In real estate, a credit report is the detailed information of your credit history. Financing companies, banks, and other lenders use this report to evaluate your standing as a loan payer. The dates are gathered from all your transactions and are assessed by a government-approved credit bureau. In doing so, they will know whether you are worthy to have your mortgage application approved or not.
Inside a Credit Report
All your personal information are written inside a credit report. From your birthplace to your employment history, everything is stated in there. Furthermore, a complete credit summary of your loan accounts, credit limits, and other outstanding balances are found inside it too.
Any infraction related to your mortgage is retained on the report for a minimum length of seven years. Repossessed houses, delinquent payer notices, and pieces of negative feedback are in black and white in your credit report.
Why Is It important?
Banks, real estate sellers, and creditors would need your credit report upon submission of your mortgage application. They would ask this from you directly or they would access this through accredited offices.
A pleasing credit report increases your chance of getting an approval. In addition, credit reports should be checked once in a while. Monitor your report for any incorrect details and make a dispute as soon as possible. Remember that an accurate credit report is your only way to get your exact credit score.