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Getting a copy of your credit report is a good idea if you plan on seeking pre-qualification for a loan, especially a mortgage or an auto loan. Reviewing your credit report helps you prepare for the loan application. It will show your current debts, which can be used to calculate your debt-to-income ratio, a number that lenders use as a factor in determining eligibility. And if you find inaccuracies on your credit report, you can dispute them with the credit bureaus before you apply for the loan.
If you are familiar with your credit history, you can tell the lender straight off about your credit standing at the outset of the mortgage process. If you have no idea what's on your credit report, the lender will perform a "hard pull" on your credit report. That will show up as an inquiry on your credit report, hurting your credit score. Lenders need a copy of the credit report at the point of formal processing, but there should be no need to have a lender pull off a credit report in the preliminary process.
For consumers, it is very important to be aware of credit information. Your credit report not only affects the interest rate you will get for your loan, but it can also make the difference between approval or denial of a loan. By reviewing and improving your credit information for pre-qualification, you can be better prepared when applying for a loan.
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