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Five Tips to an Accurate Credit Report

The key to home buying obviously begins with a healthy credit report. But in this technological age, mistakes happen and in fact, it’s quite common.  A minor blip on a credit report could mean the difference between getting a good interest rate and paying thousands more in interest over the life of a loan.

We at The Green Team Home Selling System always encourage homebuyers to get a copy of their credit report the moment they’ve decided to begin shopping for a home, in order to fix any problems that may not be of their own doing.

We suggest enrolling in freecreditscore.com, where subscribers receive unlimited access to their credit report and score, and the chance to get credit score alerts, identity protection alerts and fraud resolution support.  Additionally, a mobile app allows users to monitor their credit on the go, and monthly reports and statements can help you stay on top of your credit and be aware of changes quickly.

Tips:

1. That’s Not Me
Make sure every listing actually belongs to you. Check name spelling, addresses, names you’ve never used, etc.  You’d be surprised at how often something’s on your credit report that’s not yours – especially if you have somewhat of a common name.  And identity fraud could also be the culprit.

2. These Aren’t My Accounts
An unrecognized account ALSO may be a sign of fraud that requires immediate action.  Just another reason to be diligent in monitoring your credit report with regularity.

3. But I Paid That On Time
Late payments hurt credit scores more than anything else.  If an account is reported as late but you made the payment on time, contact the credit reporting agency immediately to help get the information updated.

4. These Aren’t My Public Records
Like No. 1 above, others can show up on your credit report for civil judgments, tax liens, and bankruptcy public records.  We’ve seen it happen many times, but fortunately, it can be easily corrected by contacting the credit reporting agency.

5. I Didn’t Make That Inquiry
Your credit report contains a list of creditors who have asked for it.  Each entry on the list is called an inquiry.  If you see inquiries you don’t recognize, it could be a sign of fraud.

It’s estimated that close to half of all credit reports have errors, Half!  Be among the other half that does not have any errors by taking action.  It’s not as hard or as stressful as you think.  Fortunately, the federal Fair Credit Reporting Act requires credit reporting agencies to notify lenders when you believe something is being reported incorrectly.

So get on it, then start looking for that dream home with peace of mind!