Credit Reporting

How to Improve Your Credit
If you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties.

ABC's of Mortgage Credit
Mortgage companies often grade your loan based on certain credit-related items such as payment history, amount of debt payments, bankruptcies, equity position, and your credit score .

Credit Guide Scoring
Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant. The score is a number that rates the likelihood you will pay back a loan.

Credit Reporting Agencies
Credit Reporting Agencies collect information about you and your credit history from public records, your creditors and other reliable sources.

How to Correct Errors
You have the right, under the Fair Credit Reporting Act , to dispute the completeness and accuracy of information in your credit file.

Credit Profiles
Your credit profile details your credit history as it has been reported to the credit reporting agencies by lenders who have extended credit to you.

Credit Inquiries
The Fair Credit Reporting Act (FCRA) outlines specifically who can see your credit profile. Businesses must have a "legitimate business need," and a "permissible purpose," as stated in the federal law to obtain your credit file.

Credit Questions & Answers
It's never fun to be turned down for a loan, but before you think you won't be able to get credit anywhere, there are some steps you can take.

FICO Scores
Credit scoring places you in one of three general categories.
If you have a score of 680 or above, you may be considered an A+ borrower.