The Running Realtor: Review your Credit Report - Fast and Free!

A blend of ramblings about Real Estate & Running around New Haven County and the Connecticut Shoreline

Review your Credit Report - Fast and Free!

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.

 

Comment balloon 18 commentsNo Longer Active • April 17 2008 10:10AM

Comments

Dan - Looks like your a prime candidate for a home loan with that score, I know a good Mortgage Broker;-)  It is so important, now probably more than ever, to stay aware of what's on your credit file and where your scores lie.  You have provided a nice little resource here.  Good work!
Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 10 years ago
Dan - Just checked mine on Equifax....I see we have a huge amount of used revolving credit! hmm sounds like time for a shopping trip  ; -)  <<kidding, kidding>> This is an easy way for everyone to check on their credit report with out having to spend a lot of time or money. Very important in this day and age of identity theft.
Posted by Sandra Cummings, Real Estate Agent, Guilford Connecticut (William Raveis Real Estate) over 10 years ago

You mean to say your name is Daniel and not Dan!!!!!!!

Thanks for this post. As a matter of fact we have been talking about checking our score lately and now your post is a sign.

Posted by Mana Tulberg, Real Estate Agent - Camarillo CA (805 County Real Estate) over 10 years ago
Wait! Where are the LO's on here explaining this new scoring system? Does anyone really use the new system? And can I go shopping with my Sandra??
Posted by Jennifer Monroe, Real Estate REALTOR®/Broker in Beautiful Charlotte (Savvy + Company Real Estate) over 10 years ago

Yeah......Where are the Loan Guys!  What is this Vantage Score? And can I buy shoes with it? 

So My Jen when are we going shopping?

Posted by Sandra Cummings, Real Estate Agent, Guilford Connecticut (William Raveis Real Estate) over 10 years ago

Geez, I should be getting paid by the comment over here.  And what are you gals buying me?

Check out this link.

Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 10 years ago

Jason... I know I can just sign my name and spend but I'm pretty conservative with credit.

Sandra... You have enough junk but if the shopping bug strikes you can head out to the food store and cook me a feast!

Mana... Daniel or Danny or Dan.... Gets shorter with age! 

Jennifer...  I was wondering myself if the mortgage industry has converted systems or just creating confusion.

Sandra... Don't you have a barely used pair of Running Shoes?

Jason...  Are both systems currently in use or do different lenders use different scales?

Posted by No Longer Active (Real Estate) over 10 years ago
Dan--It is a great thing to keep checking on the credit report. So many know their exact credit score. I have no idea what mine is but I keep an eye on that report. Maybe I will have to spend the extra $5.95 to find out someday. Good information to know!
Posted by Teri Eckholm, REALTOR Serving Mpls/St Paul North & East Metro (Boardman Realty) over 10 years ago
Still working with that Dan, not totally sure.  I haven't seen too many lenders using this particular scale...
Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 10 years ago

My Sandra... Let's meet in NYC and spend a few days and a lot of $$$!

(p.s. I know what Sardi should get paid for... and it isn't comments!)

Posted by Jennifer Monroe, Real Estate REALTOR®/Broker in Beautiful Charlotte (Savvy + Company Real Estate) over 10 years ago
Dan,  Thanks for the info.  I guess I must have been under a rock, because I was not aware that they go that high until I read your post and Jason's link.  Thanks for the info.  
Posted by Marc Grossman, GRI, Greater Orlando Real Estate Broker (Marc It Sold!) over 10 years ago
My Jennifer - NYC..sounds great! Just let me know when you want to go!
Posted by Sandra Cummings, Real Estate Agent, Guilford Connecticut (William Raveis Real Estate) over 10 years ago

Teri... Go ahead and splurge... it's just pocket change and you'd be doing your part to stimulate the economy by spending.

Jason... You doing NYC with the little woman?   We'll talk them out of shopping and hit the comedy club or something!

Jennifer... Shopping can be done anywhere..... NYC is for fun and food, Have you had the Pastrami on Rye?

Marc... I heard the system was coming long ago but never knew it was implemented by the major credit reporting companies until today.

Sandra... Should suggest Jennifer does Boston instead.... Don't they have great deals on Wedding Dresses?

Andrew... It is a popular name but doesn't have the same recognition as Saint Andrew!

 

Posted by No Longer Active (Real Estate) over 10 years ago
Dan - this is great  info and advice for us all - thanks for sharing it! :) Hope all is going well!
Posted by Cyndee Haydon, 727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes (Charles Rutenberg Realty) over 10 years ago

Dan all the Lenders that I know of are still using the same FICO system, it would be interesting to know if any Lender has switched to VantageScore.  I did a blog on VantageScore back on May 5th of last year.  It is suppose to be adopted by all three major Credit Reporting Agencies Equifax, Experian and TransUnion. All three are suppose to use the same criteria and arriving at the same score, also it is suppose to be easier to understand, but I have yet to see it in use.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 10 years ago
Dan - I've used the site for the past two years and think it's great. Thanks for pointing it out.
Posted by Tom Plant (WINEormous.com) over 10 years ago
Only 8 more points to go for perfection :)
Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago
Keeping up on your credit report is always a good idea - thanks for sharing this with us
Posted by Thesa Chambers, Principal Broker - Licensed in Oregon (Fred Real Estate Group) over 10 years ago

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