Your credit record is compiled by 3 companies, Equifax, Experian and Trans Union. They are called credit repositories. The credit report from each repository can come out slightly different. When we run a credit report for your mortgage we pull a merged report which draws from all 3 repositories. Your credit report is a record of all the credit you’ve built up over your lifetime. It gives a list of all the accounts you currently have, as well as accounts that you have closed. It shows the balance of the accounts, the credit limit on each account, the payment history showing late payments as 30, 60, 90 or over 90 days past due, and any past due balance. It also has a record of any bankruptcies, judgments, and foreclosures you may have had (these will eventually drop off the report in either 7 or 10 years, depending on the type,…

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