In previous blogs, we discussed the impact that credit scores have on obtaining a home loan. More stringent requirements such as higher credit scores, more money for a down payment and other financial factors are making it harder for people to get a mortgage. But one thing that applicants must ask yourselves is this: Have you seen your credit report?

Obtaining a credit report is a great asset. It tells you everything about your credit history — which credit cards you hold, how long have you held each account, the balance and status of each account and whether you are late on payments and, if so, by how many days. By checking your credit report, you can verify the accuracy of your report and dispute any details you may believe are not true. These reports are available from the following credit reporting agencies: Experian, Equifax and TransUnion.

The Home Buying Institute strongly advises that homeowners get a credit report before trying to get a house. Those who have good credit histories will have an easier time obtaining a loan than those with bad credit histories. Those who fall into the latter category, The Home Buying Institute says, should work on improving their credit score. Some ways to do this include paying bills on time, keeping credit card balances low, making sure your debt does not exceed 20% of your personal monthly income and limiting the number of loans or credit cards you apply for.

It doesn’t hurt to check your credit score. After all, what you don’t know about your credit score can hurt you.