Check Your Credit Report

Real Estate

Check Your Credit Report

The tax season is here, yay!  Seriously, it is a great time to check your credit score yearly by ordering reports from the three major credit scoring companies: Equifax (www.equifax.com), Experian (www.experian.com), and TransUnion (www.tuc.com).

Notify the credit bureau of inaccuracies. Close accounts not in use. Request that late payments older than seven years be removed. Verify and update reports and account numbers. Verify your address and Social Security number.

Credit card companies and lenders rely on credit scores, which determine someone’s chances to borrow money — and how favorable the terms will be.

How to Improve Your Score: Pay your bills on time. Reduce outstanding debt. Build up your savings. Don’t fall for illegal schemes that help you create a new credit identity.  Work your way towards building your credit by establishing a recommended emergency fund of $1000.00.  Next, Pay off or significantly reduce your debt.  Once your score is 650 or above, start shopping for a lender to support your homeownership or investment property goals.

Your overall financial health is as important to track as your physical health—cheers to a good year ahead.