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| 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.
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