We all hear the recommendations to check our credit report every so often to make sure it is accurate but how many times have you mailed in a written request? I'll gamble to say none! The internet has made life much easier and today you can check your report within minutes.
Back in 2002 was the first time I ever got a glimpse of my credit report and I did find several errors. There were a few accounts that did not belong to me and my birth date was wrong. Although none of the errors had any negative effect on my report it needed to be revised. When I checked again in 2004 all was fine.
In the Real Estate business we hear about credit scores all the time but at this stage I myself am still confused by the different systems. In 2004 the FICO score was the number. The FICO score range went from 300-850 and from my viewpoint as a Realtor anyone over 600 was a good candidate to become a homeowner. Some clients with good downpayments and a willingness to pay a higher interest rate have had lower scores.
Yesterday my ears perked up when I heard a story on the morning news about FREE credit reports. Each of us is entitled to receive a free report once a year. Many companies on the internet try and hook you into paying steep fees for credit monitoring services when you try to get a FREE CREDIT REPORT but the reporter cited AnnualCreditReport.com as a good site to receive a free report and since you are entitled to one free report per year from each of the three agencies they recommend ordering a different one every 4 months so you can closely monitor changes.
Viewing your credit report does not give you the CREDIT SCORE and since I have heard of a "new scoring system" I spent $5.95 to get my number.
The Scoring Scale has changed and results in a number starting at 501 and topping out at 990. I got an ego boost since I moved a little closer to the top during the last four years.
If you are currently in the market for a new home in my territory or have a property to sell in New Haven County feel free to contact me via email (Dan@CummingsTeam.com) or call my 24 hour access line 203-672-2455.