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Order a Free Credit Report (annualcreditreport.com)
To get the truly free report that you are entitled to each year, go to wwwannualcreditreport.com. There are many that give you a free report if you sign up for xyz services. This site is strictly for you to order what you’re entitled to. It is entirely your choice whether you order all three credit file disclosures at the same time or order one now and others later. The advantage of ordering all three at the same time is that you can compare them. (However, you will not be eligible for another free credit file disclosure from that particular credit reporting agency for 12 months.) On the other hand, the advantage of ordering one now and others later (for example, one credit file disclosure every four months) is that you can keep track of any changes or new information that may appear on your credit report. Keep in mind that you will not get your score this way (they are not free) but you will know if there is anything “fishy” going on.
Family Mortgages Custom Credit Profile
When you do a loan with us, we provide you with a free credit profile, free of charge. This valuable tool includes a tri-merge credit report from all three credit reporting agencies, a wonderful article on tons of tips and tricks to fix and maintain your credit to the highest standards, i.e. what makes up a credit score anyway? In addition, there is a section on how to dispute any inaccuracies on your report and how to deal with collection agencies and higher level issues if you are unfortunate enough to be dealing with them. As part of our services, we will consult with you on your own individual report and together we will come up with a plan to maximize your score in the least amount of time.
ABC’s of Credit Scoring
When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you. FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. Taking steps to improve your FICO scores can help you qualify for better rates from lenders.
For a complete description of what makes up your score, we have provided you a link within myFICO.com to assist you in better understanding your score. I call it the rules to the game! If you know the rules, it is much easier to play and play well. It’s about time someone shared! Go to www.myfico.com
What is not included in your score?
Just as important as what makes up your score is what is not included. Check this link for more information: www.myfico.com
Is there more than one score?
There are three major credit reporting agencies. Each of them have their own score, Equifax has a Beacon score, Trans Union has a Empirica score and Experian calls their score a Fair Issac. Creditors report your activity to one or all of the three agencies. Some creditors will only report to one of the three which is why there are inconsistencies between the three credit reporting agencies. This is why it is important to check all three reports periodically.
How can I improve my score?
Family Mortgage offers two wonderful articles as part of a Credit Profile we put together for you as part of our application process. These articles give you vast insight into the particulars that will make your credit shine. When you have credit issues, it is very important to consult with someone experienced to assist with a game plan to get your credit on the proper road to improvement. Making the wrong move can cost you dearly. For example, small collection items must be handled with care. Depending on timing, paying them off can actually hurt your score as opposed to helping it. For a basic primer on things to improve your score go to www.myfico.com/CreditEducation/ImproveYourScore.aspx?fire=5
How do lenders interpret my score?
Lenders look at each of your scores from the three major credit bureaus. They then use the middle of the three scores (or the lowest middle score of two borrowers) when the actual score dictates whether a loan is eligible for a certain loan program or for what rate a borrower is entitled to.
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