Have you checked your credit report lately?

 By now you know that your credit score is key to helping you qualify for a home loan. Recently, it has come to light that there have been a record number of errors on credit reports as a result of the pandemic. Learn how to check your credit report and what to do if you find any issues, below.

In the last year, credit report errors have risen dramatically, accounting for more than 50% of complaints to the Consumer Finance Protection Bureau. Most often, incorrect information is cited as the reason. Common issues include accounts or loans that have been paid off appearing as unpaid, individual loans appearing more than once, and accounts mistakenly showing as being in collection.

These errors can do lasting damage to credit, and can be costly, leading to higher interest rates on loans or denial of credit altogether. Several consumer advocacy agencies and organizations, along with Consumer Reports have partnered to help address this.

First, they encourage everyone to check their Credit Score For Home Loan, which you can access annually for free, here: annualcreditreport.com

Second, they are asking consumers to take part in a brief survey project called Credit Checkup that will help provide data to hold the credit bureaus accountable and ensure accurate credit reports. You can sign up for the project here: cr.org/creditcheckup  and learn more about the issue, here.

Last, three major credit reporting agencies have extended free credit reports to all Americans weekly through April 20, 2022.

If you have any questions about credit and home financing, or would like to get pre-approved, contact us, we are always available to help.

Source By: https://www.fairway-newengland.com/checked-credit-report-lately/