Most Lenders use a tri-merge credit report when evaluating your loan application. A tri-merge report is actually three separate reports wrapped into one big report. Lenders get these reports from the major credit bureaus - Equifax®, Experian®, and TransUnion.

If you're in the market to buy a home, we urge you to check your credit report to avoid any delays in obtaining your loan. If you're buying as a couple, both of you will need to order your own report. Federal Law permits that you may receive one free copy of your credit report every twelve months from each of the three major credit bureaus. The law also requires the three bureaus to provide a single point of contact to order these reports.

You'll want to check for any inaccuracies or omissions on your credit report because any errors found could prevent you from obtaining the best possible terms for your loan. If you find errors, contact the reporting credit bureau immediately to find out their procedure to remedy it. Be prepared to provide documentation to support your position.

If there's an error on your Equifax report: call (800)655-1111.
Experian: call (888) 397-3742
TransUnion: call (800)888-4213.

Here's what you're going to be looking for on your report: 

• Is your address correct?
• Is your name spelled correctly?
• Are your social security number and birth date correct?
• Are the balances on your accounts correct?
• Are there any accounts listed that you didn't open or were not aware of?
• Are there any accounts that you closed that are still showing up as open?
• Are there any negatives that you can take care of right now?
• Have there been any unauthorized credit inquiries in the past 12 months?
• Does your report show any liens or bankruptcies that are inaccurate?
• Are there any late or missed payments that can be explained?

If you need help cleaning up your credit and establishing a budget, contact the Consumer Credit Counseling Services at the YWCA located at 700 E. 1st Street, Suite 713B in Alamogordo. To schedule an appointment, call 1-888-533-7502. Phone and internet counseling are available.

EXIT Advantage Realty
900 New York Avenue
Alamogordo, NM 88310
(505) 434-0300
info@alamoexit.com