Credit Report and Credit Scores

Know Your CREDIT

Mortgage brokers and mortgage lenders use your credit scores and the information reported on your credit report to determine whether you qualify for a home loan, home much of a down payment you will need, and what interest rate you will receive.

Checking your credit report early will help prevent unpleasant surprises and allow you to correct any mistakes. You’ll also need a good idea of your credit scores to make the most of budgeting and planning.

Copy of Your Credit Report

There are three major credit reporting companies – Equifax, Experian, and TransUnion. You can get a free copy of your credit report once per year from each company at

Check Your Report for Errors

Review your credit report for any debts that you don’t recognize. Also, check for disputed items that still show up even though they were resolved. Verify that all paid debt is reported properly and that balances reported are close to the balances owed. Make sure there are no late or missed payments reported in error.

Get Your Credit Scores

A credit score is a number calculated based on the information reported on your credit report. There are actually many different credit scores, and there are many ways to see your credit scores.

Will Checking Your Own Credit Hurt Your Credit Scores

When you check your own credit report or credit scores using, the request is processed differently than when a mortgage company pulls your credit. Checking your own credit won’t hurt your scores if done through the proper sources.

Credit Scores Range from 300 to 850

Higher scores represent a better credit history and will make you eligible for lower interest rates. Other items, such as insurance premiums can also be affected by your credit scores. Your credit score is made up of five main factors:

Credit Scores Will Vary from Different Sources

Utah mortgage brokers will look at FICO scores from all three credit bureaus and use the middle score when qualifying you for a mortgage loan.

Mortgage Rates on a Utah Mortgage Loan Will Vary Depending on Your Credit Score

While there are no firm rules about exactly how much your credit score affects the interest rate, in general:

Credit Articles >