Credit Reports 101
About The Class
Credit is one of the many essential factors that a Real Estate Agent must be aware of when working with a client. This class will provide an overview of the Mortgage FICO Credit Report, its use in the mortgage industry, and the differences between a FICO Credit Report and the Consumer Credit Report. In addition, the class will discuss how the FICO score affects a borrower's ability to purchase a home with financing and even rent a house or apartment. By taking this class, Real Estate Agents will obtain a good understanding of credit and be better equipped to assist their clients in making informed decisions about their housing options.
This class provides an opportunity for Realtors to understand credit and how it impacts the home buying process.
We will discuss:
- Factors That Affect Your Scores - knowing what factors and types of accounts affect your credit score allows you to improve it over time.
- Understanding a Tradeline - Understanding how tradelines work can give you a better idea of how to read your credit report and what lenders see when they check your credit.
- Statute of Limitations - All consumer debts, from credit card balances to medical bills, limit the number of years creditors have a legal right to sue you for payment.
- Varying Costs Due to Credit Rating - Scores range from approximately 300 to 850. When it comes to locking in an interest rate, the higher your score, the better the terms of credit you are likely to receive.