Is there any law stopping a mortgage broker from giving a client a copy of their credit, that they paid for?

Question

I was told by somone who works for a credit reporting agency that when FACTA (The Fair and Accurate Credit Transactions Act) came out back in 03 or 04, eliminated any restrictions that were in place that prohibited mortgage brokers and lenders from giving out a copy of the credit report. Any insight???

I was told by someone who works for a credit reporting agency that when FACTA (The Fair and Accurate Credit Transactions Act) came out back in 03 or 04, eliminated any restrictions that were in place that prohibited mortgage brokers and lenders from giving out a copy of the credit report. I am looking for a reference so PLEASE PROVIDE SOME TYPE OF REFERENCE I CAN GIVE TO BACK UP THE ANSWER. I WANT TO SHOW THEM THAT THERE IS NO LAW RESTRICTING THEM FROM GIVING ME A COPY.

Answer 1

It is now ok for companies to give their clients a copy of the credit report, but not all companies are willing to do so. It is up to the mortgage broker, and some even charge extra. FACTA changed the rules governing 3rd party credit reports when it was introduced.

Answer 2

As a rule I always make a copy of the report for the client. I go over it in detail with them to insure accuracy. I also prepare challenge letters to to begin the removal process of anything reported the client feels is incorrect. The report costs me personally so legally I could make them reimburse me for it or not give them a copy. I don't subscribe to such tactics and have never had a client take their report and go elsewhere for their loan. I know they could, but nobody ever has, why, because I provide a higher standard of service than they will find elsewhere, period. I also build their loans from the rate sheet they are looking at, they learn how loans are priced and why their rate is what it is. No bait and switch, no bs, and guaranteed on time closing at 1.5 % origination fee including any rebate or its free.
Regarding those free reports from www.annualcreditreport.com I use them as often as possible in a credit cleanup process. Clients that aren't under a time constraint are very appreciative of this process also. I pull the experian report to look for erroneous errors. We challenge those with the proper challenge letters and pull the transunion report in 40 days. Most issues challenged are gone and then, and only then, we pull a tri-merged, scored report to begin their loan with. The non scored earlier reports won't lower their score. Most often I can now get them a better rate loan as their score and grade have improved and derogs are gone. Most lenders are focused on rebate and fees, my focus is on providing a superior level of service. I haven't had to advertise in over 17 years and can still originate, process, and amortize a loan with a pencil and paper if needed to.

Answer 3

There are no restrictions against showing you the report.

You are also entitled to a FREE copy of your credit report from each reporting agency each year. You can obtain it by visiting annualcreditreport.com. This is not one of those monitoring services, it is an actual, free report. The credit agency will try to sell you other services (such as your score) along with it, but you can get each report absolutely free.

Answer 4

the information stated contained in the first reaction does not handle your question, and really it truly is my understanding that your broking service isn't meant to furnish you a replica of the record. yet many brokers and bankers will do so as a courtesy, and also you truthfully can tell the broking service that if he's unwilling to cooperate that you'll take your organization elsewhere.