Hello,
Yesterday I decided to look into buying a home for the first time.
I found a local mortgage company website and filled out their pre-qualification application. The application didn't say anything about running my credit report, I really just wanted to talk to somebody about the process of buying a home and getting a mortgage.
Today I had a hit on my credit report and it looks like my score dropped a couple points.
Also, I've received 2 different calls from telemarketers selling home security systems… I don't think it's a coincidence.
The TOS on the website it says my info is kept private and doesn't mention a credit check.
"Who has access to the information that I provide to USA Mortgage?
We use basic information which we collect to make your business relationship with USA Mortgage ® more productive and tailored to your individual preferences. We require specific additional information when you subscribe to some customized services, and we store that information in secure databases. We share some aggregate statistical data with companies from which we obtain analytical and marketing services or partnerships. These companies do not have access to our secure database, and we never provide these companies with access to any consumers' financial, personal, or loan-transaction information which we store on behalf of our business partners and affiliates. From time to time, we may be asked to disclose such information to third parties as part of a legal proceeding (i.e. Subpoenas and criminal investigations); in such cases, USA Mortgage will disclose personally identifiable information as required by law."
Did they have a right to run my credit report? Is there anything I should do about it?
Thanks!
Added (1). I didn't know they would run my credit just applying, without having spoken to them yet. Good thing I only applied to one site and not all 5 that I found and was considering, what if I did and all 5 had run inquiries on my credit!
Added (2). Thanks for the answer Ryan,
So now I can shop around and no matter how many mortgage companies check my credit, within the next 45 days, it will not hurt my score?
Also, shouldn't I have had to at least given them consent to run my credit? The application doesn't say anything at all about running my credit report. Yes, I know they will have to eventually I just figured that would come later, like after I've actually spoken to them.
Read more: Can a company run your credit without your consent?
