WHAT INFORMATION DOES YOUR CREDIT REPORT REVEAL ABOUT YOU?

Surprisingly, many borrowers haven't reviewed their credit reports, potentially leading to extra costs when applying for a mortgage. Even timely bill payers may have unresolved credit issues affecting their score. Erroneous information is common, making it crucial to identify and address concerns before seeking a loan.

Beware of misleading offers for "Free Credit Reports" that often come with hidden fees. Instead, exercise your right to access a truly free and secure credit report weekly at www.annualcreditreport.com , mandated by law from major reporting agencies—Equifax, Experian, and TransUnion.

Essential Information on Credit Reports

What Information Is Reported?

Check your credit scores at least every month.

These are the items included on the credit report:

Revolving Accounts

Credit Cards
Airline cards
Bank cards
Department store cards
Gas cards

Installment Accounts

Mortgage loans
Auto loans
Student loans
Rent (sometimes)
Utilities (self reported)
Bankruptcies
Collections or judgements

What Does Your History Reflect?

A credit history meticulously documents the financial status of each reported credit line. Subsequently, your credit score is determined by utilizing the information presented in the chart above. The "Types of Credit" category reflects the diversity of your accounts, including installments, mortgages, revolving credit, and more. The emergence of new credit may stem from factors such as job screening, insurance-related inquiries, interactions with utility providers, and other credit-related inquiries.

Weight Factors

Payment History 35%

Current Combined Debt 30%

Length of Credit (Existing Accounts) 15%

Types of Credit 10%

New Credit 10%

Improve Your Credit!

Always keep an eye on your credit report to ensure all data is reporting correctly.

Should you encounter credit challenges, it's essential to recognize that these difficulties won't have a lasting impact as long as you actively work on enhancing your credit score. Lenders are aware that unforeseen life events, such as accidents, divorce, job loss, or illness, can happen. The key is to demonstrate to your lender that you managed credit responsibly before the life-event and successfully rebuilt your credit standing afterward. Over time, as new information is incorporated into your credit report, the outdated information becomes less significant. By making adjustments to your credit habits, you'll witness a gradual improvement in your credit score.

The older your credit line is, the lesser it impacts your score.

Addressing Issues in Credit Reports

Correcting inaccuracies in your credit report, such as erroneously recorded late payments or listings of active accounts that have been closed, is entirely possible. Recognizing these discrepancies is crucial for initiating the resolution process. To take corrective action, the first step is to contact the credit bureaus.

Equifax - Call 1-800-685-1111 or visit www.equifax.com

Experian - Call 1-888-397-3742 or visit www.experian.com

TransUnion - Call 1-800-916-8800 or visit www.transunion.com

Help Me navigate my credit

DISCLAIMER: All information is deemed reliable but not guaranteed. Neither the mortgage company or website company shall be responsible for any typographical errors, misinformation, misprints and both shall be held totally harmless. Information is subject to change without notice. This is not an offer for the extension of credit or a commitment to lend; all applicants must meet lender guidelines.

Zero Point Mortgage Services / NMLS# 1216108 / MB# 0934728 / CA# 60DBO66276