I’ve heard that only 1 in 7 home buyers is able to qualify for a mortgage. I don’t know if that’s just around Raleigh or what, but that’s a pretty serious number. If you have issues on your report, don’t duck and run. Problems aren’t that hard to solve, the hard part is sticking with it and following through because it can be paralyzing.
Some financial advisers and consumer advocates suggest that you review your credit report periodically. Why?
- Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money.
- To make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.
- To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.
Read more about managing your credit on the FTC Website: How to Dispute Credit Report Errors.