It’s Easier to Watch Your Credit | Trusted American Mortgage

You likely know your credit report, which documents your credit history and gives an overall rating of your ability to handle debt, is an important part of the mortgage application process. If you’re wondering how you can keep an eye on this important report, we have good news: It’s easier than ever right now!

In normal times, you can get a free copy of your credit report once per year thanks to the Fair Credit Reporting Act. But these aren’t normal times, and the credit bureaus have agreed to give you access to your reports every week for free.

The move is intended to help people struggling in the crisis resulting from the coronavirus pandemic keep watch on their financial situations.

How to Get Your Weekly Credit Reports

To ensure this powerful free resource is available to every American who needs it, the process for requesting those reports has been made as easy as possible. All you have to do is go to the AnnualCreditReport.com website used for those yearly reports in other times and complete a credit report request. You’ll have to submit the form for every week you want to receive the report.

The bureaus said they’ll provide the free weekly reports through April.

How Do I Protect My Credit Report

You should always be careful to protect your credit scores and reports to ensure you’re in the best standing possible when you need to apply for new credit. That means ensuring you make required payments on time and keep a good balance between your income and debt, among other things.

If you’re having trouble doing those things right now, there are some steps you can take to help reduce the risk your credit report will take a hit and increase the chance you’ll be able to stay ahead of what you owe. These recommendations come from the Federal Trade Commission:

  1. If you’re worried about making your payments, reach out to the organizations you owe. You may be able to negotiate payment plans that will make it easier for you to meet the responsibilities, delay payment or provide missed payment forgiveness. You should have information on your financial situation ready when you call.

  2. Watch your credit reports to ensure your creditors adhere to those payment agreements or temporary forbearance, and don’t report payment issues to the bureaus if they’ve promised not to.

  3. Notify the credit reporting agencies immediately if you notice issues or inaccuracies on your reports. To get those resolved, you may also need to work with the companies or organizations that relayed the discrepancies to the bureaus.

The experts at Trusted American Mortgage want to help ensure you get the best home loan for your situation. If you need advice or guidance, we’re here to help.