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Be Prepared, Know Your Score

When you are considering a home purchase, it is a good idea to think ahead and run a credit report on yourself so that you can be prepared.  Familiarize yourself not only with your overall credit score but with the complete details in the report that are analyzed to calculate your credit score.  Many people are unaware of the negative details on their reports until they apply for financing.

Federal law mandates that a consumer may request a FREE credit report from each of the three main Credit Reporting Agencies (CRAs) aka Credit Bureaus – Equifax, Experian and TransUnion – on a yearly basis.  Additional copies can be requested from all CRAs at any time for a nominal fee.  Remember, if you request a credit report it will not be considered an “inquiry”.  However, any time a bank, credit card company, car dealership or any other financial institution requests your credit report such a request will be considered an “inquiry” and it will affect your credit score.

We recommend that if you haven’t pulled a credit report in several months that you pull a report from all three CRAs at the same time so you are aware of the information that is collected by each agency.  It is also important to note that each agency utilizes different methods when calculating your credit score so the scores will be unique to each bureau, and likely differ possibly by a substantial amount. Lenders will typically use the middle score when making their evaluations.

As you review the details of each credit report, understand that you may come across incorrect information.  It is not unusual to find erroneous accounts, addresses and other items that do not belong to you.  These are all things that can be disputed and Gold Credit Repair is happy to assist with this.

The goal is to have the highest credit score possible.  Be sure to look carefully at every item on your report so that you can make sure it is an accurate representation of your financial health.  Be prepared.  Know your score.