Is in that any canon stopping a mortgage broker from giving a client a copy of their credit, that they salaried for?
I was told by somone who works for a credit reporting agency that when FACTA (The Fair and Accurate Credit Transactions Act) came out vertebrae in 03 or 04, eliminated any restrictions that be in place that prohibited mortgage brokers and lenders from giving out a copy of the credit report. Any insight?
Answers:
There are no restrictions against showing you the report.
You are also entitled to a FREE copy of your credit report from respectively reporting agency each year. You can obtain it by visit annualcreditreport.com. This is not one of those monitoring services, it is an actual, free report. The credit agency will try to sell you other services (such as your score) along with it, but you can take each report absolutely free. Source(s): www.annualcreditreport.com
As a rule I always put together a copy of the report for the client. I go over it in detail next to them to insure accuracy. I also prepare challenge correspondence to to begin the removal process of anything reported the client feels is incorrect. The report costs me intuitively so legally I could make them reimburse me for it or not grant them a copy. I don't subscribe to such tactics and have never have a client take their report and go elsewhere for their loan. I know they could, but nobody ever have, why, because I provide a higher standard of service than they will find elsewhere, period. I also build their loans from the rate sheet they are looking at, they swot how loans are priced and why their rate is what it is. No bait and switch, no bs, and guaranteed on time closing at 1.5 % origination fee including any rebate or its free.
Regarding those free reports from www.annualcreditreport.com I use them as recurrently as possible in a credit cleanup process. Clients that aren't under a time constraint are extremely appreciative of this process also. I pull the experian report to look for erroneous errors. We challenge those beside the proper challenge letters and verbs the transunion report in 40 days. Most issues challenged are gone and later, and only then, we verbs a tri-merged, scored report to begin their loan next to. The non scored earlier reports won't lower their win. Most often I can now bring them a better rate loan as their score and grade enjoy improved and derogs are gone. Most lenders are focused on rebate and fees, my focus is on providing a superior level of service. I haven't have to advertise in over 17 years and can still spring, process, and amortize a loan with a pencil and paper if needed to.
It is now ok for companies to endow with their clients a copy of the credit report, but not all companies are willing to do so. It is up to the mortgage broker, and some even charge extra. FACTA changed the rules governing 3rd delegation credit reports when it was introduced.
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Answers:
There are no restrictions against showing you the report.
You are also entitled to a FREE copy of your credit report from respectively reporting agency each year. You can obtain it by visit annualcreditreport.com. This is not one of those monitoring services, it is an actual, free report. The credit agency will try to sell you other services (such as your score) along with it, but you can take each report absolutely free. Source(s): www.annualcreditreport.com
As a rule I always put together a copy of the report for the client. I go over it in detail next to them to insure accuracy. I also prepare challenge correspondence to to begin the removal process of anything reported the client feels is incorrect. The report costs me intuitively so legally I could make them reimburse me for it or not grant them a copy. I don't subscribe to such tactics and have never have a client take their report and go elsewhere for their loan. I know they could, but nobody ever have, why, because I provide a higher standard of service than they will find elsewhere, period. I also build their loans from the rate sheet they are looking at, they swot how loans are priced and why their rate is what it is. No bait and switch, no bs, and guaranteed on time closing at 1.5 % origination fee including any rebate or its free.
Regarding those free reports from www.annualcreditreport.com I use them as recurrently as possible in a credit cleanup process. Clients that aren't under a time constraint are extremely appreciative of this process also. I pull the experian report to look for erroneous errors. We challenge those beside the proper challenge letters and verbs the transunion report in 40 days. Most issues challenged are gone and later, and only then, we verbs a tri-merged, scored report to begin their loan next to. The non scored earlier reports won't lower their win. Most often I can now bring them a better rate loan as their score and grade enjoy improved and derogs are gone. Most lenders are focused on rebate and fees, my focus is on providing a superior level of service. I haven't have to advertise in over 17 years and can still spring, process, and amortize a loan with a pencil and paper if needed to.
It is now ok for companies to endow with their clients a copy of the credit report, but not all companies are willing to do so. It is up to the mortgage broker, and some even charge extra. FACTA changed the rules governing 3rd delegation credit reports when it was introduced.
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