Getting
Your Credit Reports
When refinancing your current mortgage
or applying for a new mortgage, getting your credit
report is easy. The cost of obtaining a tri-merge
credit report is about thirty five dollars.
A tri-merge credit report is a
combination of reports from all three credit bureaus.
When applying for a mortgage, a single credit report
is not sufficient, a tri-merge credit report is required.
Mortgage lenders evaluate the three credit scores and
use the score which ranks in the middle as your final
credit score.
Each time your credit is checked a record is added to
your credit report. If
there are too many checks on your credit in a short
period of time your score may be negatively impacted.
At a minimum, the credit checks will be displayed
to all subsequent creditors, who may be more cautious
if they see to many credit checks.
Credit scores range from about 375 to
900. A score of 700 or above is normally required for
the lowest interest rates available. 620-699 for average
interest rates. And 500-619 for B&C loan programs.
Credit Reporting Companies
Equifax Credit Information Services,
Inc
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Internet: www.econsumer.equifax.com
Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Internet: www.experian.com
TransUnion
Post Office Box 2000
Chester, PA 19022
Phone: 800-888-4213
Internet: www.transunion.com
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