How to Improve Your Credit
Be prepared to discuss them honestly with a mortgage specialist. 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 used to quickly and objectively assess the credit risk of an 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 profile details your credit history as it has been reported to the credit reporting agencies by companies 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 620 or above, you may be considered an A+ borrower.
Other Credit Factors
Mortgage companies take into consideration many other things in determining a credit grade, such as: job history, time at
residence, and assets.
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