Credit Report Regulation

Answered by:

Question:

What regulation dictates that a credit report cannot be ordered prior to the receipt of mortgage loan application?

Answer:

There is no regulation dictating that. The FCRA states when you can order a credit report. There is a high correlation between receiving an application and ordering a credit report, but there are certainly times where you can order a credit report without an application; however, this is a red flag.

First published on BankersOnline.com 3/15/10