CREDIT INFO

 
Credit Scoring
In evaluating your application for a home mortgage loan, one factor your lender will consider is one or more of your credit scores because they assist the lender in evaluating your credit history in a faster, more objective manner.  Your credit scores are found on your credit report, a copy of which was provided to you with this disclosure.  The range of possible scores is from 300 to 850.  Your lender may also obtain and consider other credit scores in making its decision on your application from the credit bureaus listed below.

In addition to the credit scores, your credit report lists the key factors why your scores were less than the maximum possible score.  Please keep in mind the factors are only indicators of why you received less than the maximum score possible.  The listing of these factors does not by itself indicate that you would not be approved for the loan you have requested.  Your lender considers many factors in addition to your credit scores in making a decision on your application.  If your application is not approved you will receive a separate notice stating the specific reasons for that action which may or may not relate to your credit scores.

Your lender did not calculate your credit scores nor did your lender develop the scoring models.  If you have any questions about your credit scores or the information in the credit report from which the scores were computed, you can contact the credit bureaus at the addresses listed at the right.

The credit score is a computer-generated summary calculated at the time of the request and based on the information a credit bureau or lender has on file.  The scores are based on data about your credit history and payment patterns.  Credit scores are important because they are used to assist the lender in determining whether you will obtain a loan.  They may also be used to determine what interest rate you may be offered on the mortgage.  Credit scores can change over time, depending on your conduct, how your credit history and payment patterns change, and how credit scoring technologies change.

Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate.  Credit records may vary from one company to another.

If you have questions about your credit score or the credit information that is furnished to you, contact the credit bureau at the address and telephone number provided with this notice, or contact the lender if the lender developed or generated the credit score.  The credit bureau plays no part in the decision to take any action on the loan application and is unable to provide you with the specific reasons for the decision on a loan application.

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