Tuesday, January 3, 2012

Credit Report 101 for Evanston Home Buyers!

Have you looked at your credit report lately? If the answer is no, then start the New Year right by doing a little homework on yourself. If you’re interested in buying an Evanston home, or you have other major purchases in mind, knowing your credit picture up front can help you meet your goals. Improving your credit can help you save money on interest rates!
At The Thomas Team, we have some resources we’d like to pass along to you! Here’s an easy course on knowing your credit:
Pull a copy of your credit history from annualcreditreport.com. This is the official website of the credit industry; beware of substitutes! This is a free report available to all consumers once each year.
You can also pull the credit score itself by visiting MyFico.com. There are tips on this website about what goes into your credit score, which could help you improve it.
Check your credit history for errors. Check your history carefully to make sure dates and balances match up. Be on the lookout for debts that do not sound familiar; identity theft can happen to anyone!
If you find an error, file a dispute directly with the credit bureau. You will need to back up your case, so be ready to supply proof of payment or facts that support your dispute. The credit bureau will flag the disputed item and investigate it. It can take weeks for a correction to be processed on your credit report, depending on the complexity of the matter. Be patient and keep record of your efforts.
If you are struggling with debt, ask for help! The National Foundation for Credit Counseling can refer you to an approved credit counselor in your area. Avoid quick-fix promises advertised on the internet; they are often credit scams in disguise.
With a little homework and market study, you could soon become a homeowner in Evanston or anywhere in the Chicago North Shore area! For best results, find a mentor with The Thomas Team and we’ll tell you more about the great selection of homes and condos available on the market today! Contact us for help with your real estate questions!

The Thomas Team
Chicago's #1 Real Estate Brokerage

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