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Credit Supplement
What is credit supplement for? When does a mortgage client need to do a credit supplement during the mortgage loan process?
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A credit supplement is used by mortgage lenders during the mortgage loan process to verify or update specific information on a borrower’s credit report. Credit supplements is used to update and verify information such as account balances, payment history, or dispute resolutions. Mortgage lenders may require a credit supplement if there are discrepancies, recent changes, or incomplete information that needs to be clarified before proceeding with the loan. The goal is to ensure the most accurate and current credit data is used for underwriting, which is critical for final loan approval and interest rate determination.