Whenever you borrow money or make a payment, the credit lender sends information about the transaction to credit reporting agencies. These agencies create a credit report and manage your credit score. Your credit report is a listing of mortgage and consumer debt, liens, judgments, and other information. Your credit score tells lenders whether or not you are a lending risk. The score ranges from 300 to 900; the higher the score, the better.
Lenders and employers view your history and credit score as a reflection of your character and lifestyle. That makes your credit report and credit rating vitally important to your financial wellbeing. They affect the job you get, the apartment you rent, and the ability to borrow money or even open a bank account.
Because this is a working document, the Collin Bruce Mortgage Team can help you obtain a copy so you can repair damaged credit and increase your score.