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Are Credit Reporting Services Accurate For Getting A Mortgage?

August 2, 2014 by Scott Sheldon

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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!

Related Mortgage Advice from Scott Sheldon

  • Common Credit Score Mistakes Consumers Make When Getting A Mortgage: Tips To Avoid Them

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  • What's the minimum credit score for getting an FHA mortgage?

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  • How can I get my credit score up to get a mortgage?

    People thinking they can qualify for mortgage loan financing, learn after their credit report is…

  • 3 Credit Scores No Longer Necessary For Mortgage Lending

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Filed Under: Credit Score Questions and Answers

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Scott Sheldon, Senior Loan Officer
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2455 Bennett Valley Road C107
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Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

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