Posted by Cliff on September 03, 2003 at 17:07:55:
If you are shopping for credit for an auto loan or mortgage, the FCRA allows the credit reporting agencies to combine all queries made during a 2-week period that were for the same purpose, i.e. car loan. You must submit the request in writing and list the queries in question. Experian allowed me to combine up to 30 days on mortgage shopping.
Cliff AZ
cheapest way to check credit?? - Posted by rebecca
Posted by rebecca on August 28, 2003 at 16:13:41:
What is the cheapest way to check a person’s credit these days? I’m sure that is some great internet service out there. Do you have to have their written permission before doing so?
I am a Lonnie wanna-be and am preparing for my first deal. Thanks to every respondent.
Re: cheapest way to check credit?? - Posted by Lyal
Posted by Lyal on August 29, 2003 at 10:00:23:
Rebecca,
The best place I’ve found is through the www.mrlandlord.com site. No sign up fee, first check is free and 10 bucks a pop after that. Best is that it’s in an easily readable, scored format.
Next question is, why do you need to check credit? Keep in mind that most of the people we deal with are “credit challenged” anyway. If you’re dealing in a park and selling “Lonnie Style” (with owner financing), chances are they they’ll check the credit as well as criminal background, get employment and previous landlord references.
Bad credit is less of a concern (depending on the cause; sudden, large medical expenses or a divorce will kill the credit of the best payor) than a landlord reference.
In my case I “leverage” the parks effort by letting them do the checks and get permission from the applicant to see the information. If they’re good enough for them, they’re good enough for me.
All the best, Lyal
PS: Selling for cash like Ken does is a different story.
Re: cheapest way to check credit?? - Posted by Dave Fl.
Posted by Dave Fl. on August 29, 2003 at 06:37:44:
I use ASAP, costs 12-13 per and take less than a minute usually. As an aside, I had a very good FICO till I shopped for the best auto loan, it dropped 75 points cuz a few banks checked my credit and I bought a car. To me, that sucks.
Dave Fl.
Re: cheapest way to check credit?? - Posted by KenS(WV)
Posted by KenS(WV) on August 29, 2003 at 06:36:13:
I use a credit bureau that you should be able to look up in the yellow pages. I had to apply to join but there is no monthly fee. I downloaded a program from their site then access credit reports online. They charge me 3.90 for a single report and 7.50 for a couple. I can pull multiple credit agency reports for 10.00. Not bad and it takes 5 seconds to pull a report!
Good luck,
Ken
Re: cheapest way to check credit?? - Posted by Kurtis
Posted by Kurtis on August 28, 2003 at 23:58:09:
I pay $5 per report as a member of a landlord association. Mrlandlord isn’t a bad site but you’ll pay the going rate, about $10 per report. Anyone interested I can send you the web address for the $5 reports
Re: cheapest way to check credit?? - Posted by jon
Posted by jon on August 28, 2003 at 22:02:44:
Go to mrlandlord.com or do what I plan on doing: meeting with a potential buyer and getting them to download their own credit report off the internet (for free, I think).
Re: cheapest way to check credit?? - Posted by JimS
Posted by JimS on August 28, 2003 at 16:54:09:
I use a mort broker friend of mine to run it. cost him $25. I get applicants to sign a form allowing me to do it. Would be interested in internet resources too.