Credit Score

We believe that every client should know his or her credit score as you shop for your next mortgage.  Direct Mortgage Loans has partnered with MyFico.com to help you become fully aware of your credit history.  ScoreWatch is a reliable way to stay on top of your credit score.  To learn more about ScoreWatch by MyFico.com click here.

Be aware that while shopping for a mortgage, banks and lenders look at all three credit reporting bureaus (Equifax, Trans Union, Experian) but only use the middle score for approvals.  For security reasons, lenders are not allowed to send a copy of the credit report they use to you. Yet many of them use this as a selling tool to educate you incorrectly. 

By having a copy of your credit report from all three bureaus you can follow along with them as they discuss your credit history.  Be sure when shopping for a loan to know and understand your personal credit score.  Each individual is allowed one free credit report per year. Keep in mind that this report will likely only contain one bureau and will not be complete. 

Learn how to stay ahead of the banks and lenders by obtaining a copy of your full credit report now.  Click the link provided here and you are on your way to being a more informed consumer.

Helpful links to explain myths about credit scores.
http://www.myfico.com/CreditEducation/CreditInquiries.aspx
http://www.myfico.com/CreditEducation/AverageStats.aspx