Credit Info For You Courtesy of Steph Fairweather, Seattle Metro Mortgage and Mary Schile, RE/MAX Mutual Realty
Are you thinking about buying a new home or refinancing your current home? Credit scores are an important factor in mortgage loans – higher scores can mean access to better interest rates - but many consumers are unsure about what causes them to receive a certain score. The typical score model for mortgages are FICO scores. They are determined by five main categories:
The data used to compile credit scores is based on information reported by creditors to Equifax, Experian and Transunion, the three national credit bureaus. It does not include info about income, race, sex, or religion. There are key factors to maintaining a good FICO Score:
If you feel there’s an error on your file, contact the creditor in question and request an investigation. You should also dispute the item with the bureaus at the addresses below:
EQUIFAX – PO Box 105873 Atlanta, GA 30348
TRANSUNION – PO BOX 1000 Chester, PA 19022
EXPERIAN – PO BOX 2104 Allen, TX 75103
To remove your name from solicitation mailing lists, call the Direct Marketing List “Opt-Out” number at 1-888-567-8688. One call is valid for all bureaus. This is different from the “Do Not Call” List.
Follow these tips, and you should be on your way to maintaining a good credit file! For help with home finance questions, or for a free home loan consultation, you can reach Steph Fairweather, Seattle Metro Mortgage, at 206-933-3292. For additional real estate questions, contact Mary Schile, RE/MAX Mutual Realty, at 206-601-4377.