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The real truth about credit reports


5 things you need to know about credit reporting agencies 

The first place to start in the home buying process is getting your credit report. 
This way you know what your credit score is and how to proceed with a lender or fix your credit.

You see all kinds of ads on TV for a free credit report which most are third party. Going to annual credit report with get you free credit reports direct from the big 3 agencies, Experian, Transunion and Equifax.
It’s really is free!

Now, here’s the real truth about credit reports you might not know.

1. Information about your checking and savings account is NOT included on your credit report.

2. Below is what appears on your credit report. This and other information may appear and each agency displays it in a different way.

a. Identification: name, address and social security number (last 4 digits)
b. Credit inquiries from the last two years
c. Bankruptcies, liens, and judgment 
d. Payment history

3. The credit report does NOT include your credit score but you can purchase it through the agencies.

4. You can order a free credit report from each of the three reporting companies once every 12 months at annual credit report. Yes, that’s right.

5. Ordering a report yourself will NOT hurt you credit score.

You still need a good score to get a loan, 650 and up should qualify but it depends on the lender.

Once you’re through the credit report process, you can get pre approved for a loan. That means submitting all documents to a lender. You’ll know exactly what you can spend on a home purchase.

The best part is you’ll be one step ahead of most people. A pre approval letter must be submitted with a purchase offer in today’s tight market. It will guaranteed your offer is a serious contender.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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