Posted by Mike G on February 17, 2002 at 10:40:46:
Couple of comments about the credit report thing.
I, as a broker would welcome a fax report as it saves me initial money and time. But, through my experience here are some things to know about…
- A broker will want to see your credit score from at least 2 of the 3 major agencies. Many credit items are not reported on all 3 so just getting a report from 1 agency doesn’t show the “total” picture.
- Many consumer credit reports a borrower may get do not have a FICO, Beacon, etc score. Make sure the report you get has it.
- The report must be current - shouldn’t be older than 2-3 months.
- Make sure you fax ALL the pages of the report, even ones that seem meaningless. If it says 1/9 pages at the top - make sure you fax all 9 pages.
- Don’t have any writing on the report.
- Must be a clean fax…
Most of these things are common sense, but you would be amazed the stuff we get. Your credit score is probably the biggest factor in terms of what direction the loan takes. This is one area a broker/lender will not be lazy about. Good brokers can “get over” most credit report and score issues and get you a good loan - but the report will determine which route they take.
Hope this helps…