Obtaining a credit report.

[NotCranky]

Thanks HLS,
I am mostly trying to get more fluent with the topic, I am a little in the stone age. Seems like there might be others on the board, or lurkers who would have questions too.

Some of the sites I have studied claimed to give a lender preferred report. haven’t tested it yet.

Regardless of the weaknesses in my approach, I did feel more empowered going to wamu and not allowing the loan originator to pull my credit. As for my clients, I avoid the risk of having them possibly perceive that I am steering them to a mortgage broker. In fact I have no desire to do steering of any kind. I explain options and give referrals if they ask. I know good brokers with different personalities and I generally refer where I think there will be a good match on that basis.

Anyway, Being able to talk fluently on this topic will be helpful in advocating for my clients.

[HLS]

“Some of the sites I have studied claimed to give a lender preferred report”

That’s hilarious. Are they offering free air and cholestorol free fruits and vegetables too ?

It just adds to the layers of deceit in fooling people into believing what they want to hear, to get them to part with money.

I’ve yet to have someone call me with their “lender approved report”

I can quote the rates based on the score that they give me, but I CANNOT submit an application to a lender without running a report myself, so if their score is different enough to put them in a different bracket, the entire exercise of them shopping for quotes with their preferred report was a complete waste of time.

Besides, there is a whole lot more that goes into a loan than just a credit score, but it’s a place to start.

IMO, it is an absolute waste of consumer’s money to pay for their consumer score for mortgage purposes, considering that an accurate score is available by different methods.

[HLS]

“Some of the sites I have studied claimed to give a lender preferred report”

That’s hilarious. Are they offering free air and cholestorol free fruits and vegetables too ?

It just adds to the layers of deceit in fooling people into believing what they want to hear, to get them to part with money.

I’ve yet to have someone call me with their “lender approved report”

I can quote the rates based on the score that they give me, but I CANNOT submit an application to a lender without running a report myself, so if their score is different enough to put them in a different bracket, the entire exercise of them shopping for quotes with their preferred report was a complete waste of time.

Besides, there is a whole lot more that goes into a loan than just a credit score, but it’s a place to start.

IMO, it is an absolute waste of consumer’s money to pay for their consumer score for mortgage purposes, considering that an accurate score is available by different methods.

[HLS]

“Some of the sites I have studied claimed to give a lender preferred report”

That’s hilarious. Are they offering free air and cholestorol free fruits and vegetables too ?

It just adds to the layers of deceit in fooling people into believing what they want to hear, to get them to part with money.

I’ve yet to have someone call me with their “lender approved report”

I can quote the rates based on the score that they give me, but I CANNOT submit an application to a lender without running a report myself, so if their score is different enough to put them in a different bracket, the entire exercise of them shopping for quotes with their preferred report was a complete waste of time.

Besides, there is a whole lot more that goes into a loan than just a credit score, but it’s a place to start.

IMO, it is an absolute waste of consumer’s money to pay for their consumer score for mortgage purposes, considering that an accurate score is available by different methods.

[HLS]

“Some of the sites I have studied claimed to give a lender preferred report”

That’s hilarious. Are they offering free air and cholestorol free fruits and vegetables too ?

It just adds to the layers of deceit in fooling people into believing what they want to hear, to get them to part with money.

I’ve yet to have someone call me with their “lender approved report”

I can quote the rates based on the score that they give me, but I CANNOT submit an application to a lender without running a report myself, so if their score is different enough to put them in a different bracket, the entire exercise of them shopping for quotes with their preferred report was a complete waste of time.

Besides, there is a whole lot more that goes into a loan than just a credit score, but it’s a place to start.

IMO, it is an absolute waste of consumer’s money to pay for their consumer score for mortgage purposes, considering that an accurate score is available by different methods.

[HLS]

“Some of the sites I have studied claimed to give a lender preferred report”

That’s hilarious. Are they offering free air and cholestorol free fruits and vegetables too ?

It just adds to the layers of deceit in fooling people into believing what they want to hear, to get them to part with money.

I’ve yet to have someone call me with their “lender approved report”

I can quote the rates based on the score that they give me, but I CANNOT submit an application to a lender without running a report myself, so if their score is different enough to put them in a different bracket, the entire exercise of them shopping for quotes with their preferred report was a complete waste of time.

Besides, there is a whole lot more that goes into a loan than just a credit score, but it’s a place to start.

IMO, it is an absolute waste of consumer’s money to pay for their consumer score for mortgage purposes, considering that an accurate score is available by different methods.

[NotCranky]

“lender approved report”
I didn’t say “lender approved” I said “lender preferred”, as in the format. I know what the loan originator and the underwriter have to do with a credit report, more or less.
It would be silly for me to assume you would package a loan based on a hand carried report from a client. BTW the orgiginators I have spoken face to face with are willing to explain programs and quote rate on a report I provide and even a guestimate and verbal statement of house hold finances, and if they won’t too bad for them. I have been around enough to know some brokers keep clients hostage, as best they can, by various means including the multiple credit check threat.

[NotCranky]

“lender approved report”
I didn’t say “lender approved” I said “lender preferred”, as in the format. I know what the loan originator and the underwriter have to do with a credit report, more or less.
It would be silly for me to assume you would package a loan based on a hand carried report from a client. BTW the orgiginators I have spoken face to face with are willing to explain programs and quote rate on a report I provide and even a guestimate and verbal statement of house hold finances, and if they won’t too bad for them. I have been around enough to know some brokers keep clients hostage, as best they can, by various means including the multiple credit check threat.

[NotCranky]

“lender approved report”
I didn’t say “lender approved” I said “lender preferred”, as in the format. I know what the loan originator and the underwriter have to do with a credit report, more or less.
It would be silly for me to assume you would package a loan based on a hand carried report from a client. BTW the orgiginators I have spoken face to face with are willing to explain programs and quote rate on a report I provide and even a guestimate and verbal statement of house hold finances, and if they won’t too bad for them. I have been around enough to know some brokers keep clients hostage, as best they can, by various means including the multiple credit check threat.

[NotCranky]

“lender approved report”
I didn’t say “lender approved” I said “lender preferred”, as in the format. I know what the loan originator and the underwriter have to do with a credit report, more or less.
It would be silly for me to assume you would package a loan based on a hand carried report from a client. BTW the orgiginators I have spoken face to face with are willing to explain programs and quote rate on a report I provide and even a guestimate and verbal statement of house hold finances, and if they won’t too bad for them. I have been around enough to know some brokers keep clients hostage, as best they can, by various means including the multiple credit check threat.

[NotCranky]

“lender approved report”
I didn’t say “lender approved” I said “lender preferred”, as in the format. I know what the loan originator and the underwriter have to do with a credit report, more or less.
It would be silly for me to assume you would package a loan based on a hand carried report from a client. BTW the orgiginators I have spoken face to face with are willing to explain programs and quote rate on a report I provide and even a guestimate and verbal statement of house hold finances, and if they won’t too bad for them. I have been around enough to know some brokers keep clients hostage, as best they can, by various means including the multiple credit check threat.

[Enorah]

Ray that sounds like the thing do do. I saw those options and actually was having a hard time finding one that didn’t include the membership. I found a “one time” report that was $47.

Enorah you said, “that is the way WE did it”. Did you and your partner each open a separate trial account, or did one account handle inquiries for both?

Ray & Enorah:

You both recommend cancelling. Could you think of any circumstances for which keeping the monitoring service might be a good idea?

We each opened our own accounts, as we are not married (legally at least) and canceled after one month. Cost each of us $11.95 (I think, my memory is hazy about that for some odd reason). The only reason we paid is because we were in the process of moving and just kept put off calling until our free 30 days had expired.

So, while on for 30 days we did each receive email notifications any time there was any activity regarding our credit.

We ran the reports ourselves to offer to potential landlords.

Well turns out none of them wanted our reports, they all had to run them themselves, as there are so many scammers out there.

We did get to see our credit scores though which was good info to have.

The only reason I can see keeping the service would be if you were concerned about identity theft, or if you were working at resolving a credit issue and needed access to your information on a regular basis.

[Enorah]

Ray that sounds like the thing do do. I saw those options and actually was having a hard time finding one that didn’t include the membership. I found a “one time” report that was $47.

Enorah you said, “that is the way WE did it”. Did you and your partner each open a separate trial account, or did one account handle inquiries for both?

Ray & Enorah:

You both recommend cancelling. Could you think of any circumstances for which keeping the monitoring service might be a good idea?

We each opened our own accounts, as we are not married (legally at least) and canceled after one month. Cost each of us $11.95 (I think, my memory is hazy about that for some odd reason). The only reason we paid is because we were in the process of moving and just kept put off calling until our free 30 days had expired.

So, while on for 30 days we did each receive email notifications any time there was any activity regarding our credit.

We ran the reports ourselves to offer to potential landlords.

Well turns out none of them wanted our reports, they all had to run them themselves, as there are so many scammers out there.

We did get to see our credit scores though which was good info to have.

The only reason I can see keeping the service would be if you were concerned about identity theft, or if you were working at resolving a credit issue and needed access to your information on a regular basis.

[Enorah]

Ray that sounds like the thing do do. I saw those options and actually was having a hard time finding one that didn’t include the membership. I found a “one time” report that was $47.

Enorah you said, “that is the way WE did it”. Did you and your partner each open a separate trial account, or did one account handle inquiries for both?

Ray & Enorah:

You both recommend cancelling. Could you think of any circumstances for which keeping the monitoring service might be a good idea?

We each opened our own accounts, as we are not married (legally at least) and canceled after one month. Cost each of us $11.95 (I think, my memory is hazy about that for some odd reason). The only reason we paid is because we were in the process of moving and just kept put off calling until our free 30 days had expired.

So, while on for 30 days we did each receive email notifications any time there was any activity regarding our credit.

We ran the reports ourselves to offer to potential landlords.

Well turns out none of them wanted our reports, they all had to run them themselves, as there are so many scammers out there.

We did get to see our credit scores though which was good info to have.

The only reason I can see keeping the service would be if you were concerned about identity theft, or if you were working at resolving a credit issue and needed access to your information on a regular basis.

[Enorah]

Ray that sounds like the thing do do. I saw those options and actually was having a hard time finding one that didn’t include the membership. I found a “one time” report that was $47.

Enorah you said, “that is the way WE did it”. Did you and your partner each open a separate trial account, or did one account handle inquiries for both?

Ray & Enorah:

You both recommend cancelling. Could you think of any circumstances for which keeping the monitoring service might be a good idea?

We each opened our own accounts, as we are not married (legally at least) and canceled after one month. Cost each of us $11.95 (I think, my memory is hazy about that for some odd reason). The only reason we paid is because we were in the process of moving and just kept put off calling until our free 30 days had expired.

So, while on for 30 days we did each receive email notifications any time there was any activity regarding our credit.

We ran the reports ourselves to offer to potential landlords.

Well turns out none of them wanted our reports, they all had to run them themselves, as there are so many scammers out there.

We did get to see our credit scores though which was good info to have.

The only reason I can see keeping the service would be if you were concerned about identity theft, or if you were working at resolving a credit issue and needed access to your information on a regular basis.

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