For those of you thinking about buying or refinancing a home anytime soon, it would be a good idea to take a close look at your credit scores. The higher your score, the better the odds of getting a good interest rate on your mortgage.
Most lenders use three credit scores when processing your mortgage and typically they will take the middle of the three scores. There are three primary credit-reporting agencies used. They oftentimes refer to credit scores as your Fair Isaac Corp. (FICO) credit score. Below are the three major agencies: 
-- Equifax: www.equifax.com
-- Experian: www.experian.com
-- TransUnion: www.transunion.com
If you want to obtain education on improving your scores, the above Web sites are loaded with information you may find useful.
When looking at these Web sites though, it is important that you obtain the credit reports and scores for all three bureaus to see what the lenders will see.
Another excellent source of information can be found at the Web site, www.myFico.com a division of Fair Isaac Corp.
According to Wikipedia, the free online encyclopedia, Fair Isaac Corp. was founded in 1956 by engineer Bill Fair and mathematician Earl Isaac.
“They developed the FICO scores, a measure of credit risk, that are the most used scores in the world. FICO scores are available through all the major consumer reporting agencies in the United States and Canada: Equifax, Experian and TransUnion,” the Wikipedia Web site said. 
Since they are the developers of the FICO score, it only makes sense to use their Web site. This site is chock full of excellent content. For instance, here are some of the sections and topics that you will find:
-- Start making smarter credit decisions today.
-- Good credit scores save you money. The higher your FICO credit scores, the lower your payments.
This section provides an excellent example of the savings.
-- Can your credit score top Warren Buffet’s? See how your credit score might top a billionaire’s.
-- The FICO forums. Educational and often-times entertaining platform for people to share their credit knowledge and personal financial experience with other members of the online community.
-- Free e-mail newsletter. Get credit news, articles and product discounts from myFICO delivered right to your inbox.
-- Credit Education. Understanding your FICO score.
-- Identity theft and you, FICO score and credit coaching: Suzie Orman’s coaching kit.
As the old saying goes, knowledge is power. Hopefully, this information will empower you to take charge of your credit, get a better interest rate, or qualify for loans not previously available to you.
Mike Ferguson is with Windsor Financial Services located in Granite Bay. His Web address is www.windsorFS.com.