Question : Authorized or unauthorized credit check by loan officer?
My loan officer checked my credit to get prequalified for a loan. He is also my REA and checked my credit again 10 days after. I monitor my credit with my a credit agency and notice a new inquiry and question him about it and he said it was standard practice by the lender. Is this accurate? He never asked me the same time if he could check my credit. The first time I met with him he asked me how many times my credit had been check as he told me that after the 4th time I was going to lose points.
- asked by pichon
All Answers:
Answer #1
Lenders have the right to check your credit. Thisshould be taken for granted when one applies forany kind of credit. No, they don'thave to askyour permission.
- answered by gulfbreeze8
Answer #2
How do you expect to get pre-qualified if hedoesn't check your credit. Besides, it wasprobably in the pre-qualification disclosuredocuments.Multiple inquirires withing a shortperiod all get lumped togethe as one because theyassume you're shopping for terms. You don't get asignificant score change for 1 - 2 inquiriesanyway. What they're looking for is somethinglike seven credit card or personal loanapplications in six months; that looks like you'rein trouble and trying to borrow your way out, orexpect losing your job.
- answered by Bob
Answer #3
Did you sign an authorization allowing your creditto be checked? If you did, the parameters of whenand how often your credit can be checked by theInstitution. He could be in violation of th law.
- answered by Turbo Baby
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