If you are buying land dont let realtors run your credit (Viola: rental, mortgage)

[dreamofmonterey]

Unless you sign it is illegal for a realtor to run your credit Banking info is still private. Violation of the FCBA (Fair Credit Banking Act) is against the law. FYI.


sunny

[DeLaSalle]

Originally Posted by sunnyhelena

Unless you sign it is illegal for a realtor to run your credit Banking info is still private. Violation of the FCBA (Fair Credit Banking Act) is against the law. FYI.


sunny

I "believe" that is is required by law, ie. "Patriot Act".

When I bought a new car with "cash/check", the local dealers told me they
would still have to pull a credit report...wtf?

So in my subsequent "investigation" I found that it is the "Law", And this probably applies to RE transactions as well...
Call the AG's office and let them explain. Let us know what you find out?

[mbmouse]

I agree with both of you, however, Sunny is talking about a Realtor and DeLaSalle a car dealer. Yes Car Dealers have to prove you are not a terrorist. (Still don't know how pulling a credit report proves that?)
However I have NO idea why a Realtor would pull credit?? Yes, some Realtors will not talk with people or waste their time showing houses to someone who who is not qualified to buy a house, but Realtors are NOT bankers or Loan Officers. And just pulling your credit does not pre qualify you for a mortgage.
Sunny, that is odd. And you are very correct, NO ONE can pull your credit without your express permission. If they have you can write or call the 3 national credit repositories and dispute the pull.

[wellkids]

Never heard of a Realtor pulling credit either. Actually, I wouldn't even know how to begin to pull someone's credit. I refer clients to loan officers who would pull their credit in order to get them preapproved. But this is only with their approval and never done by the Realtor.

[linda.hall]

One more thought, don't pull your credit too many times. Everytime you pull your credit, your rating goes down some points. You don't want that to happen especially when you are trying to buy a home!!!

[Tek_Freek]

Originally Posted by linda.hall

One more thought, don't pull your credit too many times. Everytime you pull your credit, your rating goes down some points. You don't want that to happen especially when you are trying to buy a home!!!

That seems like twisted logic to me. I'm contentious enough to check my credit rating to make sure it's OK and they lower it? Counterproductive.

[connieD]

I think it only affects your credit rating if it is pulled x amount of times per month. I don't know the number. This is what a lender explained to me last time I took a client with me to discuss a mortgage loan.

[EagleI]

Originally Posted by Tek_Freek

That seems like twisted logic to me. I'm contentious enough to check my credit rating to make sure it's OK and they lower it? Counterproductive.

I believe it doesn't hurt anything for you to check your own credit reports, only if a lot of outside companies are investigating you (car dealers, rental agencies, credit card companies, etc.).

[kar]

Originally Posted by linda.hall

One more thought, don't pull your credit too many times. Everytime you pull your credit, your rating goes down some points. You don't want that to happen especially when you are trying to buy a home!!!

You can pull your own credit report as much as you want. It is when third parties pull it multiple times in a short period of time it will hurt your Fico scores.

[DeLaSalle]

Originally Posted by sunnyhelena

Unless you sign it is illegal for a realtor to run your credit Banking info is still private. Violation of the FCBA (Fair Credit Banking Act) is against the law. FYI.


sunny

Absolutely correct!