What’s a consumer credit report?
When you apply for a mortgage loan, one of the first things a prospective lender will do is to review your credit report. Your credit report gives a lender an indication of how likely you are to repay they money they are lending you based on how well you’ve repaid other lenders in the past. The consumer credit report is a record that documents someone’s credit payment history, based on information provided by the companies that extend the credit. A credit report may also contain information from public records, resulting from civil action if someone fails to fulfill their credit obligations. Other personal information is also included, which helps distinguish one borrower from another.
