Question: Is it normal to give account info for funding?

Question

Hello! I'm new to real estate investing!

I was introduced to someone thru a local real estate agent/investor that can offer funding for someone in my situation. I have to offer them proof of my new card balance because I need my score up two more points to qualify..

Anyway, the proof they need is a print out, but it needs to have my full account number on it. Is this normal when applying for funding? I wouldn't normally give my information out, but I'm not sure if this is actually part of the process.. I'm new, so I don't want my ignorance taken advantage of.

Danielle Baylor · Answer

@matt p thank you. I offered to send a screen shot. I'll send them the balance info but I'm going to block out most of my account number buy the last 4.

Danielle Baylor · Answer

Hmm thank you. I'll omit the account number info. The part seems weird to me, but since this will be my first time buying I don't know the whole process. Thank you!!

Jim Goebel · Answer

Yeah that's strange @Danielle Baylor

We've never run into that.

My guess is that they are just wanting to verify current balance and payoff info, and/or ensure that you are current on things.  I'd recommend offering a balance/statement which usually only shows last 4 of your card information.  Seek clarification.

In one case we had a lender request to literally see transactional data from our bank account.  After getting it we went down a rabbit hole of constant requests for more information (clarify this transaction, etc).  It got to a point where there was no end in sight and we eventually just said, no, we're done answering further questions as we had done so in good faith.  We let them decide if they wanted to lend to us at that point and from that point on things went just fine.  We will push back on that if ever requested again.

Aaron K. · Answer

Is it a credit card account number that they want? If so that seems off to me, maybe give them the phone number of your card provider and tell your lender to expect a call from a lender to verify information.  I would be hesitant to give out full account numbers because the lender gains no useful information from that.