The following are the most commonly asked questions regarding Residential Mortgage Credit Report. We hope the information will help assist you to understand the guidelines of credit reporting and its importance to the completion of your home loan application.

What is a Residential Mortgage Credit Report? A RMCR is a credit report required by lenders and the secondary market to establish a credit worthiness of home loan applicant. The report is merged credit information provided by Experian, Equifax, and Trans Union. In addition, the report will also contain information identifying current employment, past employment (when available), current residence, past residence, and real estate mortgage loans.

Why are the account numbers on the credit report differed from the ones on the credit cards or loans? In the effort to prevent fraudulent use on the consumer's credit cards, all national repositories have chosen to remove some of the digits of the account numbers to be printed on the credit report. Only identifier digits of the account numbers will be shown on the credit report.

Why is still a balance on the account when the account is paid off and closed? The information on the credit report is as current as the information reported by lenders, creditors, public record, collection agencies, and other lending institution to the credit bureau. We will correct the credit information by providing us a copy of the receipt or other written documentation. However, the consumer must also send the corrected information to all national repositories, so they could update their credit files database.

Why is there an account that does not belong to the consumer appeared on the report? One of the common reasons is that credit information database of the credit bureau is cross filed with similar names or common names, which resulted of the account, belong to others mixed with the report. We will verify and remove the wrong information to provide an accurate RMCR.

Why is there another name that does not belong to the consumer appeared on the report? National credit bureau access their credit information database by using consumer's social security numbers, names, and addresses. Similar names, common names, and alias names can be mixed during the accessing of the credit information of a particular consumer causing two different credit files merged into one RMCR. The credit information also sometimes mixed when the names include the designation of Jr. or Sr. Advance Credit Services will verify and remove the wrong credit information to provide a reliable credit report.

What is a credit inquiry? An inquiry appeared on the report when creditors, lenders, or other financial institution request credit information for the purpose of extending credits that the consumer has applied. Advance Credit Services will only report credit inquiry in the past 90 days.

Why does a judgment still show unpaid? Judgment information is obtained through the courts. National repositories will report a judgment as being paid when the plaintiff filed a Notice of Satisfaction with the court. Occasionally, the plaintiff neglected to file the Notice of Satisfaction which causing the judgment status to remain as unpaid. We will update the status on the RMCR by providing us a copy of receipt showing the judgment is satisfied. In order for your credit record to be updated by the national credit bureau for your future reference, the plaintiff must file Notice of Satisfaction with the court.

Why is ex-spouse's account still appeared on the report? The divorce court may have separated the debts responsibility for each of the divorcee, but the debts are still liabilities for either party who signed the loans prior to the divorce. In order to release the liabilities, the creditors must agree to release the responsibilities of the debts to the other party in writing. The consumer must request the release of liabilities to each of the creditors because until the creditors agreed, all parties to the debts still share the legal responsibilities.

Why is a loan that was co-signed appeared on the report? By co-signing a loan, the co-signer has a legal responsibility in the event the primary borrower's defaults. For the purpose of a home loan transaction, Advance Credit Services will update the RMCR as co-signer to a loan by providing us a copy of canceled checks showing the primary borrower is making the payment.

Can Advance Credit Services delete credit information? We cannot delete any credit information provided by the credit bureau. Advance Credit Services could only update the credit information on the RMCR with a written documentation or verified via phone.

Why is the deleted account still appeared on the report? In order for an incorrect credit information to be deleted, all three national repositories must delete the information. An incorrect credit information deleted to just one credit bureau may still appear on the other two repositories.