Lenders
order mortgage credit reports from local credit bureaus,
which gives individual credit history and scores.
Credit bureaus collect information from
variety of public sources on all consumers who use
any type of credit, including credit cards, car loans,
mortgages, personal loans, and charge accounts.
Lenders
are tabulated on a FICO score which ranges from
400 to 900. The higher the score,
the less likely there will be a default on a mortgage hence
it is to prequalify.
