What You Need to Know About Your Credit Score and How to Protect It
If you are applying for a home loan in the Charlotte area, one of the first things to do is confirm your credit score. A credit score is the number that lenders use to verify whether or not you can borrow money. The three major credit bureaus “assign” you a number based upon their analysis of your track record for paying bills on time. Lenders can then use the average of the three bureau’s numbers (they typically vary from 1-30 points from one another) to evaluate whether you are a good candidate to qualify for a loan. Your number, which will range from the lower end of 300 to the highest of 850, is a reflection of how you have paid your credit cards, loans and utilities over time.
If you are curious about your score, you are in luck! For the first time, you can get a truly free credit score report with no hidden costs or obligations at Credit Karma. Credit Karma offers a no strings attached service that allows you to return as often as you would like and even track your credit file to stay informed and even find the best savings options.
But BEFORE you run your credit make sure that you are working with a knowledgeable and expert mortgage planner that can help protect you from unsolicited offers and deceptive marketing practices. When you are applying for a loan and your credit needs to be run, you will in turn trigger an inquiry that legally allows the credit bureau to sell your name and information to other mortgage companies. You are about to enter into one of the biggest transactions of your life and the last thing you want is a loan telemarketer confusing you with phony interest rates. Take preventative measures – Opt out now!
Our expert mortgage planners can help explain that in no way is Fairway selling client’s private information to other brokers and why you should ALWAYS avoid doing any business with cold callers or over the phone. Cold callers often ‘strike while the iron is hot,’ and will use phony bait and switch tactics to lure you into believe they are either affiliated with your current mortgage planner or that you can get a much better deal by working with them. At Fairway, we are always ahead of the curve and can ensure that we work our hardest to get you the best home mortgage loan for your situation.
Fairway works hard to earn the trust of every client and by doing so we can help you take preventative measures from being cold called and help you Opt out – we can even do it for you on our own! By visiting OptOutPreScreen or calling 888-567-8688 you can opt out for five years or forever by mailing in their form. We understand the source of frustration and annoyance that these cold callers can cause and by providing our expert service we want to protect you and your home mortgage loan.
Protecting yourself from credit fraud is another important way to protect your credit score. As you may have seen on the news, Target’s security was breached over the holidays. Because of this, Target is partnering with Experian to offer one year of FREE daily credit monitoring that includes identity theft insurance. This will allow you to protect yourself from scammers or identity theft and will be a valuable tool for you as well.
While we suggest talking to your mortgage planner before you go forward with fixing errors on your credit reports, you may contact the three primary credit bureaus at the information below.
Equifax: 800-685-1111 (general) or 800-525-6285 (fraud); P.O. Box 740241, Atlanta, GA 30374
Experian: 888-397-3742 (general and fraud); PO Box 2002, Allen, TX 75013
TransUnion: 800-888-4213 (general) or 800-680-7289 (fraud); P.O. Box 2000, Chester, PA 19022