Your application for a loan secured by your home was recently received. In connection with your loan request, the loan officer obtained a consumer credit report and credit score on all borrowers associated with your loan request. A credit score is a computer-generated summary calculated at the time of the request and based on information that a consumer reporting agency or lender has on file. The scores are based on data about your credit history and payment patterns. Credit scores are important because they are used to assist the lender in determining whether you will obtain a loan. They may also be used to determine what interest rate you may be offered on the loan. Credit scores may change over time, depending on your conduct, how your credit history and payment patterns change and how credit-scoring technologies change. Since a credit score is based on information in your credit history, it is important to review the credit-related information that is being furnished to ensure its accuracy. Credit records may vary among consumer reporting agencies. This credit score may be different than other scores you have obtained in the past for any of the following reasons:
1. Credit scores represent a snapshot in time and as information in your credit report changes, those changes will affect your score;
2. The models used for calculating credit scores may be different with each consumer reporting agency or the lender may use an independently developed model;
3. The information in the credit report may be different because not all financial institutions report their credit experiences to the same consumer reporting agencies and some institutions do not report their credit experiences at all.
Your credit score is: ___________________. This score was created on (date) by the consumer reporting agency listed below and the model used to calculate your credit score range from a low score of ___ to a high score of ___. Scores with higher numerical values are considered to reflect better credit performance. The following are the key factors that affected your credit score:
Fact 1:
Factor 2:
Factor 3:
Factor 4:
The credit score and credit report used in connection with your home loan application was provided by:
Name of consumer reporting agency Street Address Post Office Box Town, State and Zip Code Toll Free Telephone Number]
If you have questions about your credit score or credit information furnished to you, contact the consumer reporting agency. If you have questions regarding the terms of the loan, contact the lender.