Mortgage companies use your credit score as one of the main components in deciding whether your loan application is approved or denied. High credit scores can eliminate the need for lengthy processing and documentation. High credit scores can speed the lending process, plus save time and money. It is very important that there are no "surprises" between the consumer reported credit information and the actual credit report.

How does the Credit Reporting Industry work? Many credit reporting companies are members of the Associated Credit Bureaus. This national trade group has developed a common system of updating accurate information and communicating with the creditor electronically to verify errors. If the system works smoothly, all three credit respositories can update information within 48 hours. It is important to remember that creditors have up to thirty days in which to respond.

A few small errors in a credit report will usually have little effect on your score. A major error could be worth the time to correct. Your RWG Mortgage professional can assist you in the credit score process.

So, can a score be changed? Yes, with time and effort. Let your RWG Mortgage professional assist you as you look to buy your next home.