Your credit is an integral part of the mortgage process. When you apply for a mortgage, you give Mortgage Access permission to obtain a copy of your credit report, which consists of a credit profile and a credit score. A credit profile is a statement of how you have paid back any borrowed monies, and how you have met any other financial obligations. A credit score, also called a FICO score, is a statistical method of determining your credit risk.

Bad credit doesn't necessarily mean you won’t qualify for a mortgage, it just means your interest rate and terms will not be as good as someone with excellent credit.

Under the Fair Credit Reporting Act, you have the right to dispute the completion and accuracy of your credit report. All disputes will be investigated and corrected if needed. You can also make amendments to your profile if there’s something you feel deserves further explanation, such as late payments due to medical issues, military duty, etc. It’s a good idea to order a copy of your credit report once a year to check for errors, and to protect yourself against identity theft.