Mortgages are based on risk. Each lender evaluates your risk of defaulting when deciding on if to approve your loan or not. Risk can partially be measured by your credit.

Without letting the broker pull your credit report you are preventing yourself from doing there job. Remember there job is to find you the best possible loan you qualify for.

If you are "rate shopping" and have already had your credit pulled, take some notes on the information that broker supplies you. At the very least ask what each of your three credit scores are.

If you are worried about your information being given out ask the broker to go over their privacy and security policies. They can describe what type of information is taken and who it is given to, and what their office does to ensure your information is secure

Many potential borrowers feel it is prudent to get a mortgage broker to quote such things as rates, fees and terms without pulling the credit report. The fact is that the opposite is true. Any broker who will quote you such things without examining the credit report is only setting you up for changes and possible disappointment down the road. If a borrower is serious about wanting to get a mortgage loan then they must allow the loan officer access to their credit report. If not, the borrower will not get any more bona-fide information than the basic, generic rate and program quotes that is advertised in Sunday newspapers.

In order to check your credit the mortgage broker will need several key pieces of information. They will need your full name, your social security number, your date of birth and your current address.

The amount of times you've been late on your mortgage can have an affect on your loan, but can not be determined by the score alone.

When submitting a loan application to a lender, a mortgage broker must submit the borrower's credit report pulled under the broker's name. In other words, a credit report pulled by one broker cannot be used by another.

The broker needs to pull your credit report not only for the scores, but also to evaluate your entire credit history. The score alone does not control the loan programs which you may qualify for.

If previously you have had your credit report pulled by another broker you may be concerned that your credit risk score will drop if it is pulled too much by others. While this has some truth to it, it is not that simple. The change in your risk score for the worse by excessive inquiries, while real, can only affect you under certain conditions which may or may not apply to you. While shopping for a loan is smart, it can take its toll if done too much. The power of a mortgage broker is that he can do the shopping for you, and help you find the best rate and program. Therefore, your broker will assist in keeping your credit in check by avoiding excessive inquiries.