Credit Reports and Your Mortgage

The credit reports we use for mortgage lending are not like other credit reports you might get online, or from another creditor. Lenders are required to pull a tri-merge credit report including all three bureaus- Equifax, Experian, and Transunion. The reports contain the complete information needed by underwriting to make a determination about whether the borrower can repay the mortgage they’re applying for. Lenders credit reports also use specific fico models for scoring that don’t match what other creditors use. Some of the questions I often hear are:

  • Can I use my free credit report for my mortgage?
  • Will my credit score for my mortgage be the same as the one I received at the car dealership?
  • If I have to pull my credit report more than once, will my score go down?

Tune into the latest edition of Straight Talk with Sofia for the answers!