Shared Flashcard Set

Details

Credit Report
Q:P&U - MLO, NMLS
14
Real Estate & Planning
Professional
03/27/2017

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
FICO
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What automated underwriting programs that facilitate the automated credit score for Fannie Mae? Freddie Mac
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CRAs
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Tri-merged report
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The credit report will provide the following: (8)
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Negative info on a credit report generally lasts how long? What are certain exceptions to this rule?
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Permissible purpose
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How is the information formatted? P262
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How is a Credit Report evaluated?
Definition
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If a lender decides not to make a loan based on info found in a consumer report, the FCRA requires the lender to advise the loan applicant that:
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How long do paid tax liens remain on a credit report? Unpaid?
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The following areas are typically found in the credit accounts section of the credit report:
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The FTC Red Flag's Rule requires financial industry professionals to identify & mitigate instances of identity theft as they pertain to credit reports.

 

Some standard underwriting red flags, as well red flags established by the FTC, include:

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It is very unlikely that potential brwr's credit report is the same at all three credit bureaus because:
Definition
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