Essentially, a credit report is a record of how you’ve managed your debts. Having a good credit report is a key factor in getting better home loan interest rates, and saving money on closing costs and interest paid. You should check your credit report about 90 days before making a major purchase like a new home. You can check your Equifax, Experian, and TransUnion credit reports for free at www.annualcreditreport.com.
You can also use Savvy Money within our online banking and mobile app. This information updates every seven days.
You’ve also heard the term “credit score,” but you may not be sure how that differs from a credit report. A credit score is a rating system that gives lenders a guideline to determine your home loan “creditworthiness”, it’s important to remember that credit scores are a snapshot of the score at a point in time. Credit scores can be obtained directly from the individual credit bureaus but come at a cost.
