Building Up Your Credit Score

Hopefully you understand your credit a little more after reading my last post. Now it’s important to remember that a healthy credit score can speed up the mortgage process, while an unhealthy (lower) credit score can indicate a pattern of risky behavior that could result in a collection or possible bankruptcy. Fortunately, your credit score changes over time; if you have poor credit, you can work on your credit habits to improve your overall score.Click here for more information on how you can improve your credit score.

You should check your credit score periodically to make sure that the information gathered is accurate. In fact, the Fair Credit Reporting Act requires that the three major credit bureaus provide a yearly credit report on request. You can order your credit reports online by visiting www.annualcreditreport.com or by calling 877-322-8228.

If you search online, you’ll find a number of credit report offers – most of them claiming “free credit reports”, “free credit scores” or “free credit monitoring”. These services are not part of the legally mandated free annual reporting program. Almost all of these services actually have some kind of product or service they sell at a fee. Consumers should not have to pay for services that are freely offered.

As I’ve mentioned before, your credit score is a vital part of your financial portfolio. Make sure it’s not something you take lightly, especially if you are considering owning your own home.

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