Mortgage lenders today rely on credit scores to determine if borrowers are good risks. Borrowers with low credit scores may have to pay higher interest rates on their mortgage loans. Those with particularly bad credit reports may not even qualify for a mortgage loan at all.
Credit scores are based on the credit reports put together by the big three credit bureaus: TransUnion, Experian and Equifax. Sometimes, though, these credit reports might have errors. And these errors can cause borrowers' credit scores to drop through no fault of their own.
