Perhaps the most important factor in qualifying for a home loan is your credit.
Companies such as Experian, TransUnion and Equifax routinely collect and maintain information from credit card companies, banks, department stores, etc., about your payment history, and use it to compile your credit report. In addition, they also collect information from collection agencies, county, state and federal governments, to report items such as collection accounts, judgments and bankruptcies.

Credit Risk Score?
Some credit grantors make hundreds – even thousands – of credit granting decisions every day.

To help them make those decisions faster and more objectively, they rely on a computerized process that results in a risk score (or credit score).

Your credit score is often a major factor in qualifying for credit. Lenders can obtain a computerized credit score when they pull your credit. This score is a number which represents an applicant's potential credit worthiness. Although credit scoring has existed for many years, it is gaining popularity in mortgage lending. Many loans are granted or denied on the basis of your credit risk score.

Understanding your FICO^® score

This booklet provides a thorough description of credit scoring, including ways credit scoring can help you, the relationship between your credit report and your credit score, what a FICO^® score considers, and interpreting your score.

DO YOU KNOW YOUR PERSONAL CREDIT SCORE?
In accordance with the FAIR ACT, when applying us, we will always be happy to share your score with you, along with the top four factors which have affected your score.