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The information contained in a credit report focuses on how you have managed your debt over time. This is one of the most important tools a lender uses when determining whether you qualify for a mortgage or not. You may want to ask your lender if they will be looking at your credit rating. The information in a credit report includes the length of time you have had credit cards and how you have used them. They also include a review of how promptly you have paid those credit card bills. Additionally, the credit report lists any auto or other consumer loans that you have and shows your record for payment.
If you are trying to purchase a home with a co-borrower, that person's credit report will also be reviewed. The three major sources of credit information are Experian, Equifax, and Transunion. Check the accuracy of your credit report before you apply for a mortgage - mistakes in this information could cost you the home you want! More information about checking your credit report.