Your Access to Free Credit Reports-Know your FICO Scores
Federal Trade Commission - Obtain a free credit report.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.
The first step in getting a loan pre-approval is to know what is on your credit report and fix any errors. Request your free annual credit report. It's QUICK, EASY and SECURE. AnnualCreditReport.com
A little known secret can improve your credit score 4-20 points.
Opt Out Of Pre-approved Credit Card Offers. Have your name removed from direct marketing lists for 5 years. You can do this online at OptOutPreScreen.com, which is the official consumer credit reporting industry opt-out website. It is reported by lending experts to improve your FICO score between 4-20 points in under 30 days.
When you look at your Credit Report, you will probably find credit inquires which you did not authorize. These hurt your credit score. Contact the company who made the request and demand that have this unauthorized inquiry removed.
How to clean up your credit report.
The Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq., is a United States statute of the Consumer Credit Protection Act. One of its purposes is to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. To learn how to Clean up your credit report to raise your score! Click Here.
Critical -- Maintaining your good credit score through closing.
Even of you are approved for a loan, your lender will not give you the money at closing if your credit score has gotten worse, you have incresed your credit card debt, or you no longer can prove your income. It is common for the lender to contact your employers to see if you are still employed at the last minute and to require more informtion the day of closing/loan funding. Be prepared:
- Don't add to your credit card debt until after closing
- Don't buy any big ticket items (appliances, cars, boats, etc.)
- Don't buy new house carpets, drapes, paint until after closing and lender funding
- Don't borrow any money.
- Maintain your bank account balances (hang on to your cash)
- Minimize the use of all credit, gas and store cards
- Do not transfer balances from one card to another once the process is started
- Credit Card balances should not exceed 30% of your maximum card limit
