1st Trust Mortgage

Contact 1st Trust Mortgage today: 952.837.1111 or info@1stTrustMortgage.com

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Credit Score

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Credit

In today's world, you can't live without credit. It's a powerful tool-and it may just completely replace cash in the future. But as with all power tools, credit can be extremely dangerous in the hands of those who do not appreciate its power.

The credit reports purpose is to help a creditor decide whether to grant you credit. It typically includes four types of information.

Identifying Information

Your name, nicknames, current and previous addresses, Social Security number, year of birth, current and previous employers, and if applicable, your spouses name

Credit Information

The credit accounts you have with banks, retailers, credit card issuers and other lenders. For each account, your credit report will list the type of loan (revolving, installment, mortgage etc.) the date you opened the account, loan amount, the account balance, and your payment pattern. The report also states whether anyone else besides you is responsible for paying the account.

Public Record Information:

State and county court records related to bankruptcies, tax liens or monetary judgements. In some states, credit reports list overdue child support payments.

Inquiries:

The names of all credit grantors and potential employers who obtained a copy of your credit report for any reason. The inquiries section of your report contains a list of anyone who accessed your report for up to two years. These time periods protect you as a consumer or job applicant.

For more information on your credit and credit score, call 1st Trust Mortgage or you can visit … www.myfico.com