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Understanding your credit
Thursday, April 17, 2008
I'm fortunate enough to host a great weekly real estate forum (the largest of its kinda in the area) that I created in early 2007. While it's only open to real estate professionals, a lot of the info that comes out of that group benefits my clients. This week we had Mark Wolff and Jay Broderick with the law firm Wolff & Wolff join us to talk about credit information and how consumers can protect themselves.
Here's a scary fact that Jay shared with us: a recent study showed that one in four consumers had errors on one or more credit reports so severe that it could cause them to be unable to obtain housing or employment. Additionally, 79% of credit reports had at least minor errors or inaccuracies.
Do you know what's on your credit reports?
The first key is to understand that not one but three major credit reporting agencies are monitoring our individual credit behavior. This includes payment habits, credit balances, loan types, and new credit inquiries (initiated by the consumer or by outside creditors for the purpose of evaluating creditworthiness). Creditors and individuals such as prospective employers that you grant permission potentially have access to information about how much and what types of credit you have, whether or not you're paying on time, what percentage of your available credit is used, your rent/mortgage payment history, and more—and they're using this information to determine not only if you should get that new platinum credit card but also whether or not you should have a home loan, what interest rate you'll get on that loan (remember that when you're considering buying a home in the Sacramento area), whether or not you should be allowed to rent, or even if you should be hired for a job.
Knowing what's on your credit report is critical.
The three major credit reporting agencies—TransUnion, Equifax, and Experian—are required to provide for FREE one copy of your credit report per year to you the consumer. The two easiest ways to access these reports are
- By phone. You can call toll free in the U.S. (877) 322-8228 to request a printed copy of your credit report from one or more of the agencies be mailed to you.
- By secure website. You can access information quickly and easily online (after verifying your identity) at http://www.annualcreditreport.com (Please note that the information provided online is not produced in the same format as a printed credit report, you may wish to order by phone for the most detailed information)
If you're having a hard time understanding what's on your credit report, a creditor or agency is unwilling to make a correction, or you need more assistance, I recommend you contact Jay Broderick with Wolff & Wolff for a consultation (there is a $50 consultation fee for a review of your reports and to determine a course of action). The number is (916) 714-5050 or you can email Jay at jaybroderick@wolffandwolff.com
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, credit, Elk Grove, Galt, Gold River, Land Park, Lodi, Modesto, Natomas Park, North Highlands, North Natomas, Old Sac, Rancho Cordova, Regency Park, Roseville, Sacramento, Southport, Stockton, West Sac
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posted by Rob McQuade @ 10:42 AM,
