You’re Credit History
Your credit record illustrates your management of current and past credit. It is kept electronically by each of three private companies; Equifax, Experian, and Transunion. These companies maintain a list of debts and payment history with people and companies who have loaned you money. Information is collected from banks, credit unions, major credit card companies and retail chains. A report generated by these companies shows your payment record with each of your creditors.
One of the first things a mortgage lender will ask you for is an authorization to obtain a copy of your credit report. Many credit reports include a credit score, a computer-generated number that indicates how likely it is that you will repay your debts. The most common method used to evaluate the scores obtained by these repositories is by taking the middle of the three scores or by the lower of two scores.
Even if your credit score or credit record is poor, you may still be eligible for a loan. Cedar Mill Mortgage specializes in non-conforming loan programs and will work hard to obtain the “Right” mortgage loan for your family.
Below are the links to all three major credit repositories, including their phone numbers and addresses. Click on the name of the repository and these links will open a new window so you can easily come back to our site.
Remember, By Georgia Law you are allowed to obtain two FREE copies of your credit report each year, so make sure to check your credit history on regular basis!!!
