4 Reasons First Time Home Buyers Should Check Their Credit Reports for Errors
Good morning, according to a study conducted by the Federal Trade Commission, one in five people have an error on at least one of their credit report. With stats like that, here are four reasons you should check your credit reports for errors if you are thinking of buying a home.
34 percent reported finding at least one mistake in their credit reports.
29 percent found wrong name and incorrect address in their reports.
11 percent found account that did not belong to them.
15 percent who reported having accounts in forbearance found that one or more of these accounts were not being reported as current.
Remember, errors in your credit reporting file does impact your credit scores negatively, by lowering your scores and could prevent you from obtaining a mortgage. It is always a good idea to obtain a free copy of your credit reports from AnnualCreditReport.com. Once on the site, you can request all three reports. Keep in mind these free copies will not provide the scores, only the reports.
Once received, make sure to check if your personal information such as name, phone number and address is correct. Also check account reporting status. Make sure closed accounts are in fact closed. In addition, make sure account balances are correct. You may also want to make sure accounts does not appear more than once with different creditors.
If it matters to you, it matters to us. We are always looking out for your best interest. As always, thank you so much for stopping by. We are here to help. Until next time...Diana
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