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Did you know that your credit score could have a significant impact on your mortgage rate regardless of your credit status?

Although you may think your credit is O.K., there may be items on your credit report that are being reported incorrectly or worse yet not yours at all.

It does not matter how good or poor you think your credit is. The credit rating (FICO) score that the credit agencies report is what plays a significant role in determining your mortgage rate. Even as little as 1 point can be the threshold to a better rate.

Let's say you consider your current credit status as being good. Your credit rating (FICO) score is a 688, which reflects your good credit status. However, if your score were a 700 you may be able to get a better rate on your mortgage. The difference can mean saving thousands of dollars over the term of your mortgage. Now let's go one step further. You decide to check your credit reports to see if there are any inconsistencies. When you receive your reports you see an item that you do not recognize. It ends up being an account that belongs to someone else with the same name as you but a different social security number. This is very common. You dispute the item with the reporting agency and it is corrected. Now your credit score is a 702 and may help to qualify you for a better rate.

You should make it a common practice to get copies of your credit reports at least every 3 months. If you live in New Jersey, by law you can request a free copy of your credit report every 90 days. It does however take some time to get inconsistencies corrected. In some cases, it can take several months. You should review them frequently and not wait until you are actually applying for your mortgage to find out that there is a problem on one or more of your credit reports.

Remember you can save thousands of dollars getting a mistake corrected on your credit report.

Following are the credit agencies with their telephone number to request a copy of your report:







When you get your reports review them carefully. There will be instructions on how to dispute any items you feel are incorrect.You can also contact us and one of our qualified representatives will be glad to help guide you through the process.


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