Before you apply for a mortgage loan, check your credit reports at AnnualCreditReport.com. This site, by law, allows the three major credit reporting bureaus, Experian, TransUnion, and Equifax, to provide a free look at your total credit history once a year. You’ll find the following:
- Bill payment history
- Loans
- Current debt
- Bankruptcy history
- Lawsuit records and liens
Compare all three reports carefully. One-third of Americans find at least one error, and mistakes can hurt your mortgage application. Credit bureaus don’t fix errors, report credit scores, or communicate with each other. If you spot an issue—whether it’s a reporting error or a late bill—you’ll need to contact the reporting entity directly, resolve the dispute, and provide proof of payment if necessary. This process can take 30 days or more, so acting early is key.
Finally, double-check your personal details, such as your name, address, and Social Security number, to ensure everything is accurate before applying. A small error can cause unnecessary delays.
Have questions? Let our trusted and local partners at Southern First help guide you.
