Credit ratings are built upon information provided by banks and other finance companies, based on your performance against past loans, credit cards, and bank accounts. Are you late on payments? If you've made timely payments and properly managed your bank balances, you probably have a solid credit rating.
Mortgage lenders use these ratings to evaluate you as a potential borrower. The better your credit rating is the better position you will be in to secure attractive financing rates on your mortgage.
Check your credit rating, even if you're sure you have an excellent record. Sometimes blemishes can appear in your credit history, without your knowledge. Mistakes can be removed-but only if you know about them and take steps to correct them.
Before applying for financing, review your credit report from these agencies. Go to http://www.annualcreditreport.com/ (or call 877-322-8228). Once a year you can request a free copy of their report from all three agencies.
Credit Reporting Agencies
Experian: 888-397-3742
Equifax: 800-685-1111
TransUnion: 800-888-4213
Do your best to check your credit once a year.
Aleene Embry
http://www.besthomesinlubbock.com/
aembry@remaxlubbock.com
806-790-7001
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