www free annual credit report com

www free annual credit report com
In many cases when buying a property your credit report is more important than the money you have in the bank. There are obviously some exceptions, for example, if you purchase a property without a mortgage, for cash. In most cases, a mortgage is to finance a property. Your credit report is very important when borrowing money. We comment briefly on what to expect on your report, and what it covers.

What can you expect to see on your credit report

* Name
* Address and previous addresses
* Social Security Number
* Date of Birth
* Employment
* Lines of credit (mortgages, car loans, credit cards, etc.)
* Date of credit line was opened
* State of the trade-line
* Limit the amount of the loan or line of credit
* Collections, Foreclosure, bankruptcy, judgments and liens, if any

FICO score

Your FICO Score is used to determine how much risk you are to a lender. Will you pay back the money that they borrow? In most cases, is not your FICO Score is used to determine your creditworthiness. The higher the FICO Score, the less risk you are in the eyes of a lender. The lower your FICO Score, the greater the risk you are to a lender, the higher interest rate you should expect to pay and / or a deposit may be required.

What affects your FICO score?

15% - Length of Credit History

* 7 years is the optimal
* Less than 7 years hurts your result

30% - the amount of the debt owed to the

* Credit is used from a total available credit
* More than 50% on credit cards is bad, less than 30% is optimal

10% - types of loans

* Pivoted, installment, mortgage
* A mix is good, too much can harm a kind

10% - New Credit

* Since the last time for the credit --
* How many new accounts were opened

35% - Payment History

* Do you have late payments?
* If yes, how long have these payments?
* Missed payments?

The three major credit reporting agencies

* TRANS UNION
* Experian
* Equifax

All three credit bureaus report the same information in different ways. Normally, if your credit report pulled by a lender three different results will show. In most cases, all three to close. Each lender is different. Some are on the middle of the three FICO Score by these agencies. Another lender is only one of these agencies. If you are interested in more information on your credit report / FICO score, or how to improve it, with a local bank or mortgage broker.

You should check your credit report every three to six months. Please contact the credit bureaus immediately if you notice an error or mistake.

Why pay for the same financial advice you receive for free from Tom Van, founder and author of http://www.thomasvan.net