REAL TipS: BUYING

Get your credit in shape first

If you are considering purchasing a home, you might want to begin by taking a look at your credit. While you don’t need perfect credit, it’s a smart idea to find out what’s on your credit report before applying for a loan. The Fair and Accurate Credit Transactions (FACT) Act of 2003 made it possible for consumers to access free copies of their credit report.

You can request one free credit report every 12 months from each of the three major consumer credit reporting agencies: Equifax, Experian and TransUnion. You might consider requesting a copy from each, as you may come across inaccuracies. If you find errors, you can try to resolve them before contacting a mortgage lender. If you come across legitimate blemishes, you may want to take steps to improve your credit rating before applying for a home loan. Even if you aren’t looking to buy a home soon, you might consider taking advantage of this free look at your credit report.

Texas Association of Realtors®