There are three credit bureaus maintaining your credit records that do not share information with each other. If you haven’t carefully reviewed your records prior to applying for a new mortgage loan, mistakes in these files could cost you thousands of dollars in a higher mortgage interest rate. Here are several tips to help you stay on top of your credit and avoid costly mistakes when refinancing your mortgage loan.
The three credit agencies collect data and report on your credit when asked. Because these credit bureaus do not share information it is possible to have a mistake in one file and not the other two. Credit bureaus are not required to tell you about errors; it is your responsibility to make sure the information in your credit reports is accurate. The three credit bureaus you need to concern yourself with are Equifax, Experian, and Trans Union.
Before applying for a new mortgage it is extremely important to request copies of your credit reports from all three credit agencies and carefully review these records for errors. If you find a mistake contact the credit bureau and inform them of the error. Recent changes in credit reporting laws make it easy to request credit reports from all three credit bureaus. All you need to do is visit the website www.annualcreidtreport.com and you can print a credit report from all three credit bureaus at no cost to you.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: “Mortgage Refinancing - What You Need to Know, " which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit .
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