Get to know the credit report

Get to know the credit report

Mortgage lenders use the Residential Mortgage Credit Report or a Tri-merge Credit Report for qualification.
The 3 Credit Repositories:
  1. Equifax (EFX)
  2. Experian (XPN)
  3. Transunion (TUC)
The “Mid” or middle score of the 3 is used to qualify.

Payment History Codes

Code
Description
M
Mortgage Payment
I
Installment Payment
R
Revolving Payment
1
Paid as agreed (within 30 days of due date)
2
Paid 31-60 days of due date; 30 days past due
3
Paid 61-90 days of due date; 60 days past due
4
Paid 91-120 days of due date; 90 days past due
5
Paid more than 120 days of due date; 120 days past due
C
Paid 31-60 days of due date; 30 days past due
N
Zero balance; no payment required
X
No history reported or account disputed
- (Dash)
No history reported
Blank
No history maintained
00
Not rated; too new to rate; or approved but no used
07
Making regular payments under wage earner plan
08
Repossession
09
Bad debt / charge-off account
UR
Unrated
UC
Unclassified

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