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Your Credit Report

California Mortgage & Home Equity Loans, Co.

When you apply for a home loan or refinance loan your prospective broker / lender reviews your credit report. This is why you should check your credit report regularly and understand the information it contains. If your report contains information that is fraudulent and inaccurate, you need to correct it.

Information Your Credit Report
Before attempting to correct any errors on your record, it is first important to know what kind of information you may expect to see on a standard credit report.

Personal Information
Items such as your name, any aliases, current and previous addresses, social security number and possibly marital status should be verified as accurate and up-to-date.

Credit Cards and Other Credit Accounts
These include all regular installment or revolving credit lines such as charge cards, auto loans / lease, mortgages, and credit cards. Information regarding each account including, beginning balance, current balance, date account opened, and number of late payments will also be documented. It should be noted that not all credit accounts might be listed on your credit report since not every credit grantor reports to the same credit bureaus. This is why in order to review of your credit file; you should look at information from all three major credit bureaus.

Number of Inquiries
Each time you apply for credit and a creditor looks at your credit file, an “inquiry” appears on at least one of your credit bureau files. Inquiries can also appear when an existing credit grantor reviews your credit periodically or when you review your own credit report. These requests for your credit report are noted as part of your credit history file and can remain for 24 months.

Legal Information
Some court records may be documented; this includes bankruptcies, satisfied judgments, liens, judgments, satisfied liens, and divorce.

What’s Not Included
Your credit report will not include information about your religion, race, salary history, checking or savings accounts, personal assets, stocks and bonds, medical history, criminal record and personal lifestyle.

Continue reading the other “Credit” sections for more information on your credit report, what’s on your report and how to obtain a credit report.

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