I am a Realtor in 94105, and concerned there are some misrepresentations being made in the answers. Lenders should direct you to the Credit Reporting Agencies.
FACT (or FACTA) the Fair Credit Transactions reporting Act was misquoted by Will Dan.
I included a link where you can go to a .gov website and get the real text, I included excerpts that refute Mr. Dan below.
You can also ask :
Office of the Comptroller of
Mail Stop 6-6
Washington, DC 20219
Here is the section Will Dan misquoted:
â€˜â€˜(1) IN GENERAL.â€”Any person who makes or arranges loans
and who uses a consumer credit score, as defined in subsection
(f), in connection with an application initiated or sought by
a consumer for a closed end loan or the establishment of an
open end loan for a consumer purpose that is secured by 1
to 4 units of residential real property (hereafter in this subsection
referred to as the â€˜lenderâ€™) shall provide the following
to the consumer as soon as reasonably practicable:...
and another important section:
(D) NOTICE TO HOME LOAN APPLICANTS.â€”A copy of
the following notice, which shall include the name, address,
and telephone number of each consumer reporting agency
providing a credit score that was used:
â€˜NOTICE TO THE HOME LOAN APPLICANT
â€˜In connection with your application for a home loan, the lender
must disclose to you the score that a consumer reporting agency
distributed to users and the lender used in connection with your
home loan, and the key factors affecting your credit scores.
â€˜The credit score is a computer generated summary calculated
at the time of the request and based on information that a consumer
reporting agency or lender has on file. The scores are based on
data about your credit history and payment patterns. Credit scores
are important because they are used to assist the lender in determining
whether you will obtain a loan. They may also be used
to determine what interest rate you may be offered on the mortgage.
Credit scores can change over time, depending on your conduct,
how your credit history and payment patterns change, and how
credit scoring technologies change.
â€˜Because the score is based on information in your credit history,
it is very important that you review the credit-related information
that is being furnished to make sure it is accurate. Credit
records may vary from one company to another.
â€˜If you have questions about your credit score or the credit
information that is furnished to you, contact the consumer reporting
agency at the address and telephone number provided with this
notice, or contact the lender, if the lender developed or generated
the credit score. The consumer reporting agency plays no part
in the decision to take any action on the loan application and
is unable to provide you with specific reasons for the decision
on a loan application....
Before I became a realtor I worked for Bank of America as a loan officer. My boss told us we were not allowed by law to give the credit reports to the borrowers although we were equipped to print them out. He explained about being a Consumer Reporting Agency vs. being a bank. I have seen loan officers give out the credit reports - but I always imagined they were unaware of the fact.