Free Annual Credit Reports

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The Federal Trade Commission (FTC), the nation's consumer protection agency, has prepared a brochure, Your Access to Free Credit Reports, explaining your rights under the FCRA and how to order a free annual credit report.

A credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.

A couple of other noteworthy tips:

• Run your own credit check yourself prior to looking for a home.
•       Be sure to order the credit score, too.
• Get pre-approved for your loan prior to looking for a home.
• Don't buy anything large on credit, like a new car, while looking for a home.
• Don't let mortgage brokers run your credit score until you are done "shopping around" for one.

Here is some consumer financial news from the government: