How The Credit Report Evolution Will Help You With The Mortgage Application
Equifax is the oldest of the three major credit bureaus and has a reliable reputation for accurately reporting a consumer’s financial management performance. A credit application doesn’t start unless an Equifax credit report is pulled and checked thoroughly.
The Equifax report reflects how consumers manage their credits, and it calculates the score based on payment behavior, utilization, the number of trades, and the credit report.
Evolution of the Equifax credit report
It’s proposed in the near future that Equifax would not just reflect credit history but demonstrate a broader picture of one’s financial situation. The next generation of reporting would include comprehensive employment information, income reported by employers, and income reflection based on tax filing and tax return notices.
It will also include all bank account history and even more to the extent that, hypothetically the consumer will not need to provide any additional documents when applying for credit.
It’s also hoped the new system will be more transparent by preventing fraudulent activities and enhancing consumer protection. In addition, reporting is expected to become increasingly efficient and speed up the application process.
If you would like to learn more about the Equifax credit report and how it will affect you, contact MASSMortgageGroup.Com. With many years of experience, we will take the time to answer your questions while helping you secure a mortgage.
Our expert services include “AAA” residential mortgages for employees, first/ second private mortgages, construction financing, commercial real estate loans, and self-employed mortgages. We also arrange home equity loans, business loans, residential mortgages, and mortgages for professionals.
We serve clients across Thornhill, Vaughan, Scarborough, North York, Toronto, Newmarket, Richmond Hill, Aurora, and Markham, Ontario.