What is acceptable to an underwriter?

Question

If my good paying account is not showing on all three credit reports, what can I provide to show proof to the underwriters that I have been paying on time.....does anyone know what is acceptable to an underwriter? Also if my current address is not showing on my credit report, what other proof can I present to the underwriter that will be acceptable, proving that I have been living at an adress for 1 year 1/2, and a previous address for 2 years? Can someone please help? Thanks

Answer 1

You don't mention what is being underwritten so I'm a little in the dark but I'll try.

If you want to provide proof of a good paying account, the best way is to bring in a series of "next month's bill" that shows you paid the previous month.  If you have a pile of them they'll get the point.  The other thing to do is call the company you're paying and simply ask if they would send you verification of "on-time" payment over the last 12 or 24 months or whatever.  They may or may not do it but you can at least ask.  Not all companies report to the credit bureaus.  This is especially true related to utilities and other miscellaneous expenses.

Current Address:  This one should be pretty easy.  The best way to show proof of current address is to provide a current utility statement (Phone, Cable, Gas, Electric, Water) that shows your name and the current address.  You can also call one of the utility companies (electric is often the most helpful) and tell them you are trying to provide proof of address from a specific date to now.  They may provide something in writing.  If not, ask them for a copy of your first ulility bill statement.  Then have your current one.  The two dates will show the length of time.  Most underwriters will accept stuff like that.  They aren't trying to stop you so it's not like you have to provide everymonth typically to get them to accept it.

Hope that helps.  If you need more specific info, feel free to email with more details.

Cheers.

Answer 2

Well, it depends....what type of documentation is the underwriter stating they will accept?  Anyone here can give you any answer they want but it isn't going to matter because it is THAT under writer that needs to tell you what they need.

As for the address, I already answered that.  All you need is a driver's license for your current address.  If you need an address prior to that, again, it is either your DL or utility bills.  But again, it is up to that underwriter to tell you what is acceptable.  Each bank is different as to what THEIR underwriting guidelines are.