Most people don't realize that there are other things besides credit accounts and credit scores that the lender is looking for on their credit report. In addition, these things must match what you have stated on your initial loan application. If there is any discrepancy found, be assured you will be questioned. For this reason, you should be honest and accurate when completing your loan application.
First - your name. Every credit report has a section that lists every name that you have used. Most times this can be explained just by examining it. It usually happens for women who have married, or married and divorced. But you may be surprised to know that many times a man's alias will show up as his wife's maiden name. Also, very important, is the use of Jr., Sr., III. If you use this with your name, then make sure your application also has that attached to your name.
Second - residential address. Every credit report also has a section that lists all of your addresses with the years that you lived there. Mortgages require a strict two year residential history. Often times, this must also be verified. Many people just put down their current address and state that they are living there for two years. This will be picked up with further examination of your credit report and you will be questioned. Be sure to list your two year residential history correctly on your initial application.
Third - employment. Another item that shows up on all credit reports is employment history. This is also another item that will be verified with your employer and requires a two year history. If you are working somewhere for twenty-one months and state that you have been employed there for two years, it will come up and you will be required to disclose more information. In addition, through the credit report, the lender can see how many jobs you have had over the years and if you were ever self employed. Again, be honest and specific when providing this information to your lender.
It is very important to fill out your initial application as honestly and correctly as possible because this is probably the most important part of the whole venture. It will make the process go quicker and easier. You will get less inquiring phone calls from the lender's office and ultimately, everyone will have less stress.