The Federal Trade Commission (FTC) staff commentary discusses another exception known as the “Joint User Rule.” Under this exception, users of consumer reports, including financial institutions,
may share information if they are jointly involved in the decision to approve a consumer’s request
for a product or service, …
A lender can use information contained in your report to approve or decline your application. Technically,
lenders can share your credit report with you
but most lenders do not share credit report information with credit applicants.
The Fair Credit Reporting Act allows the lender or broker to share the report they receive with their customer
. … A mortgage reporting company gets a report from each of the national credit reporting companies and merges them into a single report, usually removing duplicate accounts.
Do banks lenders get the same credit reports than we get?
Each is collecting the same information about your credit history
, but it’s not uncommon for there to be slight variations among the different reports. If, for example, you pulled a copy of your Experian report and your lender is looking at your TransUnion report, the data may not be identical.
Can I run someone else credit report?
The only way you can legally pull someone else’s credit report is
if you have what’s referred to as Permissible Purpose
. Permissible Purpose is a term straight from the Fair Credit Reporting Act and it defines the conditions under which a credit reporting agency may furnish a credit report.
Can a dealership run my credit without my permission?
Hard credit inquiries are conducted when a consumer applies for credit or a loan and can only be done with the consumer’s knowledge and consent. Thus,
it is illegal for a car dealership to run a “hard” pull of your credit without your permission
.
Which credit report is most accurate?
FICO scores are used in over 90% of lending decisions making
the FICO® Basic, Advanced and Premier
services the most accurate for credit score updates. All plans offer access to 28 versions of your FICO score, including scores for credit cards, mortgages and auto loans.
How far off is Credit Karma?
Credit Karma touts that it will always be free to the consumers who use its website or mobile app. But how accurate is Credit Karma? In some cases, as seen in an example below, Credit Karma may be off
by 20 to 25 points
.
Who can legally pull my credit report?
Current or potential creditors
— like credit card issuers, auto lenders and mortgage lenders — can pull your credit score and report to determine creditworthiness as well. … The better your credit, the more likely you are to get approved for a loan with a favorable interest rate.
Can I check my wife’s credit report?
A:
No, you can’t check your spouse’s (or ex’s) personal credit reports
. In order to request a consumer report on someone else, you must have what’s called a “permissible purpose” under federal law, and marriage or divorce is not one of them. … It’s illegal, and it sounds like your divorce is messy enough as it is.
Can a company do a hard inquiry without my permission?
Legally,
hard inquiries cannot occur without your permission
.
Why you should never pay cash for a car?
If you tell them you’re paying cash, they
will automatically calculate a lower profit
and thus will be less likely to negotiate a lower price for you. If they think you’re going to be financing, they figure they’ll make a few hundred dollars in extra profit and therefore be more flexible with the price of the car.
What do car dealers see when they run your credit?
Car dealers
gather financial information by asking potential customers to complete an auto loan application
. They use the information you provide, including your Social Security number, to obtain your credit report.
Why do dealers want you to finance through them?
Car dealers want you to finance through them because
they often have the opportunity to make a profit by increasing the annual percentage rate (APR) on customers’ auto loans
. … One application at the dealership means you could receive many options, including manufacturer incentives.
Is it true that after 7 years your credit is clear?
Most negative information generally stays on credit reports
for 7 years. Bankruptcy stays on your Equifax credit report for 7 to 10 years, depending on the bankruptcy type. Closed accounts paid as agreed stay on your Equifax credit report for up to 10 years.
