Should I Be Checking My Credit Scores Regularly?

The answer to this question is a resounding “yes.” You should be checking your credit regularly. Aside from the obvious checks for identity theft issues, you want to be looking to make sure it is accurate.

There are three credit bureaus which maintain credit files on you. They are Experian, Equifax and TransUnion and each should be checked regularly.

This is especially true if you are planning on making some major purchase in the near future, such as a home or car. If there are issues that need to be addressed, it is always better to start this process earlier rather than later, as it may take time to update.

It is important that you check all three bureaus. In theory, all the bureaus should provide the same scores.

In reality, though, creditors decide which of the bureaus they want to report to and when they report to them, causing some of the differences in the scores.

When you apply for a mortgage, lenders will use the middle score of the three as your credit score when making a lending decision.

So how would you go about checking your credit? You can go directly to each bureau, and each one will provide you with one free credit report each year.

If you want information more frequently than on an annual basis, you can go to many of the free online services such as Credit Karma, and some will set up credit monitoring services for you, if that’s what you’re looking for.

Please let me know what questions I can answer for you with regards to credit as it pertains to getting a mortgage.