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Home › Government › Departments › Housing & Neighborhood Preservation › Home Buyers › Know Your Credit
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Know Your Credit

Page Content
​
Make sure your credit history is as clean as possible in order to obtain a mortgage loan. Start by reviewing your credit report, which provides a history of your credit, bad debts and late payments. Some credit reports will also contain your credit score, which is calculated based on information in your credit report.

You are entitled to a free credit report* annually from each of the three major credit-reporting agencies below:
 
  • Equifax:   (800) 685-1111; www.equifax.com
  • Experian:   (888) 397-3742; www.experian.com
  • TransUnion:   (800) 888-4213; www.transunion.com
* There is a charge to obtain your credit score.
 
Why are my credit report and score important?
A lender will typically pull a merged credit report based on information from all three of these agencies. Generally, the better (higher) your credit score, the better (lower) the interest rate you will qualify for on your mortgage loan. The lower your interest rate, the more house you can afford to purchase. Therefore, it is in your best interest to try to achieve the highest score you can by paying your bills on time and not carrying a lot of debt.
 
My credit report looks incorrect. What do I do?
Contact the credit agency as soon as possible if you find any errors in your credit report to have them corrected. Some issues can take up to three months to resolve and have removed from your credit report(s). Although your lender will pull your credit report, it is to your advantage to know if you have any errors on your report now rather than waiting until you have found a house and are trying to close the loan. Many sellers require that the loan close within a certain timeframe and may not be willing to hold the house for you while you try to resolve your credit issues.
 
2. Start Saving Now
​Learn about the costs associated with buying and owning a home and why it is never too early to start saving now.
3. Learn the Process​ ​
​An educated buyer makes for a successful homeowner. Find out where you can learn more about the home buying process. 
 

Contact Information

Workforce Housing

Direct: (757) 385-5742 | Email: csmith@vbgov.com

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