Your credit report is maintained by credit bureaus, and it contains information about your debts and payments on credit cards, car loans, and other debt obligations. There are three national credit bureaus that currently dominate the industry: Equifax®, Experian® (formerly TRW), and TransUnion. Each of them are affiliated with hundreds of local credit bureaus.
A typical credit report includes information such as:
Personal Information. Your name, nicknames, current and previous addresses, Social Security number, date of birth, and current and previous employers.
Credit Information. Specific information about each account you’ve opened, including credit limits, loan amounts, balances, monthly payments, and payment patterns. This also includes whether anyone besides you (i.e. a spouse or co-signer) is responsible for the paying the balance.
Public Record Information. This includes federal district bankruptcy records, state and county court records, tax liens and monetary judgements, and in some states overdue child support payments.
Credit Inquiries. This includes the names of anyone who has obtained your credit report for any reason. This information remains on file for up to two years as per federal law.
Any lender you work with for a mortgage loan is going to carefully view your credit report to see how well you manage your debt payments. While it certainly helps to have a great credit score, Team Mortgage Mom doesn’t hold credit blemishes against you. We’ve been in the industry a long time, and we understand that things happen and situations arise in people’s lives.
Don’t despair if your credit score isn’t what you’d like it to be; we’ll work with you to find a solution that fits your needs and helps you get your credit back on track. Reach out to us today and find out how we can help you get from where you are to where you want to be.