Question:

Why a mortgage broker needs my credit report?

Answer:

Your credit report is the proof of your trustworthiness as a borrower. It shows how you handle old and recent debt, how you manage your taxes, shows your credit lines, car loans, etc. Mortgage brokers will need your credit report to determine the probability that you default on your payment.

Your credit score is dynamically recalculated every day as the credit report gets updated, so do not expect it to be the same. Your score can be viewed online or you could order a report from the credit bureaus to be mailed to you. If your score is lower than you want it, you should work to improve it as it may negatively impact your chance of getting a decent mortgage.

Quick Ways to Repair Score before the Broker Gets the Credit Report

The quickest way to improve your credit score is to use a legal credit score repair agency. They may not be your cheapest option, but most often will be the most efficient choice. They will be able to advise you on debt consolidation, help remove mistaken items from your credit report and urge the bureaus to update your credit score until it reaches the desired level.

Of course, you could do this on your own, but it will take you a lot more time and effort, plus you are not a professional.

Another way to improve your score before the mortgage broker requests the credit report is to simply pay off as much debt as possible and improve balance on your credit cards.

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