I applied for my mortgage a few days ago and naturally, my mortgage broker pulled a tri-merge CR for myself and my fiance. No problems with it as I expected. I asked him this morning if he could fax me a copy of it for my records. He told me that he was not able to give me a copy of the report. He said I could come in and look at it if I want, but I couldn't have a copy of it in any form. Does this seem a bit strange to you? I would think that since the report is about me, I should be able to have a copy of it. It's not really that big of a deal since I don't have any problems with the content of the report, I just think I should be able to get a copy of it for my records. Does any one else have any experience with something like this? Kevin
Lenders are under contract with the credit reporting agencies NOT to give out credit reports that they pull. If a CRA finds out that a lender does this, the CRA can choose to stop doing business with the lender. Unfair, but legal. In California, mortgage lenders are now required to share FICO scores, but not give out copies of reports. Having said that, many many loan officers freely give out full trimerges, as they understand the absurdity of the system and empathize with the consumer. I feel that if a loan officer refuses to do this, then be wary. Usually, if you're chatty and ask "in the know" questions about the officer's experience with FICO scoring and various tradelines/inquiries, that officer will get relaxed and feel more free to give you a copy of the report. But this should be done in person, not over the phone, and with assurances to the officer that you aren't looking to get them in trouble. I got trimerges from two lenders I worked with, and when I told one loan officer that I was ready to sue all three CRAs, he just laughed heartily and said "I'm not going to court, I'm not going to court, so just make sure you don't supoena me whe you sue them!". It made me laugh too.
That's weird. I know that usually lenders won't share the credit report, but when I got my loan both places I applied with gave me a copy. I paid for the report as part of my closing costs, I should have a copy of it. It's only fair. Kim
That is strange cause when we bought our home in 96 they did a trimerged report, stating everything including rental history, employment history etc...and I got a copy of it. I paid for it too so I expected a copy. Now, if you didn't pay for the credit report then I would understand why they won't give you a copy.
You didn't pay for the credit report. You're reimbursing the lender for paying for the credit report as a CONDITION of LENDING you money. The credit report belongs to the lender, not to you. You can buy your own credit report from the CRAs. The problem with going direct is that the credit report you purchase is not the credit report a lender purchases and the lender is getting financially material and "accurate" information (i.e. true FICO scores) that you do not have access to on your own. Thus, the lender has the advantage on the credit playing field - based on the fact that they are the ones with priviledged information. Some lenders realize this and help the consumer out anyway. Sharing a copy of the report is the ethically right thing to do, but it is NOT legally or contractually required to do so with the consumer, and in fact, they are breaking contract with the CRAs for sharing, when they do.
