you avoid surprises as you get closer to finding your dream home. A consumer credit report is a record of your credit payment history. Any delinquent payments or prolonged debts can appear on your credit report for seven years. Neglecting credit problems may result in paying higher mortgage interest rates or delays in your application for financing. Clearing your credit will help your home closing go smoothly.

To see what your credit report says about you, contact one of these three agencies:

Experian 1-888-397-3742
Equifax 1-800-685-1111
TransUnion 1-800-888-4213

Remember, credit reports can include mistakes, so read your report carefully. If you see a problem, request an investigation to verify your information with the source. Once you have verified your good credit or corrected any problems, you are on your way to a successful home buying experience. You’ll be surprised what a difference good credit can make as you prepare to buy a home.

For more information, contact Prudential Real Estate at 573-449-6200. Prudential Vision Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.  See all of Columbia’s homes in the MLS with www.PrudentialVision.com