#3 - Errors on the Credit Bureau (that you don't know about)

This one happens on a daily basis. We routinely see clients that have been turned down by their bank due to "something on their credit bureau". Since the loan officer at the bank branch never actually sees your credit bureau he/she cannot tell/show you what the problem is.

The first thing to keep in mind is that the credit report is a snapshot in time somewhere between 1-2 months ago.

A professional Mortgage Managers broker will sit down with you to review your credit bureau in detail and explain how credit scoring is calculated. The most common error is from loan and credit card balances that have not been updated for months. Often a credit card is reporting a high balance when, in reality, the client had paid the balance down.

Or perhaps there are late payments reporting in error, or collections are showing as unpaid, or maybe a loan or credit card is not reporting on the credit report at all.

The point is, unless you review your credit report with a professional mortgage broker, you will never know what is on your credit report and therefore will never get the issue resolved.