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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 employment report.

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 permission.