Are You Taking Steps to Protect Your Credit Score?

Did you get one of the nasty surprises from a department store, bank or a federal agency that your data has been hacked?  If you did and if you are preparing to buy a home in 2016 now is the time to become your own credit advocate and take meaningful steps to protect your credit.  Any radical changes to your credit can spell out serious consequences when applying for a mortgage.  If you are contemplating buying a home for the first time or a new home now is the time to make a thorough review of your financial status.

Mortgage companies will check your FICA scores at the time you apply for a pre-approved mortgage and again prior to closing.   Having thieves open accounts in your name or running up big ticket items from stolen cards will result in delays and outright denials of your application.   If you have not already signed up with a credit protection agency and are not sure what steps you should take to protect your credit check out AnnualCreditReport.  This site is a truly free credit reporting service that will not ask for a credit card number before they run a report. Annual reports will assist you in correcting inaccuracies and give you an overview of your credit history.  They do not offer you a score.  The site also offers a number of informative articles that will help you make any decisions in managing your credit or contracting for credit services.  You can request all three agency reports at once or spread the requests out over a year between the three credit reporting agencies. A regularly scheduled request for a report from a different agency throughout the year will allow you to keep an eye out for any errors or unusual activity. 

There are Some On-Line Resources To Help You

If you know your identity has been stolen the Federal Trade Commission provides a .pdf booklet with the steps you should take to protect yourself and limit or prevent damage to your credit.

Applying for a mortgage at any time is a task. You don’t want to begin the process unprepared, without real knowledge of your financial status in the eyes of a lender.  It's a great time to take steps that will protect your credit.  Do you need more information about the home buying process? Give Jason Gracey a call at 832-541-5060 for effective negotiation and representation.