Your credit history and in particular your credit score defines your eligibility for home loans, car loans, school loans, insurance rates, rental property etc. With stated income loans becoming much more popular in San Diego, your credit is one of the major criteria that your loan and it’s interest rate can hinge on.
Starting on December 1st, residents along the western coast of the United States, will be able to receive free credit reports to help monitor their credit and increase their eligibility for San Diego real estate loans.
Your finances depend on credit and loan, it is surprising how little people really know about their credit history or scores. This web page will help fill in some of the blanks: http://money.howstuffworks.com/credit-score.htm/printable
According to the Fair and Accurate Credit Transactions Act of 2003, (better known as the FACT Act) consumers will receive one free credit report annually from each credit bureau, Equifax, Experian, and Transunion.
Congress says the passing of this law has two main goals:
1 Monitor for identity theft
2 Reduce the amount of complaints about credit report inaccuracies.
Consumers will be able to go to a single Web site, www.annualcreditreport.com, where they can request their reports online. Or they’ll be able to call a toll-free number, (877) 322-8228. Or they can mail a request to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, Ga., 30348-5281.
People will have to go to the site of whichever credit agency created the report and deal directly with that agency. The three sites are: www.equifax.com, www.experian.com and www.transunion.com
