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All That
As a lender, private or commercial, evaluates your loan application one of the first things reviewed is your credit report. Lenders can require minimum credit scores on their mortgage programs, which the credit report will provide, but lenders can also review your overall credit profile by evaluating other credit details. What is included in your credit report?
Payment History Your payment history with your current creditors is foremost, with your payment and balance history recorded along with your monthly payments, credit limit and current balances. Any late payments or collection accounts will also be listed as well as how late the payments actually were as well as bankruptcy filings and discharge dates and can be visible up to 10 years.
Public Records Public records include information that is made available to the general public, typically filed and stored at the county recorder’s office. Information such as judgments, property or income tax liens. Foreclosure notices are also part of the public record. Judgments can appear on a report for seven years from the filing date. Tax liens can stay on your report indefinitely until they’re paid, then remain for seven years after the settlement date.
Inquiries Inquiries occur and are listed on a credit report each time a business reviews a credit application from a potential borrower. Inquiries can stay on your report for up to two years.
Previous Addresses Where you’ve lived in the past will also appear in your report. This will include your street address as well as city, state and zip code.
Previous Employment Credit reports can also list the name and address of current and previous employers and remain on the report indefinitely.
AKAs If you’ve ever been known by any other name, including a maiden name or nickname, these name variances can appear in your report as well. “Bob” in addition to “Robert” for example. Finally, all your good stuff that’s currently active stays and even accounts you’ve paid in full and closed will also appear. There’s a lot of information on your credit report beyond just your payment patterns; we’d thought you’d just like to know.
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