What Information Do I Need to Run My Credit for a Home Loan?

Running a credit check on yourself is not always simple because you may need information that you have lost, forgotten or do not know. Most people, however, probably already know the information needed to run a personal credit check off the top of their head. If you do this to prepare for a home loan, watch out for more than just your listed accounts.

Identification

Obtaining a free credit report via Annual Credit Report--the central website for the national bureaus to provide free reports--requires consumers to furnish their legal name, Social Security number and previous address if they have lived at their current address for less than two years. Once you choose which agency you want a report from, you answer a few questions to validate your identity, such as the amount of the current monthly payment on some of your loans.

Free Check

Free credit reports do not entitle you to see your FICO score. During the loan application process, however, creditors usually run a check, and some may show you your score. Watch out who you give your driver's license to; it usually contains all the information necessary to run a credit report. Auto dealers sometimes run a hard inquiry, which hurts your score a few points.

What You Should Look For

Besides reviewing your report for late payments and a high score (if you purchase your FICO score), calculate the debts listed on your report and compare this number with your income. Lenders care just as much about debt-to-income ratio--which should be 36 percent or less for a mortgage--as they do a credit score, according to Bankrate.com. Reports also list employment history and previous addresses, so moving around a lot could influence a lender's decision if you bounce around a lot.

Tip

If you forget data, such as monthly debt payment, your lender or bank probably has a statement somewhere in its website in your account. Finding a previous mailing address might be as easy as digging up old mail or letterhead with an address on it. The mortgage provider can run a check with your basic private information, but he may require lots of paperwork to prove your income, such as W-2s from previous years.