Why lenders repull my credit report?

I know you are upset. I can hear you already. “THAT IS GOING TO LOWER MY SCORE!!!! WHY ARE THEY PULLING MY CREDIT REPORT TWICE!!!??? WHAT IS WRONG WITH THE FIRST ONE THEY PULL THOSE IDIOT!” Well, there are many reasons why lenders repull your credit report several times. I’ll list the most common reasons:

  • Your loan officer mis-spells your name or typo on your social security number
    When home loans are submitted to underwriting, we check every line, numbers, letters, figures line by line Рespecially with the credit report. It MUST have your correct information in order to make the loan approval valid. If we discover any mis-spell on names or incorrect social security number, we will require it to be corrected. That is why your credit is repulled to reflect correct information
  • Your credit report expires
    Depending on different lenders and loan programs that you are applying, if your approval has not been finalized for quite some time, lenders might need to repull an updated credit report. The first time when your credit report is pulled, it is generally only good for 90 days. Lenders want to ensure that no new debt is established or late payments reported since your credit report was pulled 90 days ago.
  • Change in loan applicant
    Originally, if you plan on applying for a home loan with someone else (especially with your spouse), your credit report is pulled with the other applicant. If the loan officer (or you) decided that you have a better shot of getting a loan approval applying alone, they will need to repull the credit with your information ONLY without the original co-applicant.

I hope this information helps. If you have a specific situation, feel free to post your comment.

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