Credit
Credit Reports are used for the following reasons:
 | They reveal your experience with various types of credit. |
| They show whether you make your payments in a timely manner or not. |
| They list your current debt obligations. |
| They specify credit limits and loan amounts including outstanding balances. |
Based on our experience, we offer the following advice:
You should know what is on file with the three (3) major credit bureaus before you begin the mortgage application process.
New Jersey State Law says that you can request a copy of your credit files once a year without charge. It can take a long time to clear some errors from a credit file, and you do not want to face this after you have already contracted to purchase a new home.
The three (3) major credit bureaus/repositories are (in no particular order):
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Experian (formerly TRW) - 1 888 397-3742 |
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Trans Union - 1 800 888-4213 |
Call them for your free credit reports. Review the information
they contain and address any errors immediately.
If you are interested in some additional credit-related services, Equifax
offers the ability to monitor your credit file for identity theft as well as
typical credit file and credit score reporting. These services can be ordered
via the internet by clicking on the
Equifax
link.