Good credit is critical to obtaining the best mortgage rate. Your credit score is the number that helps lenders and others predict how likely you are to make payments on time. Each score is based on information in your credit report. Capstone encourages you to understand the credit reporting process and how your credit rating works. Before applying for financing, review your credit report to ensure accuracy. Credit reports often have errors that are serious enough to either substantially increase interest rates or decline financing all together. You can order your free annual credit report online at annualcreditreport.com, by calling toll-free (877) 322-8228 or by completing the Annual Credit Report Request Form and mailing it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
For detailed information, check out Your Credit Scores and Understanding Your FICO Score. Consumer protection laws require written notification to credit bureaus of reported inaccuracies. Disputes should be made directly with each credit bureau, since the agencies are not required to report corrections to each other. It’s helpful to send a copy of the report with incorrect information highlighted. For more information about correcting errors, visit the Federal Trade Commission’s Credit Repair: How to Help Yourself.
If you are concerned about identity theft, visit Equifax’s Learning Center Identity Theft Information. And for more information, check out If You Are a Victim.