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What's the deal with credit scores?


A credit score is an assessment of your overall credit profile. Factors such as your payment history, balances and the number of months/years you've had accounts open all go into determining your score.

Even if your score isn't as high as you'd like, it doesn't mean you won't qualify for a home loan. Credit scores are just one of the many pieces of information that M&T Bank factors in when determining which mortgage is right for you. When lenders perform a credit check, they are trying to figure out the right loan, the right interest rate and best terms for your particular situation. The same process occurs when you buy a car, or even rent an apartment or home.

You can also view your credit report and credit score by contacting the credit bureaus directly. If you see an error on your credit report, notify the credit bureau immediately in writing, and keep a copy for your records. Your loan adviser will likely need to see the documentation or proof of the error.

Contacting the credit bureau is often only the first step toward fixing the problem. The Fair Credit Reporting Act was supposed to make it easier for individuals to fix errors on their reports, but in practice it sometimes still takes a really long time to right the wrong.