Entries for the ‘Credit Reports’ Category

What is a FICO Score?

FICO is the most commonly used credit score today and is named after the company that developed it, Fair Isaac Corp.   FICO scores range from 400 to 900 and the lower the score, the great the risk of default.  FICO score consists of the following components: 35 percent of the score is determined by payment [...]

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What is the Purpose of the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer reports.

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What is a Credit Report?

A credit report details the credit history and current credit status of an individual.  A credit report is used as a primary tool in determining credit worthiness.

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What is the Difference Between Prequalified and Preapproved for a Mortgage?

If you need to obtain a mortage loan to purchase a home, getting prequalified is your first step in the mortgage process.  This involves supplying a Lender with basic information regarding your debt, assets, and income. From this information, Lenders can get an idea of the mortgage amount for which you qualify. Getting preapproved is [...]

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Can You Afford to Purchase Real Estate?

Owning a home is a major committment.   You should take the time to evaluate your financial situation to see if you are ready and able to own a home.    You should know what your monthly income is versus your monthly bills/debts.  A mortgage lender will look at this ratio when qualifying you for a loan. [...]

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