Pulling Credit

[Alberto Stein Rios]

Hello, 

I am wondering if anyone out there knows of a service that will pull credit on my borrower. I am working on my first note deal and would like to pull credit on them.  As the second liendholder, I believe I do not need them to sign anything to pull their credit.  The only service I know that does this is called Universal Credit Service, however, they require that I have my own office space, and that I do volume with them.  Does anyone know where I can pull credit on a one off?  Any resources would be much appreciated!

[Dion DePaoli]

Cringing under my desk.

Stop.  

Pulling credit on a Mortgagor is just as protected as pulling credit on a tenant or applicant. Just because there is a Borrower and a Mortgage loan does not mean you can just pull their credit.  

You will generally not be given an account to pull credit without an office and often times proper protections in place to ensure that data is kept secure.  This includes locked offices or filing cabinets and proper paper destruction services.  

In the purchase process, you are not 'yet' the Mortgagee, so you actually have no right to pull the Borrower's credit.  They are not 'your' Borrower.  You are simply an interested investor.  Your best bet is to ask the Seller to pull credit or to have a specific disclosure executed granting you permission from the Borrower to pull credit.  

I will admit, the post made it first sound like you are trying to buy the loans and in the later post it sounded like you might already own the loan.  Generally, you do not get to send the Borrower paperwork unless you own the loan.  

Can I ask just what you sent out and expected to be returned?  
Who drafted the documents that were sent?  
(I have a sneaky suspicion this is not proper)

Can I also ask, why do you want the credit report?  What information do you expect to garner from said report?