Private Lending & Conventional Mortgage Advice

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Leigh S.
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29
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Can a bank pull my credit report without notifying me?

Posted Jan 24 2022, 12:50

My LLC has a small investment loan for a multi-family property through a local credit union. Last week, I was notified through a credit monitoring service that the lender pulled my personal credit report.

I asked the banker about it and got this response: "We have to pull credit at least once a year when we do the annual review. The annual review is to help determine if there is any adverse changes in the financial condition of to borrow and guarantor. If there is then we need to look at what is causing the changes and possibly recommend some changes to help."

The loan payment has always been made before the due date and is in good standing. Is what they did legal? I've never had this happen on any loan.


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