Mortgage Agency Credit Reporting

Mortgage agency credit reporting depends on Experian, Equifax and Trans Union to gather credit account information and assess risk based on that data. Each credit agency determines a consumer's risk using credit history evaluated through different methods. Even though each agency has virtually the same credit information to work with, they will invariably end up with different credit scores. This may be due to errors or credit accounts not being reported to every agency.

Identifying Errors

Since each report may contain different information you should review mortgage agency credit reporting to ensure that each report has the correct data. If one of your credit accounts is issued by a smaller institution one or more of the agencies might not receive information on a regular basis. Although you can not change which accounts are reported you can correct any information that is inaccurate or erroneous.

When you look at a credit report from just one agency it is harder to locate problems or mistakes on your credit history. However, looking at a complete report from three agencies will allow you to compare the data side by side and spot errors. After you have found mistakes you should contact each credit agency and make sure each one has accurate, up to date information on file. Credit reporting errors can be corrected but the responsibility to do so is yours alone.

Mortgage Agency Credit Reporting for Free

Many websites or direct mail flyers advertise complete credit reports that may cost up to $50. While paying more for a report can mean that you receive more information and details, you can obtain a comprehensive report for free by looking online and entering your personal information. A free credit report may withhold some information but it is a good place to start if you are just looking to review open credit accounts and other personal details.