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How to Check Your Credit Before Applying For a Mortgage

By Lew Sichelman, From The Wall Street Journal Online

Question: Can you please tell me, or direct me to the source, of how to request reports from the major reporting agencies. Are they free? Richard Waide.

Answer: Yes, by law, everyone is entitled to one free credit report each year from each of the three major credit reporting agencies, which are:

• Equifax Information Services, P.O. Box 740241, Atlanta, Ga. 30374, 800-685-1111, .

• Experian, P.O. Box 2104, Allen, Texas 75013, 888-397-3642, .

• TransUnion Corp., P.O. Box 390, Springfield, Pa. 19064, 800-916-8800, .

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But if you want to obtain a free credit report from one or all of the big three credit reporting companies, go to . Accept no substitute. Visit the site.

A credit report is a sort of fiscal fitness statement of your credit habits. It names your credit accounts, identifies them by type and tracks balances, credit limits, payments, available credit, open-or-closed status and other information that reveals how well or how poorly you pay each account. The report also documents credit requests and notices of liens, judgments and other "derogatory" remarks, remarks from the consumer, and other information.

When you apply for a mortgage or other credit, the creditor takes a look at your credit report, among other documents and data, to determine if you qualify for credit and to determine how much credit it will grant you. Consequently, it's a good idea to keep tabs on your credit report so you can correct any mistakes that could adversely affect your application, and to take steps to improve your credit whenever possible. An unblemished credit report not only gives you fast access to credit, you also pay less in interest than you would if your report contains blemishes.

But beware of "impostor" Web sites that pose as "free credit report" Web sites but which are questionable marketing gimmicks designed to enroll you in credit-report monitoring and other credit services in exchange for granting you your "free" credit report.

Under federal law, official, free access to your credit report is available through a single Web site, , by phone (877-322-8228); by mail (Annual Credit Report Service, P.O. Box 105281, Atlanta, Ga. 30348-5281), or by filling out the request form on the Federal Trade Commission's Web site ( ).

By the way, a credit report is not the same as a credit score, which is a numerical analysis of your creditworthiness at a certain point in time, and it not available under the free report provision.

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