Michigan Credit Report Mortgage Loan

Credit Report
When you authorize a mortgage company to pull your credit report the following information will show you how a lender looks at your credit history.

What is a FICO score?
"FICO" scores are a type of score developed by Fair Isaac & Company, Fico scores use credit bureau information to obtain a score which indicates how likely someone is to make their loan payments on time. FICO scores range from approximately 350 to 900. The higher the score, the lower the probability of default on the loan. Your credit history is one factor in determining if you qualify for a loan. The following list shows how a lender determines the risk base interest rate for your mortgage.

Credit Information
Credit Report Information: Credit scoring is a scientific method that uses statistical models to assess an individual's worthiness based on their history and current accounts. We can save your credit before it becomes worse.

Credit scoring was first developed in the 1950s, but has come into increasing use in just the last two decades. In the early 1980s the three major credit bureaus, Experian, Equifax and Trans Union all worked with the Fair Isaac Company to develop generic scoring models that allow each bureau to offer a score based solely on the contents of the credit bureau's data about an individual. Contact Us about "Save your Credit".

Credit Information
The exact weighting of variables and calculations that go into creating a credit score are proprietary information that Fair, Isaac does not release, but it is generally true that a solid history of on-time payments to creditors will most likely result in a good score. Some of the factors considered do surprise people, though, and many consumers are interested in how to improve their score. The first thing to remember is that your FICO score can vary from month to month-even day to day, sometimes. This is because it is calculated based in the credit data available for you at the credit bureau on the day the score is requested by a lender. However, there are things you can do to develop a solid credit history and influence your score for the better.

Credit Reporting Agencies
Credit Reporting Agencies play an important part in the information gathering process when you apply for a mortgage. These agencies collect information about you and your credit history from public records, your creditors and other reliable sources available to your current and prospective creditors and others as allowed by law. Credit agencies do not grant or deny credit.

The credit reporting agencies are:

Equifax
PO Box 105873
Atlanta, GA 30348
800-680-1111

Experian
PO Box 2002
Allen, TX 75013
888-EXPERIAN (888-397-3742)

Trans-Union
Post Office Box 2000
Chester, PA 19022
(800) 916-8800
(800) 801-2674

For more information go to page 2 Credit Information, Save Your Credit, Free Report