Understanding Your Credit Reportby Kelly Richardson
Loan Page Columnist
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With all of the emphasis placed on maintaining a good credit report, have you ever thought the kind of information is reflected in that report? Your new home loan hangs in the balance. Here is what your credit report means to your financial situation.
Credit History Factors Affecting Mortgage LoansYour credit report takes into consideration a variety of factors throughout your financial history. Some of these factors are in your control, while others are not. Here is a rundown of some of the important parts of your credit report.
These factors are assigned various percentages of the entire credit report contents. The best thing about your credit report is that once you know its contents, you can take immediate steps to improve your rating before you apply for a mortgage.
Improving Your Credit ScoreIf you're credit score isn't what you'd like it to be, there are things you can do. Here's how to get started:
Before obtaining a new home loan, get a copy of your credit report and study it very carefully. This is the first step to securing a favorable new home loan.
About the Author
Kelly Richardson covers the local education and technology scenes in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.
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