Anyone who has ever had a bank account, mortgage, credit card, car loan, or account with a retail store will invariably have a credit rating. Most information in your credit rating comes from companies you have credit with, as well as from certain public records such as tax liens, bankruptcies, judgments and lawsuits. It is important to know and understand your credit rating, how the information is compiled, and how it affects your ability to acquire a loan for your new home.
Credit reports are usually divided into five sections:
1. Your credit history.
2. Who has reviewed your credit history.
3. Information you have provided for the credit company.
4. Specific identification information about you.
5. Explanatory notes and comments.
Different states have different requirements and it is important that you check on what applies to you. There are three major credit-reporting agencies, Trans Union, Experian and Equifax.
I can recommend a reputable mortgage lender who has the reputation of providing excellent service and good rates. This lender will be able to immediately pull your credit report for your review and can make recommendations of how to make it better. The better your credit score, the higher your credit rating will be.
For More Valuable Real Estate Information visit:
Pat Ogle and The AnnapolisHomes4You Team
Champion Realty, Inc
Past Performance is No Guarantee of the Future!
But What Else Do We Have To Go By?