The majority of homebuyers know credit is important when purchasing a home–and they feel significantly more prepared to buy if they know their credit scores, Experian reports. In addition, the majority of homebuyers understand the importance of their credit scores in securing favorable interest rates to refinance a home.
“No one likes to go into a lender’s office, whether buying or refinancing, and not know the state of their credit; it makes them feel helpless,” says Becky Frost, Experian Consumer Services.
Credit score uncertainty among homebuyers manifests in feelings of anxiety over interest rates and the ability to purchase a home. The good news is, more than half of future homebuyers indicate they are actively working to improve their credit, including taking steps to pay off debt, pay bills on time, keep low credit card balances, protect personal information from identity theft or fraud, and not open new credit accounts.
In more good news, 62 percent of future buyers are confident about their credit status, and 60 percent feel financially prepared to buy a home.
Source: Experian Consumer Services