We are in the process of beginning the mortgage process,what is the difference between a regular credit report and a mortgage credit report that lenders use?
When you apply for a mortgage the lenders will pull a "merged report" this is all three of your reports, and each will have it's own score and what scoring factors were used.
Also the report will compile on your debts and what your min payments are for your debts. There is a page for any delinquencies and public records, it is just a merged report from the "Big 3".
Depending upon the agency assembling the RMCR, they will check sources other than the CRA's for judgements, liens, etc. Many lenders pay a company just for the service of assembling the RMCR. A RMCR is not *just* a tri-merged report with data ONLY from Experian, Equifax and Trans Union. And you won't ALWAYS get THREE scores, nor a tri-merged report. If the first two scores are at or above the lender's requirement for approval, they won't bother pulling the third (or, at minimum, they won't get the score from the third). Since they use your middle score, if two are over their minimum, paying for a third score is senseless.
