Compass Mortgage - the FACT ACT and Your Credit

The FACT Act and Your Credit

The Fair & Accurate Credit Transaction Act entitles New Hampshire consumers to an annual credit report for free.

Several studies have shown that credit bureau data is riddled with errors. Mistakes can be as simple as a mistyped address, or as complicated as a list of defaulted loans taken out by an identity thief in the victim's name and never repaid. Your money is at stake, so make sure your credit report is accurate.

Currently, a number of Web sites offer what are "free" credit reports, but most require trial subscriptions to credit monitoring services for a fee. On the other hand, http://www.annualcreditreport.com/ is mandated by federal law and is marketing-free until you get to the end of the ordering process. (Then you will find plenty of advertising for additional credit services – none being nearly as valuable as the report that you just ordered for free.)

Consumers can acquire their free report in three different ways:

1) Online: at www.annualcreditreport.com
2) By Phone: Call toll-free 877-322-8228
3) By Mail: Send a written request to:
Annual Credit Report Request Service
P. O. Box 105281
Atlanta, GA 30348-5281

Be a Smart Consumer

Dispute everything that's wrong on your report and follow up. Some inaccuracies are of no consequence, but others may affect you in many areas of life, including:

Employment

Where you live

The cost of your auto insurance

Your credit card interest rates

How much of a home you can afford

If you have questions about your credit or qualifying for a mortgage, call Charley Farley at (603) 471-9300 or e-mail charley.farley@weloannh.com.

Compass Mortgage Inc. - 172 Route 101 - Bedford, NH 03110-5416
Office Phone: (603) 471-9300 Fax: (603) 472-8811 Toll Free Phone: (877) 211-5300

Homebuying Made Easy®

Licensed by the New Hampshire Banking Department.
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