Accessing Your Own Credit Information

Your credit scores are one of the major factors influencing the lender approval of a loan.  As well, the interest rate offered to  you by the lender will vary, depending upon your credit scores.

Lenders typically access information from three major credit agencies -- Experian, Equifax and TransUnion.  The lender uses all three scores, but will rely most heavily on the middle score of the three credit agencies.  If there is derogatory information from one credit reporting agency, the borrower will, most likely, have to resolve the issue in question before closing, although sometimes there are leniencies, depending upon the derogatory item and the explanation thereof from the borrower.

Items that can effect credit scoring include:

• Too many credit inquiries within the last 90 days; 
• High balances relative to credit limits; 
• Too many open accounts; and 
• Too many accounts that have recently been opened. 

Also, negatively reported items, such as bankruptcies, judgements or payments that have been more than 30 days late, will severely impact your credit score.

Although a few years ago, it could take six months to a year to resolve credit issues, this process can be expedited and completed within 30 to 45 days, or many times, even sooner.

You can access an annual free credit report from each of the reporting agencies by going to their individual websites and entering your proprietary information.  To access Experian's website, click here; to access Equifax, click here; or for TransUnion, click here.  Additionally, there may be other on-line sources, such as the following:  click here.

The credit agencies are obligated to give you ONE free credit report annually, but they don't have to furnish credit scores to you.  In order to get a tri-merge credit report with credit scores, you will have to pay for it, although you can do so on-line.