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Paying for a credit report


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Why is it when applying for a loan, I pay for a credit report which I cannot use for other CAs? They want to pull your credit, charging you again for the same information on hand and again causing you to take a hit on you credit score?

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Why is it when applying for a loan, I pay for a credit report which I cannot use for other CAs? They want to pull your credit, charging you again for the same information on hand and again causing you to take a hit on you credit score?

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Some mortgage brokers charge for a CR, some don't. When they "shop around" your scenario to different lenders, they should not charge you an extra fee. Depending on the Credit Report service company, they can usually reissue the report to each lender. For example, Equifax Mortgage Service sells Tri-Merge reports to brokers that have a unique ID. The broker then can give the ID to different lenders and they can see the same report that you already paid for. The only reason I see why you would be charged for extra credit reports is if there has been a significant change in your credit report. IMO.

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Some mortgage brokers charge for a CR, some don't. When they "shop around" your scenario to different lenders, they should not charge you an extra fee. Depending on the Credit Report service company, they can usually reissue the report to each lender. For example, Equifax Mortgage Service sells Tri-Merge reports to brokers that have a unique ID. The broker then can give the ID to different lenders and they can see the same report that you already paid for. The only reason I see why you would be charged for extra credit reports is if there has been a significant change in your credit report. IMO.

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Each broker/bank will typically pull their own credit report. So, consumer beware, if you are shopping around for rates, you might be taking multiple hits in the form of inquiries. Brokers like to look at the format they are used to, and may have to interface with some specific software, like LP and DO (Fannie Mae qualification programs) requiring them to pull your credit. Once you get a report, call and offer up your score and make a pull contingent on them getting you pre-approved (and you liking the rate/program they find). Once you get things firmed up, THEN you can authorize a hard pull. If you don't like the broker and jump ship, of course the next guy is going to start from scratch and in the mortgage industry, the consumer always pays for the report. It is a normal and ordinary cost.

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