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How to Obtain Your Credit Score

What’s on your Credit Report impacts whether or not you will qualify for a mortgage loan.

Get Your Credit Score South County Mortgages

Your credit report is your report card to lenders on how you manage your money. It will determine whether or not you qualify for a mortgage loan, and it will also determine what kind of rates and terms a lender will offer. 

The higher your score, the better rates, and terms you will receive.  The lower your score, the less favorable your rate and terms will be. In other words, your credit report tells the lenders whether you are at high risk or low risk to borrow money. 

It is essential to know that your credit report is recorded by three independent national reporting credit reporting agencies.  These three agencies have different algorithms and formulas for calculating your score. 

Often your bank, credit card company, or an organization such as AAA, will provide you with credit score monitoring services.  Once a month you can check your score from a report from one or more of the three agencies. The score will give you a general idea of where your credit is on a scale of excellent, good, or poor. 

If you feel there are discrepancies on your report due to fraud or other inconsistencies, or mistakes, you can request your report from three agencies below:

Equifax – www.equifax.com
Experian – www.experian.com
TransUnion – www.transuinion.com 

If you have been denied credit, insurance, or employment because of information on your credit report, you can request a free copy of your report. 

You must contact the agency within 60 days of receiving a denial notice.  You are also entitled to a free copy of your report once a year if you certify in writing one of the following scenarios:

  1. You are unemployed and looking for a job in the next 60 days.
  2. You current are eligible and receiving welfare. 
  3. Your report contains errors due to fraud. 

If you don’t fall under one of the three scenarios, you can request a copy of your report from any of the three agencies for a nominal fee. 

The agencies also offer different report options for additional fees, and may include the following:

  • A credit report with or without your credit score. 
  • A three-in-one credit report that displays a side-by-side comparison of records from all three agencies; with or without scores. 
  • Notification services of when your credit has been requested.
  • Subscriptions that allow you to access your report online at any time through a dedicated login and page.
SOUTH COUNTY MORTGAGE

With over 20 years of experience, we ensure you get the best service you deserve.

(401) 583-4150