Why You Should Pull Credit Reports for Seller Financing
We think about credit scores when getting a car loan, or getting a traditional mortgage for our home, but what about as an investor looking to qualify a potential home owner for your seller financed property sale? In short, you should always pull credit on potential applicants but you need to be aware of the Fair Credit Reporting Act as a decision maker in the approval or denial of a prospective borrower.
Here are a few considerations from the federal level that you need to be aware of to stay in compliance:
Disclosed to the consumer that an investigative consumer report will be made by your inquiry. This disclosure should be in writing and mailed or delivered within 3 days of the request to pull credit. The consumer should also be made aware of additional rights that they have related to the credit inquiry including things like, the full scope of why the credit was pulled.
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