| Checking your credit report is vital when it comes to | | | | financed purchase in your near future, be sure to |
| preparing your financial future. Online resources make it | | | | review your report immediately so you have ample |
| easier than ever for you to review your report, and | | | | time to correct any errors before it affects your loan. |
| checking it is free. But how do you know when and | | | | If you are in the process of purchasing a home you will |
| how often you need to review your report? | | | | also want to monitor your report closely. Even if you |
| If you are preparing for a financed or major purchase | | | | have secured a mortgage commitment from the bank |
| you will want to review your report prior to applying | | | | you will still need to keep a watchful eye on your credit |
| for a loan or line of credit. The interest rate you pay on | | | | report. Banks do a last minute credit check prior to the |
| a mortgage loan, auto loan and your credit card | | | | closing. Problems with your credit report could |
| interest rates all are determined by your credit score. 3 | | | | jeopardize your home purchase, so be sure to |
| out of 4 credit reports contain errors. Those mistakes | | | | periodically check your report until you close on your |
| could be negatively affecting your credit score without | | | | new home. |
| your knowledge. Review your report closely and keep | | | | Even if you do not plan to make any major purchases, |
| an eye out for any inaccurate or repetitive information. | | | | checking your report periodically can alert you to any |
| By law, the credit reporting agencies must remove any | | | | issues or potential identity theft. It is a good policy to |
| errors that appear on your report, but it can take 30 | | | | review your report quarterly to ensure that your |
| days or more to do so. If you know you have a | | | | finances are on the right track. |