Monday, July 30, 2012

Catch Errors in Your FICO Score Before Paying More

Check your FICO Score for errors so that you are sure to get approved
Check your FICO Score for errors which are
keeping you from being approved for loans.

If you are considering a big purchase, you should make sure your FICO score is ready to support you. Even if you have combed through your score for inaccuracies, there’s now a safety net in case you missed some. The Equifax Finance Blog explains in the article, “Are You Receiving the Best Interest Rates on Your Loans?

Due to recent financial reforms, lenders have to give you a Risk-Based Pricing Notice when you don’t qualify for the best rates. This notice can highlight any problems which are causing you to be charged more for a loan. If you find these problems to be report inaccuracies, the path to a better FICO score and lower interest rate is clear. All you have to do is contact the reporting agencies and request a fix.


You should receive this notice at the time you are approved for a loan, whether in person or by mail. If you don’t receive it or its alternate, the Credit Score Disclosure Notice, you may need to request it. Make sure to give yourself time to review and check your score before you sign on a loan, or you may lock yourself into a higher rate.

The Equifax Finance Blog has a wealth of additional money management tips for everything from big purchases to retirement.

No comments: