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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Credit Problems
Credit scoring has been utilized by lenders for over 30 years.
Credit scoring is a technology used by credit granters to
qualify the risk associated with extending credit to a given
borrower. Risk is quantified by means of a score card which
calculates a numeric value, or score, for a credit applicant a
lender wants to evaluate. Score calculation is done based on
information that has been determined to be indicative of future
credit performance. There are many types of scoring methods
currently utilized today including credit scoring, applicant
scoring, behavioral scoring and several others. The type most
relevant to the mortgage industry is credit scoring and among
the most widely recognized is the FICO SCORE.
There are 5 factors that impact your credit score:
1) Payment History
2) Outstanding Credit Balances
3) Credit History
4) Type of Credit
5) Inquiries
There are three major credit bureaus that lenders use to "pull"
your credit.
These companies are:
• Experian
• TransUnion
• Equifax
Each of these companies maintains a separate credit report
on you based off information gathered from your creditors.
Depending on who your lenders are and which Credit
Bureau's they report to, if not all three, will determine the
differences in your credit report from each company. At a bare
minimum you need to order a report from one of these
companies directly or through an intermediary. The best thing
you could do is order a Tri-Merge report. This report is one
that merges the information from all three Bureau's into one
report so you can see the information that all three credit
providers are reporting about you. Mortgage Professionals will
have access to this report for a reduced fee.
Clicking on the following links will give you more information
regarding some of the most common credit issues:
Bankruptcy
Foreclosure
Credit report errors
Credit scoring has been utilized by lenders for over 30 years.
Credit scoring is a technology used by credit granters to
qualify the risk associated with extending credit to a given
borrower. Risk is quantified by means of a score card which
calculates a numeric value, or score, for a credit applicant a
lender wants to evaluate. Score calculation is done based on
information that has been determined to be indicative of future
credit performance. There are many types of scoring methods
currently utilized today including credit scoring, applicant
scoring, behavioral scoring and several others. The type most
relevant to the mortgage industry is credit scoring and among
the most widely recognized is the FICO SCORE.
There are 5 factors that impact your credit score:
1) Payment History
2) Outstanding Credit Balances
3) Credit History
4) Type of Credit
5) Inquiries
There are three major credit bureaus that lenders use to "pull"
your credit.
These companies are:
• Experian
• TransUnion
• Equifax
Each of these companies maintains a separate credit report
on you based off information gathered from your creditors.
Depending on who your lenders are and which Credit
Bureau's they report to, if not all three, will determine the
differences in your credit report from each company. At a bare
minimum you need to order a report from one of these
companies directly or through an intermediary. The best thing
you could do is order a Tri-Merge report. This report is one
that merges the information from all three Bureau's into one
report so you can see the information that all three credit
providers are reporting about you. Mortgage Professionals will
have access to this report for a reduced fee.
Clicking on the following links will give you more information
regarding some of the most common credit issues:
Bankruptcy
Foreclosure
Credit report errors
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