Can you use my credit report for a loan?

No, and neither can any other mortgage lender.

Few questions: the credit report did you have, where is it from exactly?

If it’s from a car loan, it doesn’t really help you because most mortgage companies will need to pull what’s called the Tri-Merge credit report, deriving a score from each credit bureau. Most auto loan lenders only pull one credit score and it’s not the full picture of your true credit profile.

Maybe your credit report is from another mortgage company? Unfortunately, creditreports are non-transferable from one lender to another lender. Simply put, a mortgage company in order to put together a loan for you and/or to do a preapproval for you if that’s what you’re seeking, will need a credit report in that phone company’s own name.

It has to do with credit disclosures and consumer privacy. Here’s the reason, let’s say you put credit report from one lender in March and a credit report from another lender in the month of April and there is a change to their credit score between the two months and/or a change to the liabilities. The lender who you go with has to use their own credit report because in that given point in time, it’s the most accurate information to that specific lender.

Trying to figure out whether not you can qualify for a loan?

You’ll need to provide a list of financial documentation to that mortgage lender and in most cases give them permission to obtain a new copy of your credit report. Your credit score should not be adversely affected so long as there’s nothing else on your credit report pulling your credit score down such as high credit card balances, previous credit derogatory items.

If you would like to get qualified for a mortgage, we can go over your credit report with you, and see how your liabilities affect your ability to borrow. Contact today for your complementary evaluation.


Posted in:


Understanding Mortgage Rates and Their Impact on Home Buying Power

Understanding Mortgage Rates and Their Impact on Home Buying Power

Navigating the world of real estate financing can often feel like trying to hit a…

why being a picky home buyer could be an issue

Why being choosy as home buyer could be problematic

You’ve decided to buy a home, you’ve gotten preapproved with a lender, your file has…

How earning more income affects your ability to buy a home.

How earning more income affects your ability to buy a home

If you’re thinking about purchasing a house, it’s not just your credit score and your…

how to refinance 2nd mortgage

Is is a second mortgage making your refinance harder? This tip may help…

Mortgage lenders sometimes take an overly gun shy approach to how a mortgage loan is…

View More from The Mortgage Files:


  1. […] landlords are reporting rental obligations on credit reports. If your landlord posts this to your credit report not only could it hurt your chances for getting a mortgage but it could also drop your credit […]

  2. […] tricky. If you’re the co-signer on someone else’s debt, it’ll be reported on your credit report. Or, even if it doesn’t show up on your credit report — if you have a debt obligation, […]

begin your mortgage journey with sonoma county mortgages

Let us make your mortgage experience easy. Trust our expertise to get you your best mortgage rate. Click below to start turning your home dreams into reality today!