Credit Report Info for Alaska Home Buyers
If you plan to buy a home in Alaska this year, good credit will be important. Fortunately, the 3 major credit bureaus - Experian, Equifax and TransUnion - have made it easy to obtain your credit report. From now through April 2021, the bureaus are offering a free credit report, every week, for every American.
Please note, not every lender reports to every bureau. This leads to confusion, because your car loan may show up on one report, and your credit card, another. Lenders are aware of this, so they consider your credit behavior across the board. (Your overall credit score, or FICO score, is typically an average from all 3 bureaus.)
Your credit report is a history of your credit accounts, balances and payment habits. It includes a record of the addresses you've held and other personal info. The report isn't always error-free, which is why you should check it! Checking your report also helps you spot unauthorized transactions.
There is exactly ONE website designated for consumers to obtain authentic credit reports: AnnualCreditReport.com. Beware of imitations! The official site will contain the phrase, "authorized by Federal law" near the top of the home page.
If your report contains errors, or you disagree with something, you have the right to ask for corrections. It doesn't cost a cent! Simply contact the bureau that supplied the report and explain your case. The bureau will investigate and respond to you within 30 days.
One more thing: your credit report doesn't include your credit score. That's because another company (FICO) owns the scoring model.
To obtain your credit score, visit MyFico.com. A fee applies. You can get a 1-time credit score statement by clicking on "pricing" near the top of the home page, and then choosing from the 1-time reports. However, if you have a credit card company that supplies you with a monthly score, you may not find this necessary.
The Madden Real Estate Team
Madden Real Estate with Keller Williams Realty Alaska Group
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