Your credit score remains an important part of the mortgage process. It helps the lender understand your ability to repay your loan. This report helps them get an idea of your credit, which impacts not only whether you're approved, but also the types of rates and terms you will receive. Use the link below to find your credit score, a copy will be sent to our team to further assist you in your lending needs.
The Fair Credit Reporting Act (FCRA) has a strict limit on who can check your credit and under what circumstance. The law regulates credit reporting and ensures that only business entities with a specific, legitimate purpose, and not members of the general public, can check your credit without written permission.
The circumstances surrounding the release of your financial information vary widely. Knowing when and why someone can check your credit is important to retaining your privacy and making sure people aren't learning more about you than they should. Read on to find out who can check your reports, what permission—if any—they need, and how to stay on top of keeping your personal information private.
Who Can Access My Credit Report?
When you apply for something—like a new line of credit, a new job or an apartment rental—the lender or business you're dealing with may want to look at your credit reports. They do this to evaluate your risk as a consumer and to gain insight into your past financial dealings. In these cases, most entities are required to ask for your permission before pulling your credit reports.
The following are examples of entities that often request permission to check your credit as a result of an application or initiation of some sort of business relationship such as Banks and other Lenders.
~Information collected from Experian