Consumer vs. Mortgage Credit Report?
Posted in Personal Finance on 12/13/2008 12:06 am by admin
Ken asked:
I recently became interested in buying my first house. Unfortunately, I have derogatory credit. I am working with a lending specialist and she had pulled a credit report on me. When we were going over it, there was surprising MUCH less than I had been used to seeing on my credit reports that I have gotten online at places like freecreditreport.com. It wasn’t a great score nonetheless but there was in fact only about ¼ of bad credit reported on this report than the ones I was getting online. The lending specialist that had pulled the report said that there is a huge difference between a CONSUMER credit report and a MORTGAGE credit report. Can anyone shed some light on this and either confirm what I was told or else otherwise? Thanks!
I shoudl have added that this specialist was a relative of mine so I am sure she was rather thourogh. She has been doingh this for 23+ years now. Also, this report had shown both bad AND good credit.
SONNY
I recently became interested in buying my first house. Unfortunately, I have derogatory credit. I am working with a lending specialist and she had pulled a credit report on me. When we were going over it, there was surprising MUCH less than I had been used to seeing on my credit reports that I have gotten online at places like freecreditreport.com. It wasn’t a great score nonetheless but there was in fact only about ¼ of bad credit reported on this report than the ones I was getting online. The lending specialist that had pulled the report said that there is a huge difference between a CONSUMER credit report and a MORTGAGE credit report. Can anyone shed some light on this and either confirm what I was told or else otherwise? Thanks!
I shoudl have added that this specialist was a relative of mine so I am sure she was rather thourogh. She has been doingh this for 23+ years now. Also, this report had shown both bad AND good credit.
SONNY
12/15/2008 at 4:31 pm
She might not be paying for the full report.
Get your credit reports on your own for FREE
annualcreditreport.com
that freecredit website charges your credit card all kinds of fees. Check them yourself. Forget your score – lenders don’t use them – they look over your reports, along with your workhistory, and salary.
Do this yourself – don’t ever go to anyone else — they are not any smarter than you are when it comes to knowing how to fix and improve your credit.
You know what to do to fix your credit – just do it.
Keep your debt less than 30% of available credit, and pay your cc bills in full each month.
A mortgage company WILL look over your entire report – not the cheap version.
/
12/17/2008 at 4:55 am
every one that pulls reports has different criteria that the scores are based upon. That is like utility’s and insurance and auto lenders are all looking for something different but every thing should still report. It is possible that lending person you spoke with only went over bad stuff and not the good stuff. OR they only pulled one company to get a score and not all creditors report to all 3 some only 1 so you may be surprised or the lender may be when a tri merged report is taken
12/19/2008 at 10:41 am
There are three different types of credit reports: consumer, mortgage, and auto. The mortgage and auto reports are weighed more to the mortgage and auto criteria. Your scores would be different on all three types, even from the same credit bureau.
You also have three different credit bureaus. Not all creditors report to all three credit bureaus. Freecreditreport is owned by one of the credit bureaus and that’s the info you get. Your specialist may have pulled a report from a different credit bureau. Thus, different info.
So you acutally have 6 different credit reports — 3 types from each of the 3 credit bureaus. Just worry about your consumer reports at all three credit bureaus. Check them for accuracy annually and pay all your bills on time. Your scores will take care of themselves.