| |  Consumer reporting companies are authorized to gather and sell the information in your credit report to companies that need to evaluate your application for credit (a mortgage loan, for example). Using a statistical formula, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor. A total number of points — a credit score — helps predict how “creditworthy” you are. That is, how likely it is that you will repay the loan and make the payments on time. Generally, consumers with good credit who present minimal risk to the lender have higher credit scores. Your score, from 300 to 850, determines your Credit Rating. This score is a snapshot which helps a lender base your best interest rate on credit-worthiness and risk. You can receive your Credit Score via a Credit Report, which outlines how the score was determined. You and your First Home Mortgage Loan Officer will need to order a credit report prior to completing your loan application. Remember, First Home Mortgage reviews every individual loan application on a case-by-case basis. The only way to know how great of a loan you can receive from First Home Mortgage is contact one of our Loan Officers today! They’ll perform a free credit review with you so that you know exactly where you stand going into the loan application process. Learn more. The Federal Trade Commission (FTC), the nation's consumer protection agency, has lots of helpful information about how to build a better credit report, your rights, how to avoid credit scams and how to protect your credit and more. Learn more by visiting their website, FTC.gov. |
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