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Christina Koch-Garcia
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Credit

Your credit history will be the driving force of program options and ultimate affordability for your home purchase or refinance.

If you’ve had a few bumps in the road, don’t worry.

You can check your credit history for free via a number of online sites.

The Fair and Accurate Transactions Act requires all credit bureaus to provide you a free copy of your credit report once a year.

https://www.ftc.gov/enforcement/statutes/fair-accurate-credit-transactions-act-2003

You can access your free credit reports via AnnualCreditReport.com

https://www.annualcreditreport.com/index.action

Additional fees may be for credit scores although Credit Karma and other credit monitoring services that will provide you a score for free.

If you discover discrepancies, you have a write to submit a dispute and receive a response within 30 days under the Fair Credit Reporting Act.

https://www.consumer.ftc.gov/articles/pdf-0096-fair-credit-reporting-act.pdf

No matter what your score is online, you lender score may be different.

Most lenders use a 3 digit credit score, developed by the Fair Issac Corporation called a FICO score. Your score is used as an indicator of your credit worthiness and is determined by your payment history, debt owed, length of credit history, new credit, and credit variety. Scores range from 300-850.

https://www.myfico.com/credit-education/fico-scores-vs-credit-scores

If you need to make improvements to your credit score, consult with your lender.

Scores are typically updated once a month.

Paying on time,  resolving any outstanding disputes, and reducing your debt ratio to 30% or less of your available credit are quick and easy ways to bump up your score/