Credit Order/Analysis

Credit Request/Analysis

International Mortgage will provide a free copy of your credit report if you are seeking a home mortgage (or you may contact the three major credit bureaus below). International Mortgage is much different than other companies by providing you assistance to help enhance your credit.  

If you decide to contact one of the three major bureaus below, you may be required to pay a fee unless you have been denied credit within 30 days based on information in your credit report. 

Equifax
PO Box 105518
Atlanta , GA 30348
888-873-5435
www.equifax.com

Experian
NCAC
PO Box 9595
Allen , TX   75013
800-583-4080
www.experian.com

Transunion
PO Box 2000
Chester , PA 19022
800-916-8800
www.transunion.com

Credit Reports and Your Questions

Usually, people finance their homes and their cars with loans. Students often take out loans to pay for college expenses. In addition, it is common for people to make purchases using credit cards. However, we shouldn't expect to automatically receive credit. We have to go through the application process. Credit reports give the potential lender a summary of your credit history. It is imperative that you know ahead of time what is on your credit report.

What exactly is a credit report?

A credit report is a listing of all your past credit activities, including existing loans you have, credit card accounts, the balances, the payments you've made and if any action has been taken against you for unpaid balances.

Where has access to my credit report?

Credit bureaus may provide information to the following requestors only; 1) creditors who are considering giving or have given you credit; 2) employers considering you for employment, promotion, reassignment or retention; 3) insurers considering you for an insurance policy or reviewing and existing policy; 4) government agencies reviewing your financial status in regards to issuing you certain licenses or government benefits; and 5) any individual or entity with a legitimate business reason for requiring the information, such as a landlord. Credit bureaus may also furnish reports if required by court orders or federal jury subpoenas, or to a third party with your written authorization.

What is on my credit report?

There are usually four main types of information contained in a credit report:

-  Identification Information: Your name, nicknames, previous and current employers, and if applicable, your spouse's name.
-  Credit Information: Your accounts with banks, retailers, credit card issuers and any other lenders. The accounts are listed by type of loan (mortgage, revolving credit, student loan), when the account was opened, your credit limit/loan amount, co-signers of the loan and your payment history for the past two years.
-  Public record information: Court records on tax liens, bankruptcy or monetary judgments. Some credit-reporting companies also list non-monetary judgments as well.
-  Inquiries: The names of those who have obtained copies of your credit report within the last six months (two years for employment purposes).

Where do the credit-reporting companies get their information?

From parties that have previously given you credit.

Do the credit-reporting companies make the decision about granting me the loan?

No. The credit-reporting companies simply supply the information about your credit history. The lenders determine whether or not to grant you credit.

Why do I need a copy of my credit report?

Before you apply for a loan, you need to see what is on your credit report so there are no unpleasant surprises. Errors on the reports are common and are simply the result of human mistakes.

Why are there errors on my credit report?

A misspelled name or an incorrect number input in a computer file, are among the numerous ways an error can occur when there is so much information contained in one document. In addition, out-of-date information and mistaken identity or simply incorrectly reported information can create numerous errors.

What can I do if I find an error?

Immediately contact the credit reporting bureau. The information will be disputed. If the information can't be confirmed, it will be removed from the file. A corrected report is then sent to the parities you request who have received your credit report within the past six months (or within two years if the party requested the report for employment purposes).

How long is information kept on my credit report?

The credit bureau must automatically delete negative credit information reported that is over seven years old and any bankruptcies that are more than 10 years old. These rules do not apply to information provided for credit transactions involving principal amount of $50,000 or more, underwriting of the insurance involving a principal amount of $50,000 or more, or employment of an individual at an annual salary of $20,000 or more.