Rentals in Chicago>Question Details

Saul Garcia, Real Estate Pro in Chicago, IL

Do Real Estate Brokers/Agents have to provide a copy of credit reports to applicants that have paid for them?

Asked by Saul Garcia, Chicago, IL Wed Mar 27, 2013

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Geoff Ommen’s answer
Yes. The person that pays for the report owns it (unless they sign some crazy waiver otherwise). The listing agent is not allowed to send it to the selling agent unless the applicant instructs the listing agent to do so. That is generally where a problem pops up.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
http://www.geoffgetsit.com
2 votes Thank Flag Link Wed Mar 27, 2013
The rules of the big credit reporting agency forbid the Brokers from allowing a copy to be given to the client. Even if they gave paid for it. The credit reporters would rather the client pay a couple of fees to finally get the report that would do some good. The Broker would lose his ability to run credit if he gave out the report to the client.
1 vote Thank Flag Link Wed Mar 27, 2013
As a broker, you should provide a report to an applicant who asks for it, especially if that applicant is rejected for poor credit. Each time his/her credit report is run, it dings their credit. I just had an agent who would not return the report, which has hurt my client since she's had to have 2 more run after that. Bad behavior on the part of the agent who wouldn't comply with the request to give it to someone who paid for it.
0 votes Thank Flag Link Thu Apr 4, 2013
Go to a bank to to check your credit next time , no to a Real estate broker .

La proxima vez si puedes vete aun banco a comprabar el credto , debido a que cada uno deberia hacer mejor su trabajo

Saludos
0 votes Thank Flag Link Sun Mar 31, 2013
Hi Saul,

Mixed replies, but in the end you authorized the report to be signed, you paid for it therefore it belongs to you.

You can ask the credit agency to send to your fax and then you can forward to your broker or simply ask your broker to provide you with a copy.

Good luck!
0 votes Thank Flag Link Thu Mar 28, 2013
Yes you should have been provided with a receipt.
0 votes Thank Flag Link Thu Mar 28, 2013
This question has couple of facets attached to it. Credit today is used more than aver a way to determine a person character and as a tool determine if a tenant can meet his or her monthly rent payment. Of course many landlords, management companies, and some real estate companies do not take into consideration that 80% of all credit reports have errors. When an applicant is denied for credit reasons it is the responsibility of the property owner or property representative to inform the applicant why they were denied. This is in accordance to the Fair Credit Act.

What brokers and agents are prohibited from doing depending on the contract they have with who they use to pull credit is simply reselling of a credit report. If the credit report is pulled in accordance to a real transaction the broker or agent should be allowed to give the client the credit report as long as they do not sell it to them. An important rule brokers and agents must abide by we can only give the credit report to individual for whom the credit report was run. You will be amazed at how many spouses do not want the to know what is on their credit report.
0 votes Thank Flag Link Thu Mar 28, 2013
I understand it is against the law to give it to them and that we are to direct them to get their own free report at annualcreditreport.com.
0 votes Thank Flag Link Wed Mar 27, 2013
In theory they should. In practice I have seen some leasing companies refuse to release it.
0 votes Thank Flag Link Wed Mar 27, 2013
Did you sign a written document before credit was pulled? If so, that document should address your question.

Sari Levy
Managing Broker
Lucid Realty, Inc.
http://www.lucidrealty.com/elmhurst.php
0 votes Thank Flag Link Wed Mar 27, 2013
Saul,

I would, they paid for it...

Best regards,
0 votes Thank Flag Link Wed Mar 27, 2013
Like Geoff said, they paid for it, it is theirs.
0 votes Thank Flag Link Wed Mar 27, 2013
do not have to but they should..
0 votes Thank Flag Link Wed Mar 27, 2013
When buying a home, the buyer should be prequalified with a local and trusted loan officer who will furnish that for you. If you pay for a credit report you would have to refer to teh form you sign authorizing them to pull it as if you get a copy of it. You can simply request that before paying.
0 votes Thank Flag Link Wed Mar 27, 2013
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