Get Your Free Credit Reports

Your credit reports contain information about your accounts, balances and payment history. Mortgage lenders use that information when evaluating your application, so it makes sense to review it before you begin shopping for a home.

You can request free credit reports from Equifax, Experian and TransUnion through AnnualCreditReport.com—the federally authorized source for free credit reports.

Information can differ among the three credit bureaus. Reviewing each report may help you identify:

• Accounts you do not recognize
• Incorrect balances
• Payments mistakenly reported as late
• Duplicate accounts
• Closed accounts shown as open
• Outdated negative information
• Signs of possible identity theft

Finding an error before applying for a mortgage is considerably more enjoyable than discovering it three days before closing.

No. Requesting and reviewing your own credit reports is considered a soft inquiry and does not lower your credit score.

A credit report contains your credit history. A credit score is a number calculated from information in that report. Your free reports may not include the specific credit scores used by mortgage lenders. Different lenders and consumer-credit services may use different scoring models, so the score you see online may differ from a mortgage credit score.

AnnualCreditReport.com currently allows consumers to request free reports from each of the three nationwide credit bureaus every week. You probably do not need to check them weekly, but reviewing all three before beginning the mortgage process is a smart move.

If you find inaccurate information, follow the dispute instructions provided with the report. Keep copies of your report, supporting documents and correspondence. 

Concorde Mortgage can also help explain how the information on your credit report may affect mortgage qualification—but the credit bureaus must investigate and correct reporting errors.