Tips to take away the fear First, if youre considering purchasing a home, its important you get your finances in order. Start is by obtaining a copy of your credit report. According to the Fair Credit Reporting Act, you are entitled to obtain a free credit report once a year, or within 90 days of being denied employment or credit based on your rating. A credit report verifies such things as your name, address, social security number, job history and debt history. The major credit reporting agencies are Equifax, Experian and TransUnion. Visit any of their Web sites to obtain your free report. Credit scores range from 300 to 900, with the lower end indicating to lenders that you will be a poor credit risk. Generally, the cutoff point for issuing loans is around 600. If your credit rating is questionable, it is probably a good idea to improve it before applying for a loan. Paying off debt, canceling unneeded credit cards and even consulting consumer credit counseling services are all steps you can take to get your finances in order.
Posted on: Sat, 31 May 2014 01:34:00 +0000
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