What is in Your Credit Report ? How is it used?
* Basic personal information (name, address, phone number, birthdate, social security number, and employment data).
* The credit history of the applicant, all which shows when accounts were opened, the limit on each credit account, the total amount of each loan, monthly payment information, and the applicant’s payment record.
* Negative entries, if they apply, such as bankruptcies, accounts that have been sent to collection agencies, and judgments.
* If applicable, any unpaid child support or alimony.
* Any tax liens.
* Repossessions, if applicable.
The report will also contain names of businesses that have retained a copy of the credit report for employment or financing purposes. In addition, the report will indicate whether or not someone currently owns real estate and if they have a lawsuit or arrest in his/her history.
As you can see, a credit report can reveal a great deal about an applicant’s ability to meet his obligations and manage credit. It is essential that a client knows what is on their credit prior to searching for a home.
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