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It is always a good idea to obtain a
copy of your credit report before applying for a home loan. By
doing this, you can correct any errors on your credit profile in
advance, establish credit, if necessary, or start repairing your
credit file if you have had problems in the past. Lenders look
very carefully at your credit as an indicator of your willingness
to repay your loan. Having poor credit, little or no established
credit or unresolved disputes with creditors can affect your purchasing
power and your ability to get a loan. To avoid unpleasant surprises
down the road, you can request a copy of your credit report for
a small fee by writing to any one of the following credit bureaus:
Equifax
Equifax Credit Information Services
P.O. Box 105873
Atlanta, GA 30348
Trans Union
P.O. Box 1000
Chester, PA 19022
Experian
P.O. Box 2104
Allen, TX 75013-0949
When you receive your report, check the following items:
Having an established credit history
is also important as lenders want to see a track record of debts
owed that have been repaid. If you haven't already done so, apply
for a credit card and use it to establish a credit history by
documenting your monthly payments and your monthly payments to
utility companies. Be careful not to accumulate too many credit
cards, however, as this can be considered risky, as well.
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Equal Housing Lender
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