Credit Report Rules

[Blake C.]

I recently got a mortgage on my 2nd investment property (within the last 15 days). I asked the loan officer to send a copy of my credit report just for curiosity. The bank rep said that they are not allowed to give it to me. Not only would this ordinarily irritate me, but I had a terrible financing experience during the process. They did close the loan at a decent rate, but only after lots of misinformation, delays, broken promises, and unreturned phone calls.

In the past, lenders have provided my credit report to me. Is it now the new normal not to?

[Bill Gulley]

From the inception of credit reports those having access to reports are members of that reporting agency. Reports are sold to those who are included in reports, the public whose credit is reported. For that reason members are not allowed to give any report out, if a loan officer did that was a violation.

Creditors may show a report and discuss any item reported, many feel they can't show it, but that isn't the restriction, it's giving them that report. They agency has the right to and does charge a fee for a hard copy.

This can be governed by state law as to delivering a copy by a creditor.

However, if there are disputes or you have been denied credit you are entitled to a free copy of your credit report. You'll find the details in the Fair Credit Reporting Act. :)