Wednesday, September 18, 2013

Loan officers how applicants can get credit reports

Here is how loan officers can help applicants get a full copy of the credit reports and FICO scores they pulled while complying with bank rules:

CEO & President of Credit Restoration and Education at North Shore Advisory, Inc.
When a third party mortgage banker runs credit reports & scores for the purpose of mortgage approval most cannot share the full report with the applicant. Many potential borrowers are annoyed & frustrated with the denial of access to the credit reports used in evaluating their credit risk. In many cases they wind up resenting the banker instead of realizing it is not the policy of the banker but the bank. What many loan officers & real estate professionals may not realize is the "pulling service" or "credit bureau" that was paid a fee by the bank to provide them with the full merged credit profile & FICO scores must send the report directly to the consumer when it is requested. This is a very easy process and free of any charge. First, the pulled report will not only have the phone numbers of the credit bureaus (Experian, Trans Union, & Equifax) it will also have the pulling services phone number. The banker will pass the phone number on to the client explaining that once a call is placed the full reports and scores will be mailed directly to them. Some sophisticated bankers actually call the pulling service for their client and request the reports be mailed immediately to provide a higher level of service.

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