What does it mean that a mortgage lender wants to update my credit?

Next wednesday we are closing on a house, tonight I came home and there was a message from some credit agency. In the message the woman stated that I need to call her tuesday so she can update my credit report for the purpose of the loan. What does that mean??? I know there were a few minor errors, like an address and 2 reports showing something was paid but the other one not. Is she really going to fix that in one day?What does it mean that a mortgage lender wants to update my credit?
Probably nothing more than a scam. You could have a bigger problem if you give them information.What does it mean that a mortgage lender wants to update my credit?
Be very careful here in what information you give out. This could be a scam to get your personal information. The company you are getting your loan through has your SSN and authorization to pull your credit report. Call the officer working on your loan directly (not the number this woman left) and ask if she works for them. If not, do not call this woman back. If she does, the loan officer should be able to take the information she needs, or transfer your call to the lady.
In my office, when we update the credit, we are checking to make sure that the credit scores are in a position that still qualifies the borrower for the loan program and that no new debt is showing. Usually it is done a couple of weeks before the loan is funded. I am thinking in your case it could be one of the credit bureaus trying to contact you on a supplemental request put in by your lender. A supplemental is done when something is not reporting correctly. The bureau usually will contact the borrower before the supplemental is processed. If something is still showing a balance and you know it is paid off, the supplemental activates contact between the creditor and the credit bureau to report it correctly in a matter of a day or two. This is probably being done to make your debt/income ratio within the parameters that the loan program requires. Call your loan officer first and then if your loan officer tells you it's ok, call the woman who left the message.
UPDATE YOUR CREDIT means they want to clear up and discrepancies prior to closing your loan.





WHY?





Loans are commonly SOLD in the secondary market by mortgage companies to Banks and other lenders. They want to nuy good paper or loans with good borrowers credit profiles preferred.





It s a good sign that they want to update your records accordingly.





CONGRATULATIONS! On your real estate investment and enjoy the perks to home ownership.





GOOD LUCK! :-)
Generally before a mortgage is issued, mortgage issuing company may ';spot check'; your credit since 8-12 weeks have passed from the date of your mortgage application to the closing date. They want to make sure your are still credit worthy to issue the mortgage. However, I am not sure why they would call you to update the credit report since all the information they need to evaluate your credit worthiness is in front of them. You may want to give them a call to find out.