New Jersey Real Estate Digest: Check Your Credit Report

Thursday, August 31, 2006

Check Your Credit Report

Eileen Alt Powell reports that federal laws protect consumers' saving and loans in today's The Times of Trenton. Since mortgage companies use credit reports and FICO scores to determine whether a buyer is likely to default on their loan, it is in a buyer’s best interest to check his credit report at least once a year. Get reports from each of the three main bureaus – Equifax, Experian, and Trans-Union; it’s free.

“Often the first place that signs of ID theft show up is on your credit report,” said attorney Joel Winston, an associate director in the Federal Trade Commission’s bureau of consumer protection.

Disputing information found in the report and placing fraud alerts on their credit files can assist consumer who believe they are victims of identity theft. There are laws in place to protect consumers.