Is a mortgage lender/broker required to get a signed consent form before pulling my credit

ckirk1 · Joined: 01 Sep 2008 Posts: 2 1.89 Dollars($)

Is a mortgage lender/broker required to get a signed consent form before pulling my credit prior to an application being taken

Guest 0.10 Dollars($)

They are not. They may take your application over the phone and pull your credit with your verbal approval. Giving them all your information is giving them authorization to pull your credit.

jameshogg · Posted: Mon Sep 01, 2008 9:38 pm Post subject: RE: credit report pull

Welcome ckirk,

I agree with the guest poster.

Pulling out a customer's credit report without authorization isn't illegal.

The only time you need to provide a written authorization is when your employer seeks to check your credit report.

Thanks

Guest 0.10 Dollars($)

I was working with a broker who the loan officer pulled my credit report & the loan officer no longer works for this broker & went to work for another broker is it legal for this loan officer to pull my credit report with the new broker without my consent?

Jessica · Posted: Tue Sep 09, 2008 4:51 am Post subject:

Hi guest,

If the loan officer is working with the new broker in order to process your loan, I think it's legal for him to pull your credit report.

Regards,

Jessica.

gmakerley · Posted: Tue Sep 09, 2008 10:39 am Post subject:

i'm in agreement with jessica. if your relationship is with the original lender and not the loan officer, you might want to contact that loan officer to advise him not to pull another report. otherwise, it makes sense for him to have done so.

vegas_storms · Joined: 12 Sep 2008 Posts: 50 1.24 Dollars($)

Pulling your credit without verbal or written permission is illegal.

The LO should have informed you he had moved to a different company and asked if you would like to have him complete your loan. If you said yes he would then need to pull another copy of your credit.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

Worried,

I agree with vegas_storms. THe new company is not allowed to pull your credit without your consent. When you gave consent originally it was to the old company. What the loan officer did is wrong and you could contact the state licensing agency and enter a complaint. Most states require loan officers to be licensed so that they can govern them. If you don't inform them of the wrong doing, they will never know and this could continue on with others.

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