Check Your Credit Report Three Times Per Year

Did you know that you can get your credit report for free at AnnualCreditReport.com three times a year? At this website, you can pull one copy of your credit report from each of the major credit bureaus—Experian, TransUnion and Equifax—once per year.

But why should you check your credit report three times a year? Here are three big reasons why:

1. Improve Your Credit. When you pull your credit report, you’ll be able to see the areas that you need to improve in, such as not having enough credit or having late payments. When you apply for a mortgage, the lender will pull your credit report—just like you do, or should do—and look at it to see if you pay your bills on time, what your debt-to-income ratio is, and if you have any negative items that may indicate that you’re a credit risk.

2. Find Errors on Your Credit Report. According to a study by the Federal Trade Commission, twenty percent of consumers have at least one error on their credit report—and five percent of consumers have errors that have caused them to pay higher fees on mortgages, credit cards and auto loans. Many errors could cause your credit score to be lower for quite some time, as some negative items can remain on your report for 7-10 years.

3. Help Prevent Identity Theft. By checking your credit report on a regular basis, you can help prevent identity theft or, at minimum, catch it quickly so that it doesn’t wreck your finances and cause never-ending headaches. When you review your report, look for accounts that you didn’t open, balances for things that you don’t recognize and incorrect information such as addresses, phone numbers or other personal information.

If you haven’t been checking your credit report three times a year, maybe it’s time to put that task on your calendar—and start reviewing your report today.

For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.

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