CREDIT SCORES EXPLAINED

Lenders want to give you a mortgage, but they also want to minimize their own risk. The easiest way to retard risk is by using your credit scores to make lending decisions.

Credit scores are compiled separately by three consumer reporting agencies — Equifax, Experian, and Trans Union. These credit reporting bureaus calculate scores differently, and base their scores on information that may differ from other bureaus. More here.

credit score pic

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