Latte, Laughter & Links

By now everyone is well aware that you need to pull up your credit report and check your credit history a few months prior to pulling a mortgage. With the foreclosures at an all time high, banks are tightening the credit lines and the go go days we had a few years back are now over.

To access your credit report, call your credit bureau. You are also entitled to one free credit report each year. Call the credit bureau and they can send you your credit report. Once you get your credit report in the mail, you will need to comb through the entire repot and look for omission and any inaccuracies if any and report them back to the credit bureau.

How to fix your credit report really fast?
Most of the banks and lending institutions work with credit reporting agencies. These small agencies gather information from the three major credit bureaus. These credit reporting agencies also allow you a special service called as credit rescoring - meaning recalculating your credit score. In most cases when the credit score is re-calculated, it results in an upward score which will eventually be used to determine your mortgage rate. Experts say a reduction in your credit score by a few points can eventually result in hundreds or even thousands of dollars in savings.

There is one drawback to this approach - it is only available for mortgage and not for any other personal loans. If is always good to check your report once in a while and report any inaccuracies.

For more information visit our debt consolidation center.