Are Credit Reporting Services Accurate For Getting A Mortgage?

No, credit reporting service companies want you to feel like you’re in control of your credit score. Some services even allow you to run statistical tests to see what actions you can take to improve your credit score, but these are by no means a guarantee especially when it comes to obtaining a mortgage.

Let’s say you have a credit score of 610, through a credit reporting company like Experian for example. When you apply for a mortgage, the mortgage lender gets one score per credit bureau. They pull what’s called a tri-merge credit report, comprising all three credit scores, and they use the middle credit score for loan qualifying. Let’s say you’re middle credit score is 600, your high credit score is 609 and your low credit score is 580. Pretty big disparity between the credit scores right?

What Consumers Must Know Regarding Credit Report Subscription Services

Credit reporting subscription services are ideal for  keep a running tally on your credit score. They are by no means, an accurate depiction of what your true credit is like like a financial services credit.

Yes a financial services credit report a lender uses in conjunction with originating a loan is by far more complete, more accurate and more up to date than any other credit report or credit reporting service. Expect a disparity between the lender’s credit report and your credit reporting services subscription, every time.

Are credit reporting company subscriptions worth the cost? The answer is yes if you’re trying to stay up to date on one or more credit bureaus and you’re perhaps in the process of building credit. However, if you’re looking for a mortgage, a credit subscription service is not the benchmark credit credit standard.

Need to check your credit score? Curious about buying a home? Get a free rate quote today!

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