{"id":19694,"date":"2020-10-27T09:01:01","date_gmt":"2020-10-27T16:01:01","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=19694"},"modified":"2025-09-30T19:23:58","modified_gmt":"2025-10-01T02:23:58","slug":"buyer-how-to-get-a-free-credit-report","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-how-to-get-a-free-credit-report\/","title":{"rendered":"Thinking About Buying a House? How to Get a Free Credit Report"},"content":{"rendered":"

When you\u2019re applying for a mortgage<\/a>, one of the first things your banker will do is pull your credit report<\/a>. When the loan officer in charge of approving or denying your loan application sees your credit report, do you know what yours will say? Or could you be in for an unpleasant surprise?<\/p>\n

Chris Austin<\/a>, a Kansas City, Missouri<\/a>, agent who sells 83% more single-family homes than other agents in his area, has new clients start working with a lender right away. The lender can \u201clook at their situation and give them specific advice to get to a place where they can buy in a short amount of time,\u201d he says.<\/p>\n

A big part of what the lender does is go over your credit report and identify areas of improvement<\/a>. But if you want to know where you stand before talking to a banker or real estate agent, here\u2019s how to get a free credit report and start working on your credit yourself.<\/p>\n

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<\/a> Source: (REDPIXEL.PL \/ Shutterstock)<\/figcaption><\/figure>\n

What is a credit report?<\/h2>\n

A credit report is a snapshot of your financial history. Employers can use it when conducting background checks, and banks will use it when deciding whether or not to let you open a new credit card. Your overall credit score influences the rates you pay to borrow money and your repayment terms.<\/p>\n

Credit reports show personal information<\/b> (your name and past addresses), phone numbers, and current and former employers. Any delinquent or outstanding accounts<\/b>, missed payments<\/b>, and bills in collections<\/b> will also appear if the creditor has reported them to the credit bureaus.<\/p>\n

A credit report also includes a list of accounts in good standing<\/b>, including how long you\u2019ve had them, and how much credit you can draw from them<\/b>. The length of time you\u2019ve had accounts open also factors into your overall score.<\/p>\n

Credit utilization<\/a> describes the ratio of the amount drawn on your credit to the amount available. In other words, how much money have you borrowed compared to what\u2019s available to you<\/b>? A high credit utilization ratio tells lenders that you\u2019re relying on credit heavily, so you should try to keep your outstanding balances below 50% of your available credit.<\/p>\n

Finally, a credit report shows inquiries<\/b> \u2014 who\u2019s asking about your credit. If a mortgage lender sees that you\u2019ve been inquiring about opening a lot of new forms of credit, they could view it as a warning sign.<\/p>\n

How do you get a free credit report?<\/h2>\n

Three different agencies \u2014 Equifax<\/a>, Experian<\/a>, and TransUnion<\/a> \u2014 maintain credit reports. By law, they\u2019re each required to give you one free credit report a year.<\/p>\n

You can request your report by email, online, or over the phone.<\/p>\n

When you apply for a new credit card or loan, you often have the option to request that the lender send you a copy of the credit report they use when making their decision. Typically, they\u2019ll mail it to you during the application process. It\u2019s another great way to get a free copy if you\u2019ve already gone through the credit bureau.<\/p>\n

Why would you want a free credit report?<\/h2>\n

Knowing what\u2019s on your credit report tells you what lenders are looking at when you apply for a credit card or loan. It could give you a rough idea of the interest rates<\/a> you might qualify for, and insight into why they might turn you down if that\u2019s the result of your application.<\/p>\n

Another reason to look at your credit report, even if you\u2019re not currently applying for a mortgage, is to identify and fix any mistakes. According to one study, one in five consumers<\/a> has an error on their credit report. Errors could be as minor as including the wrong address or phone number, or more serious, such as showing an account in collections when you\u2019ve paid it in full.<\/p>\n

It\u2019s also important to monitor your credit for fraud issues. If someone has stolen your identity and is using it to open credit in your name, your credit report can help you discover what\u2019s happening. You may have to reach out to both the creditor, such as the credit card company, and the credit bureaus to get fraud issues resolved.<\/p>\n

The process of closing fraudulent accounts and clearing up errors can take time. If you plan on buying a house sometime in the next year, take action now.<\/p>\n

Marcus Rittman, the director of mortgage operations at HomeLight Home Loans, recommends that you start checking your report \u2014 the \u201csooner the better. It gives you time to start working on a path to improve your credit<\/a>.\u201d<\/p>\n

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<\/a> Source: (Debby Hudson \/ Unsplash)<\/figcaption><\/figure>\n

How often can you request a free credit report?<\/h2>\n

You can get one free report a year from each of the three agencies, for a total of three reports every year.<\/p>\n

You can also request a free report under other special circumstances:<\/p>\n