Protect Your Credit

Planning to buy a home? Protect your credit score

credit score

Whether you’re thinking about buying your first home or your next home, your credit score will play a huge role in determining what kind of mortgage rates are at your disposal. That’s why it’s vital to keep your score as pristine as possible throughout these unprecedented economic times. If you’re having trouble paying your bills, follow these tactics to keep your credit score protected.

 Contact Your Lenders

There’s nothing wrong with asking your lenders for help in your time of need. In fact, some may already have programs in place to help individuals affected by the downturn. See how the Consumer Financial Protection Bureau recommends discussing these issues with various types of lenders.

Know ALL of Your Accounts

Between student loans, car loans, mortgages, credit cards, and all the other lines of credit at your disposal, it’s sometimes hard to remember all of your accounts, but nothing could be more important. Knowing your accounts, and their statuses, is the only way to know if someone opens or closes an account without your consent.

Monitor Your Scores

That’s right, “scores.” There are three credit bureaus (Experian, TransUnion, and Equifax), each with their own scoring system. Different lenders trust different bureaus, so it’s important to know where you stand with each of them.

Read Your Reports

While scores are a great gauge of your credit, reports are where you’ll see all the information each bureau uses for their calculations. By keeping a close eye on your reports, you’ll be able to address any suspicious activity before it gets out of hand.

Great Lakes Home Team is here to help you with your real estate questions or needs. We have helped so many families sell their home or find their dream home. Do you want to know how much is your home worth is worth, Click here?
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