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(Credit Score Information)
The FACT Act (Fair and Accurate Credit Transactions Act) was put into place to help prevent identity theft, to streamline the credit dispute process, to improve the accuracy of consumer reports, and to increase consumer access to credit information.
As a mortgage broker, we are required by the FACT Act to disclose credit information to any consumer "in connection with an application" for mortgage financing. Although you may have not yet completed a loan application with Dunwoody Mortgage Services, we believe that consumers should be aware of the information on their credit.
** If you have completed the prequalification worksheet, you should have received a copy of your credit report either via email or postal mail. If you have started the prequalification process and you have not been provided with a copy of your credit report, please contact us. **
We disclose to you the score that a consumer reporting agency (also known as a credit bureau) distributed to users and the lender/broker used in connection with a client's home loan, and the key factors affecting the credit scores.
The credit score is a computer-generated summary calculated at the time of the request and based on information a consumer reporting agency or lender/broker 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/broker 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 consumer reporting agency at the address and telephone number provided with this notice, or contact us directly and we will be glad to assist you. The consumer reporting agency plays no part in the decision to take any action on the loan application (should you complete one with Dunwoody Mortgage Services) and is unable to provide you with specific reasons for the decision on a loan application.
The consumer reporting agencies listed below provided a credit score to Dunwoody Mortgage Services in connection with your prequalification.
The possible credit scores used by Equifax range from a low of 300 to a high of 850.
The possible credit scores used by Experian range from a low of 395 to a high of 848.
The possible credit scores used by TransUnion range from a low of 375 to a high of 900.
The factors contributing to your credit scores are only one of the many factors lenders use in determining whether or not to grant credit.
Below is a list of codes to explain the factors that are affecting your credit and the address and telephone number information for Equifax, TransUnion and Experian.
For help in reading your credit report (finding your credit scores and the factor codes that most affect your credit rating), please click here.
Reason Statement Amounts owed on accounts is too high Level of delinquency on accounts Too few bank revolving accounts Proportion of loan balances to loan amounts is too high Too many bank or national resolving accounts Lack of recent installment loan information Too many accounts with balances Too many consumer finance accounts Account payment history is too new to rate Too many inquiries last 12 months Too many accounts recently opened Proportion of balance to credit limits too high on bank revolving or other revolving accounts Amount owed on revolving accounts is too high Length of time revolving accounts have been established Time since delinquency too recent or unknown Length of time accounts have been established Lack of recent bank revolving information Lack of recent revolving account information No recent non-mortgage balance information Number of accounts with delinquency Too few accounts currently paid as agreed Date of last inquiry too recent Length of time since derogatory public record or collection is too short Amount past due on accounts Number of bank or national revolving accounts with balances No recent revolving balances Length of time installment loans have been established Number of revolving accounts Number of established accounts No recent bankcard balances Time since most recent account opening is too short Too few accounts with recent payment information Amount owed on delinquent accounts Length of time open installment loans have been established Number of consumer finance company accounts established relative to length of consumer finance history Serious delinquency and public record or collection filed Serious delinquency Derogatory public record or collection filed Lack of recent auto loan information Length of time consumer finance company loans have been established Lack of recent auto loan information Lack of recent customer finance company account information
For help in reading your credit report (finding your credit scores and the factor codes that most affect your credit rating), please click here.
Tel: 770-614-1157 Fax: 770-614-7870 Email: info@dunwoodymortgage.net
