Ask A Loan Officer! - Credit Reports
In this week's installment, I answer the age-old question as to why I need to run my client's credit when they already know their credit score. As you can imagine, I hear this question all the time, but the simple answer is that lenders will not accept credit reports from anyone but the Big 3: Equifax, Experian, and TransUnion.
In addition to seeing your actual credit score (FICO), these 3 companies report any and all factors that would negatively influence your credit score (e.g. outstanding credit cards balances, credit inquiries, missed rent or mortgage payments, etc.).
So before we can really begin the home purchase process, it's highly recommended that every serious buyer get pre-qualified which saves everyone a lot of time and headaches. Hope that helps! Stay tuned for more :)
-Robert E. Silva