Free Credit Freezes & Fraud Alerts

Looking for stronger ways to protect your credit?
Starting September 21st, a new federal law will allow consumers to freeze their credit for free. This new law, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” will also include a provision for free, year-long fraud alerts.
Why is this important when applying for a mortgage?
Credit freezes can cause delays in the mortgage application process. As a consumer, it is best to address the removal of the credit freeze with each respective credit reporting agency (Equifax, TransUnion, Experian) prior to applying for a mortgage loan. Doing so can help you avoid any potential roadblocks during your mortgage loan application that may occur when your lender attempts to check your credit.
Within one year, credit reporting agencies will also be required to provide free electronic credit monitoring to all active duty military.
Source:
https://www.consumer.ftc.gov/blog/2018/06/free-credit-freezes-are-coming-soon-0
2018-09-07T10:48:18+00:00September 7th, 2018|Categories: Homeownership, Mortgage, Mortgage Sense, Residential|0 Comments