Credit Report Analysis

A credit report is a detailed summary of an individuals credit history. It affects your mortgage application because lenders use it to determine whether youre likely to repay your loan. A good credit score can increase your chances of approval and secure better interest rates.

You can improve your credit score by paying all bills on time, reducing outstanding debt, not applying for new lines of credit in the months leading up to your mortgage application, and correcting any inaccuracies on your report.

Generally, it’s recommended to check your credit report at least once per year. However, if you’re planning to apply for a mortgage soon, you may want to review it more frequently – every four to six months – to ensure accuracy and detect any potential identity theft quickly.

If you find errors on your report, contact both the reporting agency and the organization that provided the information. Provide specifics about what you believe is inaccurate and why. They are obligated under law to investigate disputed items typically within 30 days.

Yes. Denials from other loans or late payments could lower your overall credit score which may reduce chances of getting approved for a mortgage or result in higher interest rates. Keeping track of monthly payments is key in maintaining a good score.