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WHAT IS A CREDIT CHECK AND WHO PERFORMS THEM?
Lenders are required to pull two credit reports simultaneously from two different sources. A credit check is a check of your previous history of making payments on loans and debts. The three major companies that provide these reports are TransUnion, Equifax, and Experian. A credit report will include items such as your date of birth, address, and place of employment, along with a list of all creditors who have reported your payment history to the bureau.
MORTGAGE Q&As
What is a Loan that Originated in a Portfolio?
What is a Secondary Market? What Kind of Documents are Required for a Loan? What is a Credit Check and Who Performs Them? What Does a Lender Have to Disclosure to You by Law? What is PITI? Why Do I Need Private Mortgage Insurance (PMI)? Where Do I Get Private Mortgage Insurance (PMI)? What is an Interest-Only Loan? What are the Limits Allowed for FHA Loans? What is Selling Financing? What are the Primary Institutions of Money and Mortgages? What is the Advantage of Using Brokers for My Home Loans? |
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