Good credit is important when buying a home in Silicon Valley. Sometimes it takes a major purchase to make us think about our credit, but no matter your plans, you need to know what’s in your credit report. This sounds like common sense, but not everyone takes the time to review their credit. The risks of identity theft and credit fraud make it a necessity.
Take a look at the big picture for a moment, and you’ll see what I mean. The Federal Trade Commission estimates that 9 million people each year become victims of identity theft. Undoing the damage caused by fraudulent use of your personal information can cost a great deal of time and money. Here are more facts from the FTC:
- Credit card fraud is the most common form of identity theft.
- Fraudulent new credit accounts took the longest time to discover.
- The longer the fraudulent activity continued, the higher the loss to the victim.
- 16% of fraud victims were victimized by someone they knew.
- 84% of fraud victims did not know who obtained their personal information.
- Of the above, over half of the victims did not know how their info was stolen.
- 37% of fraud victims became alerted to the fraud by monitoring their accounts.
Our national affection for credit cards isn’t going away, however. The average American credit card holder has at least 3 credit cards, per a study conducted by the Federal Reserve Bank of Boston.
With these facts in mind, keeping an eye on your credit report is crucial. Fortunately, it’s also easy, and once every year, it’s free! And because I love to help Silicon Valley home buyers, I have this information handy. You can obtain a free copy of your credit report once each year at annualcreditreport.com. This website is a cooperative venture of all three major credit reporting bureaus, and is supplied as a public service.
Note that this free credit report will list your credit accounts and public records, but not your actual credit score. Still, it’s the right place to start to make sure your information is accurate.
If you wish to obtain a copy of your actual credit score, you can do so for a nominal fee by visiting MyFICO.com. FICO is the industry standard for numerical credit scoring. The site also provides useful credit tips that make it worth a visit.
Protecting your credit could help you buy a home in the Silicon Valley area. Helping Silicon Valley home buyers and sellers is my specialty! As your professional Silicon Valley Real Estate Agent, I will put my knowledge and experience to work for you. Contact me today for help with all your real estate goals!
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