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#1436434 - 08/30/10 08:00 PM 2 unrelated applicants-one credit report?
Anonymous
Unregistered

If we have 2 unrelated loan applicants, can we pull one credit (joint) credit bureau or must we pull them separately? Does it matter if it is a real estate loan?

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#1436445 - 08/30/10 08:04 PM Re: 2 unrelated applicants-one credit report? Anonymous
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
If they are applying for joint credit you should be pulling a joint report, the same as you would with married applicants.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1437428 - 09/01/10 02:49 PM Re: 2 unrelated applicants-one credit report? Dan Persfull
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Our online access to order credit reports requires:

Name, Address, Social, DAB

For a joint report it thens asks for name and SSN only. Wouldn't it be strange to order a "joint" report for joint applicants not at the same address?
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#1437451 - 09/01/10 03:04 PM Re: 2 unrelated applicants-one credit report? HRH Okie Banker
Anonymous
Unregistered

How do you do one for a parent and adult child if the child has their own apartment? I'm new to loans and learning. thanks

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#1437677 - 09/01/10 05:42 PM Re: 2 unrelated applicants-one credit report? Anonymous
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Recently the FDIC began citing banks for pulling joint credit for married applicants and separate credit reports for unmarried applicants. The unmarried applicants charge was higher and therefore is a fair lending violation based on marital status. You're treating one set of borrowers differently than the other.

Many banks began doing one of three things: 1) Pulling joint credit bureaus for all loans when there is more than one borrower; 2) pulling individual credit bureaus on every loan; 3) continuing to pull credit the same way as previously performed; however not charging the customer for the credit bureau reports.

Hope this helps. While you might not be in an FDIC regulated institution I'm sure other regulators are also reviewing this process.
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