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 too many credit checks.
Credit scores range from about 350 to 850. A score of 700 is considered "Perfect"; 620 and up is acceptable for Conventional Financing. If your score is less than 620 you will generally be offered a non-conforming loan which is a riskier loan and therefore has a higher interest rate and higher fees.
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
