Wrong Ways to Get Your Credit Score for Mortgage Lenders

Wrong Ways to Get Your Credit Score for Mortgage Lenders

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Don’t be fooled – ‘Free’ Credit Report Offers vs. Credit Score for Mortgage

The word ‘free’ is always a word that catches the eye. It is very effective bait. Bait and switch that is when it comes to credit reports. Many (or most) are actually scams that will snag you with costs and billing that you didn’t agree to. Not to mention that these ‘scores’ are usually not an accurate representation of your credit score.

credit score for mortgageIf you’re thinking about buying a house, knowing your credit score is important. The score can fluctuate between the major credit reporting agencies. A legitimate and accurate credit report and credit score may dictate the interest rate you are qualified for in buying a home, purchasing a car, obtaining credit cards and even being hired for a new job.

In saying that, the score you see from a ‘free’ credit score offer is not a good indicator of your credit score for mortgage lenders or any other credit-related application. If you’re interested in buying a new home, you want to talk to a reputable mortgage lender such as Shamrock Financial to see if you qualify for the house you’re interested in making your new home.

Credit score for mortgage lenders and pre-qualifying

If you’re thinking about buying a house, don’t use a free credit score offer to see if you can qualify before seeking advice from the experts. Forget about the free ads you see and visit with a qualified mortgage lender who will be able to obtain a legitimate credit report and score. When you talk to a mortgage lender your credit score for mortgage will show if your finances qualify you to purchase a new home. They will help you pre-qualify for a mortgage.

Rip-off offers

Under law, you are entitled to one free credit report annually. Many websites claim to offer free credit reports, free credit scores and even free credit monitoring. These offers are not part of the free annual credit report program. Some of these ‘offers’ will sign you up for a report and then it will convert into something that you will have to pay for after the trial period. If you don’t remember to cancel during the specified trial period, your credit or debit card will be charged.

Don’t be scammed. If you are questioning whether your credit score will allow you to purchase a home, don’t be fooled by these scammers who are trying to get your information about you and your money. 

Forget about those deals for free credit scores that you see when you open your emails or that pop-up on social media, such as Credit Karma for an example.

Any legitimate provider of free credit scores does NOT have the word ‘free’ in their website addresses and they will not ask for your credit card number. Scammers, on the other hand, want the number from your credit card to make unauthorized charges. If these criminals give you a credit score, rarely will they give you the correct credit information or credit score. 

The intent of these criminals is identity theft. It takes little imagination on their part to do some major damage to your finances and your credit. Your best option is to talk to a mortgage lender who will help you pre-qualify for a home by getting a true credit report.  

Multiple credit agencies

There are different types of credit scores that are used by legitimate companies who need to check credit scores. They do not use the type of credit score offers that you see with these offerings. Credit cards and auto loans use industry-specific scores to see if you qualify.

Mortgage lenders evaluate the credit score using a mortgage-related credit reporting agency.

Mortgage lenders have the resources

A reputable mortgage lender like Shamrock Financial has the resources that enable them to get an accurate credit report for their clients. It will show details of your credit history as well as your current credit score. Shamrock Financial to help you each step of the way until you step into your new home.

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