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
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 to many credit checks.
Credit scores range from about 375 to
900. A score of 700 or above is normally required for
the lowest interest rates available. 620-699 for average
interest rates. And 500-619 for B&C loan programs.
Credit Reporting Companies
Equifax Credit Information Services,
P.O. Box 740241
Atlanta, GA 30374
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Post Office Box 2000
Chester, PA 19022