Mortgage and Employment Credit Reports
The special credit report utilized by lending institutions
and lender to approve a home loan is called the mortgage
report. All mortgage statement is a compilation of credit
reports from two to three of the credit reporting agencies.
When a consumer commences the loan application process,
the lender uses a mortgage credit reporting company
which purchases credit reports from the various credit
agencies (TransUnion, Equifax, and Experian). The complied
reports are combined for manual verification. Specific
details of the reports are confirmed. For example, employment,
credit account balances and public record information
are checked for accuracy.
Credit reports are not limited to the use of a home
loan, car loan or any other type of financing approval.
Depending on the type of employment sought and company,
certain employers will administer a credit background
check. The employment report is a modified credit report.
It assists a potential or current employer in making
a potential hiring or promotion decision.
Comprised of much of the same information that is included
in a person’s credit report; the employment report
may also contain data regarding loans, credit cards
and public records (bankruptcies, lien, judgments, et
cetera). Alternatively, the year of birth, marital status,
and personal account information is omitted from the
While other companies in quest of soliciting their
products and services can request to review a person’s
credit history to submit written credit or insurance
solicitations based on what is found in the report.
On the other side of the spectrum, a consumer’s
credit information can be protected from being distributed
without the consumer’s permission.
Federal legislation mandates that credit reporting
agencies are required to provide an address and toll-free
telephone number that may be utilized to request a consumer’s
credit report, allowing the consumer the option not
to be distributed to any company without the consumer’s