Why Home Buyers Should Check 3 Bureau Credit Report and Scores

When you are buying a home, it is imperative to check 3 bureau credit report and scores on a regular basis during the time period leading up to your purchase. For most people, their home is the single largest purchase that they are going to make over the course of their lives and their home is also where the bulk of their net worth comes from. This makes it imperative to make smart choices when it comes to your home, which means keeping careful tabs on your credit when you are getting ready to buy.

Checking 3 Bureau Credit Reports and Scores Helps Get Your House

When you make an offer on a house, you usually have a limited period of time to close on the deal before the offer falls through and you end up not getting the house (and even perhaps losing your escrow money). This means you don’t want anything to delay the mortgage lender from giving you a loan. Unfortunately, a mistake on your credit report could do just that.

If you have incorrect data or wrong information that makes your credit score much lower than it should be, you could end up getting denied for a loan. This, in turn, could result in you potentially losing the house. While you can correct the mistakes with your credit report, there may not be time to do this and get the loan before the home is gone. Don’t take that risk; instead, check your 3 bureau credit reports and scores regularly to ensure that your data is accurate.

Checking 3 Bureau Credit Reports and Scores Helps You Get Lower Rates

Lenders not only look at your 3 bureau credit reports and scores when deciding if you should get the loan but they also use your score to determine the amount of interest that you are going to have to pay. A higher interest rate can cost you much, much more over the time when you own the house. As such, it is important to correct errors that raise your interest rate and also to see areas for improvement where you might be able to raise your credit score before buying the house.

Checking 3 bureau credit reports and scores lets you keep an eye on how lenders are going to view your payment history and creditworthiness so you can make the changes you need.

Check You Scores and Report Today

If you are thinking about buying a home any time soon, it is never too early to start keeping a close eye on your credit. To learn how to check your 3 bureau credit report and scores, visit Credit Report 123 today.