Mortgage Financing - Your Credit History

Your Credit History

When applying for home mortgage loans, your credit history plays a major role. The credit reporting agencies hold your future in their hands.

There are three major credit reporting companies. They are Equifax, Experian, and Trans Union. Obtaining your credit report is as easy as calling and requesting one. Each of the three reporting agencies will charge various fees for this service but if you have had a denial of credit recently then you may be able to obtain your credit report for free.

Once you receive the report, it's important to verify the accuracy of your credit history. Double-check the "high credit limit", "total loan," and "past due" columns. It's a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Some lenders use a merged report that includes your credit history from all three of the reporting agencies.