Today is Sep 03, 2010
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Check your Credit ...for what?

Check your credit….for what?

 

We hear it all the time make sure you check your credit, but for what? When you get your credit it can come from three different repositories. The three companies are Trans Union, Equifax and Experian. Each one of these companies has a scoring model they use to compile your credit score.

 

1.Your score can range from 350 to 850. When a mortgage company looks at your score they use the middle score. Not the average. You want your score to be 740 or higher.

 

2. Is the information correct? Check each trade line. Is the available credit limit reported as correct? Is the amount you owe correct? Are there any late payments on your account? All of these are important keys to helping keep you credit score high.

 

3. Inquires. Near the end of your credit report is a page that will tell who has been looking at your credit. When you apply for credit almost all companies have you sign a waiver allowing them to check your credit at their discretion. That is OK. This is known as a soft pull. You want to make sure companies that do not have your authorization to pull your credit are not.
 
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Michael R Diffee
President
Premier Mortgage Exchange, Inc
Toll Free: 877-289-3639
Ph: 770-874-8704
Fax: 770-874-8710