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#1850994 - 09/11/13 04:20 PM advertise min. credit score
*W*W* Offline
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Joined: Feb 2010
Posts: 835
Does advertising a minimum required credit score or credit score range trigger additional disclosures on a consumer real estate ad?

Last edited by *W*W*; 09/11/13 04:25 PM. Reason: addl info
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#1851019 - 09/11/13 04:40 PM Re: advertise min. credit score *W*W*
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
That alone - no.
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#1857427 - 10/01/13 07:17 PM Re: advertise min. credit score *W*W*
MoneyMaker Offline

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Joined: Dec 2000
Posts: 215
Atlanta, GA USA
How many prospect real estate buyers know their current credit score? Isn't there a better way to get prospective real estate buyers to 'pre-qualify' themselves?
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#1861531 - 10/15/13 06:37 PM Re: advertise min. credit score *W*W*
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
WW - there are many credit scores. Even if one was pulled from a major vendor, the score the bank uses can be very different. (A general credit score is usually offered by the major CRA's. Your bank may be using a mortgage credit score [heavier emphasis on mortgage loans] or a tri-merge.

There could be a reputational/regulatory risk if applicant gets their score e.g. from Equafax which says 650, and the bank pulls one and it's lower and the loan is denied.
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