|Where do they get this information and what does it mean? With a American credit report, information about your credit and payment habits are collected by credit bureaus. In United States, there are two major credit bureaus 1) Equifax, and 2) Trans Union.
With a US mortgage lender, credit grantors provide these companies with information on how their customers pay their bills. These bureaus then assemble this information, along with public record information obtained from courthouses around the country, into a “file” on each customer.
In return, credit grantors (e.g. banks, leasing companies, credit card companies) can obtain credit reports about consumers before giving them a US mortgage loan or issuing them credit.
Credit reports do not approve or reject consumer applications for credit or a United States mortgage. They merely report the information provided by the credit grantors. Different credit grantors have different criteria for evaluating loan requests.
For example, when applying for a US home loan, a lender will look at more than just your credit score, called the beacon score. They will look at each of the individual entries and see how you have done recently. Simply looking at the score does not reveal everything.
With our lenders, they look at the equity position that you have on your property. If the difference between “what you owe” and the “value of your property” is great enough, they will have no problem guaranteeing that you can get the money you need.
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