Keeping An Eye on Your Credit Report

When you buy a car or a house, you expect the quality of your credit will be an issue in getting the corresponding loan. Are you aware that your insurance company and prospective employer may also want to access your credit file? More and more, the information reported by Experian, TransUnion, and Equifax plays a big part in your business dealings.

Each credit bureau is required to provide the consumer with one free credit report per year. There is only one web service to use in requesting your report: http://www.annualcreditreport.com. If you prefer to phone order instead, call 877-322-8228. Since this service is free, no credit scores are provided.

To make the most of using this service to monitor your credit profile, we recommend ordering one bureau report today, another in four months, and the last four months later. In doing so, you are checking your credit, for free, throughout the year.

Review each report for accuracy, but before you close any “old” accounts you no longer use, get the advice of your mortgage advisor. Closing credit limits, even if they may be dormant, could have a negative effect on your credit score when pulled by a loan professional. Your credit profile affects so many areas of your financial life. Take the time to keep an eye on what is being reported about you.

Tammy Engel is your local Mortgage Advisor, and is Kern County’s only Certified Mortgage Planning Specialist. For help with purchase, refinance, or reverse mortgage, contact her at 661/822-7325.