Home Savings requires a new tri-merged credit report with FICO scores from the three national credit reporting agencies. A tri-merged report that most mortgage lenders use reflects all the items reported by the three reporting agencies in an easy to read format. We caution you that the FICO scores that we use may be a different model then the scores you receive directly from these bureaus. You also need to be aware that each credit inquire may impact and lower your FICO scores.

The information in your credit report has a huge impact on whether or not you qualify for a mortgage loan and what interest rate a lender will offer. Therefore, its important your credit report reflects a positive image of the way you manage your money. If you're getting ready to buy a home, checking your credit report is the best way to ensure you get the loan and interest rate you deserve.

The easiest way to see whats in your credit report is to contact the three national credit reporting agencies Equifax www.equifax.com, Experian www.experian.com and TransUnion www.transunion.com - and request a copy from each. Thats because the three agencies are independent of each other and the information may differ on all three reports. The Credit Bureaus have a site that you can request your credit report by phone from all 3 Bureaus 1-877-322-8228 or Online at www.annualcreditreport.com. In addition, you may not know which agency your lender will use to check your credit, so its best to verify that all three have correct information about your credit history.

If you've been denied credit, insurance, or employment because of information in your credit report from any of the three agencies, you can obtain a free credit report by contacting the agency within 60 days of receiving a denial notice. In addition, you're entitled to a free copy of your report each year when you certify in writing that (1) you're unemployed and looking for a job within 60 days, (2) you're currently on welfare, or (3) your report contains errors due to fraud. Otherwise, the agencies charge a fee for a copy of your report.

For additional fees, each agency may offer you different report variations, such as:

• A credit report with or without your credit score.
• A three-in-one credit report that lets you see a side-by-side comparison of records, from all three agencies, with or without scores.
• Notification services when your credit history is requested.
• Routine notification changes to your file.
• Subscriptions that allow you to access your report on a regular basis.

New law promotes free access to credit reports
You may get your credit report for free regardless of your employment or financial situation. A recent amendment to the federal Fair Credit Reporting Act (FCRA) mandates that each agency provide you with a free copy of your credit report, at your request, once every year, from www.annualcreditreport.com. 

Whether you are thinking of buying or refinancing a home or simply curious about whats in your credit report,  its important to correct any errors you discover as soon as possible.  You dont want errors in your credit report  affecting your eligibility for credit in the future.