Guest Stewart32 Posted May 4, 2005 Report Share Posted May 4, 2005 Hello All,I have been making inquires with banks and brokers regarding a refinance, both of which are checking my credit. Are the brokerages required to produce the credit report as the banks appear to be?Thanks,newb Stewart Link to comment Share on other sites More sharing options...
firstsource Posted May 5, 2005 Report Share Posted May 5, 2005 Well, sort of. The fairly new law, FACTA, requires that lenders that run credit report are required to give the consumers involved their credit scoring. That is a little of the information that a consumer needs, and a follow up with the free reports, showing the details is a good mix. Charles Link to comment Share on other sites More sharing options...
Guest Stewart32 Posted May 5, 2005 Report Share Posted May 5, 2005 My online "application" process involved a credit check (this is according to the website). How do I get those credit scores through FACTA/2003? Link to comment Share on other sites More sharing options...
amortgageman Posted May 5, 2005 Report Share Posted May 5, 2005 If a lender pulls your credit for a mortage application, then they must release to you, your credit scores, and the 4 reason codes which are affecting your credit. It is a required disclosure, which you must be mailed within three business days of your application. A good broker should have no problem with giving you a copy of your credit reports. This changed with the October FACT ACT updates. Link to comment Share on other sites More sharing options...
wunderwoman Posted May 5, 2005 Report Share Posted May 5, 2005 I am in the process of getting a mortgage and when I asked him, my broker sent it right over in a password protected PDF file. It has my scores (704/753/763 woohoo) and the codes to factors affecting my scores. He sent it right away, no cost to me. Link to comment Share on other sites More sharing options...
Guest Stewart32 Posted May 5, 2005 Report Share Posted May 5, 2005 Thats great Wunderwoman. I have been fooling around with Countrywide...they are dragging thier feet providing the scores. Who can I appeal to... the state's attourney? Link to comment Share on other sites More sharing options...
firstsource Posted May 6, 2005 Report Share Posted May 6, 2005 There was a law/regulation passed last year, went into effect 1 Jan 05, that states that any lender/creditor etc that runs your credit has to send you the scores. We have to send a disclosure to be signed when we do a loan, that confirms that the borrower received the scores. In addition, the company where I get my reports sends the scores also, as a "fail safe" in case of human error on our part. Scary thing on my end, is that they have not yet established the fines/fees for not complying, so we are being very careful. I would talk with a manager at the office where you started your loan, and ask that it be sent to you. Charles Link to comment Share on other sites More sharing options...
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