I've been thinking about taking out a loan in order to add a bedroom to our house, so I consulted with a good friend of mine who is a loan officer at a large savings and loan. I consulted with him for some suggestions about what I can do to increase my chances for getting it approved.
Besides the common stuff about having a steady job or a co-signor, he told me that it's quite important for me to obtain a no charge credit report prior to completing my application. He told me that this will give me a much better idea of my stanidings because I'll be aware of the exact same information that the financial institution will see as they make their decision. I have to admit that I'd never contemplated this circumstance before, but there's no doubt it would be to my advantage to obtain a no charge credit report soon. A no charge credit report details your current and past financial situation. It reveals both your current debts along with any debt you carried in recent years. It also shows if you’ve missed any payments.
Because I didn't know a thing about how to obtain a no charge credit report, my friend promised to help me through the process. Evidently, there are numerous companies that can assist consumers obtain a no charge credit report that reflect all the data gathered by Equifax, Experian, and TransUnion. I would just need to supply some personal information such as my full name, current address, or Social Security number. In some instances, I might also be asked for a credit card number, my driver's license number, or other details to help substantiate my identity.
Because the information required to obtain a no charge credit report is of such a sensitive and confidential nature, it is important to make sure that the company I'm dealing with is entirely aboveboard and trustworthy. That means doing adequate due diligence, like checking the company's rating with the Better Business Bureau and with other consumer watchdogs to see if any red flags pop up.
My banker friend says that it's actually a good idea to acquire a no charge credit report once a year, regardless of whether I'm applying for a loan or not. Doing so is a great way to guarantee that the information that is in my reports is accurate and up-to-date, and is also the best way to measure if any instances of identity theft have happened.
Nevertheless, now that I know how to acquire a no charge credit report, I'm going to send off for one today. I never understood how vital it is to know about my different ratings and scores, but from now on, you can bet I'll stay on top of these things!