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#800568 - 08/22/07 08:30 PM Using another banks credit report????
CompQueen Offline
Junior Member
Joined: Mar 2007
Posts: 35
WA
We have one of our construction lending officers who wants to use the merge credit report that the customer brought in from another bank. The customer does not want another inquiry going through that might affect their personal credit score as the loans with us are for their construciton business and not a mortgage it could affect their credit score.

Has anyone else here ever allowed this at their institution?

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Lending Compliance
#800651 - 08/22/07 09:15 PM Re: Using another banks credit report???? CompQueen
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
Our lending policy wouldn't allow us to use a report that the customer brought us.
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#800768 - 08/22/07 10:43 PM Re: Using another banks credit report???? LoisLane
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,310
Galveston, TX
1. It would possibly make the original bank a credit reporting agency, since this is not a combined transaction among the lenders.

2. With today's technology - what would you like my credit score to be and I can produce you are credit report for any number you choose??
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#800813 - 08/22/07 11:38 PM Re: Using another banks credit report???? rlcarey
CompQueen Offline
Junior Member
Joined: Mar 2007
Posts: 35
WA
rlcarey,

That was my exact response to the officer when I was asked.

Thanks to all that responded.

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