Tools and Resources

Glossary of Mortgage Terms

Refer to this page to learn more about all the used Mortgage Terms

Credit Reports

What is a credit report and why is it so important?
Along with your income, assets, and debts, your history of credit management is an important factor when applying for a home loan. Three national credit reporting agencies continuously monitor your use and re-payment of credit, including credit cards, car loans, student loans, and any other short- or long-term loan. Make sure you know what’s in your credit reports so you can correct any errors.

All three agencies report the following information:

  • Identification: name, address, Social Security Number, employer, date of birth, and spouse’s name
  • Credit history: current and past payment history of all open and paid accounts. Negative information, such as late payments, can stay on your report for seven years, while bankruptcies can remain for up to 10 years
  • Collection: any creditor who has turned over an account to a collection agency may be listed
  • Public records: items of public record that affect your finances, such as bankruptcies, divorce decrees, child support, and other judgments are listed
  • Inquiries: anyone who has checked your credit in the past 18-24 months is listed

How do I order a credit report?

You can order your credit report (usually for free) or dispute information that it contains by contacting the agencies listed below:

Equifax

Equifax

PO Box 740241 Atlanta, Georgia 30374
(800) 685-1111
equifax.com

TransUnion

TransUnion

PO Box 390 Springfield, Pennsylvania 19064
(800) 888-4213 
transunion.com

Experian

Experian

PO Box 949 Allen, Texas 75013
(800) 422-4879
experian.com

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