Posted By: pjs
questions on pulling credit reports - 03/11/20 03:21 PM
Hello- I have a few questions:
Has anyone pulled a "No-Hit" credit report on a loan applicant and if so what did you do? We get them on consumer loan applicants for car loans etc- we wait a few minutes and then pull another one that is a good report on the applicant. We are in the process of finding out if there is a glitch with the credit reporting agency-
My question is some loan officers do not bother to look at the credit report- and close the loan with the No Hit report- after the loan is closed and the No Hit is found then the loan officer pulls another credit report. I don't believe it is right to do so. The loan is closed what permissible purpose does the loan officer have to pull a credit report?
An employee said the bank has permission to pull credit anytime since the customer has loans with us. I don't agree.
Another question- a home equity loan applicant did not qualify for a certain interest rate based on his credit score- so almost 30 days later he asked the loan officer to pull his credit report again because he paid down some debt and maybe paid one off- and so the loan officer did and the applicant qualified for the HE interest rate he wanted. So, is this ok for a loan officer to do?
Thanks so much.
Has anyone pulled a "No-Hit" credit report on a loan applicant and if so what did you do? We get them on consumer loan applicants for car loans etc- we wait a few minutes and then pull another one that is a good report on the applicant. We are in the process of finding out if there is a glitch with the credit reporting agency-
My question is some loan officers do not bother to look at the credit report- and close the loan with the No Hit report- after the loan is closed and the No Hit is found then the loan officer pulls another credit report. I don't believe it is right to do so. The loan is closed what permissible purpose does the loan officer have to pull a credit report?
An employee said the bank has permission to pull credit anytime since the customer has loans with us. I don't agree.
Another question- a home equity loan applicant did not qualify for a certain interest rate based on his credit score- so almost 30 days later he asked the loan officer to pull his credit report again because he paid down some debt and maybe paid one off- and so the loan officer did and the applicant qualified for the HE interest rate he wanted. So, is this ok for a loan officer to do?
Thanks so much.