Loan Officer in Alabama is telling me she can't send me a copy of my credit report via email, fax or mail. Is that true? I've gotten my report from lenders in the mail in the past, this new or she just doesn't want me shopping it around? I used to be a loan officer in NY, I don't recall having this problem.
I doubt Alabama has a law keeping lenders from providing a copy of your credit report since it seems anti-consumer to do so, but I am not familiar with its laws.
It is probably the lender's company policy. They are not required to provide you copy by (federal) law so they are within their rights to decline your request. However, you can contact the credit bureau's to get your own copy for free within 60 days.
You can go online and have a copy of all three of your CB's in less than 20 minutes.
Thanks for the response. I'm aware I can get it on my own, trying to save some time and be up to date for my next investments. That's a rather annoying policy =).
I know even if you are turned down for the loan you can get a copy of your credit score. They have you sign their statement and then they are required to send to you by mail a letter as to why you were turned down. That is when you can ask for a copy. Ask for a manager to see if it is the company policy. You will not get the copy of your credit score this time within your time frame but you will know next time not to go to that lender.
Even if she is required to give it to you its fairly irrelevant. The question is what are you going to do to compell her to give it to you.
Even in cases where the law is on your side the process is such a pain its not worth it.
If your trying to save time then the fastest option is to just pull it yourself. If you want to show here then bring it up with the commerce department or BBB. But, if you start trying to show everybody who does shady stuff in this business you will have no time to invest.
In my experience, when I come across someone shady I get away from them quickly cut my losses, take a deep breath and move on. Unless they are criminally hurting people then I've been compelled to report it. But I've only done that once in a very extreme case and it was fairly painful and very distracting.
It all depends on where the loan officer pulled the credit. If you paid for it then yes you should get a copy. However as a loan officer i can pull credit for free off of taylorbean.com but they don't allow me to print it. So it all depends on the source of the credit report. Whenever someone pays me to pull a report i use landsafe which makes the report a nice PDF file which i can then send to them after i have received their signed credit application
Yeah, I guess that's a pretty critical point; if you paid for it or not.
it's the banks/lenders property unless you paid for it.
besides, many credit reports pulled by banks/lenders are very difficult to read by the common folk. it's not like the pretty ones you get when you pull it from sites.
www.annualcreditreport.com is a COMPLETELY free site. you are allowed to pull once a year from each bureau. also, keep in mind that when you (the consumer) pulls your own credit report, it does NOT go against your score in any way, shape, or form.
i, myself, have an id alert that i get through work that gives me 24/7 access to all 3 scores an reports. pretty awesome stuff.
I just closed a loan on my house and the lender sent me a form saying what bureau was used and what the score is. I don't need the report from the lender but I have had them furnish them before when they weren't so easy to get.
I owned a mortgage bokerage and I always emailed a copy and provided a hard copy to my clients. Most loan officers are afraid of the borrower shopping them around with a copy of the credit report. I was never afraid and if they shopped, it meant they weren't entirely comfortable with me.
Many lenders are afraid you are shopping the loan and do not want to provide you assistance in doing so. They are not supposed to provide their report to you. However, with most credit service providers there is a "Consumer" form that they can request and provide to you. As to your scores, they do not have to provide the actual report showing the scores; but they are required under federal law to disclose your scores, not just at denial but now at loan application or within three days of pulling your credit.
I run credit reports and one of the terms with the credit company is that I am not permitted to give copies of the reports or any information about the reports to the applicant.
If they are rejected, I am required to give them a letter that allows them to get a free copy of their credit report.
As far as I know, California is the only state that requires that a copy of the credit report be given to the applicant if the applicant paid for it.
I'm going to guess, that since the credit company keeps a record of every place that a person applies for credit, They don't want the consumer to walk around witha copy so that their loan applications don't show up on their credit report.
There exists the possibility that a cheat could get a new car, new tv, new wardrobe, new hot tub, all from Creditors that didn't know they were on a buying spree. After all, it's not a rare practie from those who know they are going to file for bankruptcy. They go on a huge buying spree and then hide the goodies away and file.
I just finished my 20 hours of SAFE prelicensing and they reiterated a dozen times that a licensed loan originator by law CANNOT give the borrower a copy of their credit report. They can provide them the score if they ask for it and are to direct them to annualcrediteport.com to get a free copy of their report. What most consumers also fail to recognize is there is a big difference between your report and your score. A credit report is a list of all your obligations and pay history without a score. While 90% of creditors use FICO for scoring not all do and different agencies have different scoring.
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