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  • LQ5
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Does the credit repull at closing include a new Fico score or does it just ensure no new debt?

I'm supposed to close in a few days and checked my own report on freecreditreport.com.  Is shows some new inaccurate negitive info... I'm freaking out, already have done final walk through and have a lot invested in this home.
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February 21 2011 - Salem
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What is the negative information now reporting?

We do was is called a "refresh".  We re-access the credit report to ensure your credit balances, if they have increased, do not adversely impact the debt to income ratio,  If the negative information that you are referring to reflects additional liabilities and balances, then I would speak with your loan originator.  Disputing the information with the bureaus will take 30 days.  An underwriter is not going to take the proof that you have.  The credit report will need to be fixed.  A Rapid Rescore can be ordered by your loan originator to fix the inaccuracies.  It takes 3 to 5 business days.     

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February 21 2011
Profile picture for LQ5
  • LQ5
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The negative information is that on Trans Union and Equifax the auto loan account reported us 30 days late in December of 2010 dropping my score 17 points.  We were not 30 days late, and when I called Chase they told me to dispute it with the credit bureau and they would correct it when they were contacted. 

Another question for you.... we are going through a broker, so will the actual lender do their own pull, or is the report the broker did what they use to "refresh" 

Thank you for all of your answers, it helps.
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February 21 2011
You may want to verify the freecreditreport.com is reflecting "fico" scores.  Many of these companies state various names for credit scores, but the one that Lenders view must state "fico" scores.  Many times Lenders will pull the credit within a week prior to closing to verify No new debt is added, but the credit scores can still adversely affect your qualifying too.  This is why Loan Officers advise their borrowers not to have their credit pulled by the various offers out there.
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February 21 2011
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  • LQ5
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I have my documentation that it's an error and I've already done the online dispute with Trans Union, but Equifax's website wasn't working yesterday.  Experian has the correct info on it but that was my lowest score so of coarse I'm not as worried about it.
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February 21 2011
My recommendation would be to start the appeal process to tackle the inaccuracies. That way, if this issue does come up, you will have proof that you're working on resolving the issue and that there is an inaccuracy on your report.
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February 21 2011

Don't worry.  You loan officer should be reassuring you.  The kind of report he should be pulling is called a "soft pull".  It updates the report without pulling scores or creating a new credit report.

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February 21 2011
 
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