Credit Reports

When refinancing or applying for a new mortgage, getting a tri-merge credit report is simple.

A tri-merge credit report is a combination of reports from all three credit bureaus. When applying for a mortgage, a single credit report is not sufficient, a tri-merge credit report is required. Mortgage lenders evaluate the three credit scores and use the score which ranks in the middle as your final credit score.

Each time your credit is checked a record is added to your credit report. If there are too many checks on your credit in a short period of time your score may be negatively impacted. At a minimum, the credit checks will be displayed to all subsequent creditors, who may be more cautious if they see too many credit checks.

Credit scores range from about 350 to 850. A score of 740 or above is normally required for the lowest interest rates available on Conventional loan programs. However, Government loans such as FHA, VA & Rural Development only require credit scores of 620 or above for the lowest interest rates.  Government loans are also much easier to qualify for and in certain instances can offer lower payments than Conventional loans with less out of pocket expense. Scores between 500-619 typically fall under the B&C loan programs.

For more information about ordering a tri-merge credit report & a FREE credit report analysis, please contact us.

If you have a problem with your credit report or simply just want to learn more about credit, below you'll find the contact information for all three credit bureaus:

Equifax Credit Information Services, Inc
P.O. Box 740241
Atlanta, GA 30374
Phone: 800-685-1111
Internet: www.econsumer.equifax.com

Experian
955 American Lane
Schaumburg, IL 60173
Phone: 888 397 3742
Internet: www.experian.com

TransUnion
Post Office Box 2000
Chester, PA 19022
Phone: 800-888-4213
Internet: www.transunion.com
 

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