Quote from Jordan Maffuccio on February 19, 2025, 12:00 amI read the very helpful post under the FixNotes course named "Vendors - Orders" under the section "Due-diligence". Are there any restrictions or upfront requirements before an investor can make their initial credit report pulls. I know borrower data is usually pretty protected, so I'd definitely want to stay in compliance. If there are any restrictions / requirements covered in the course that I've missed which lesson would that be under? Thanks!
I read the very helpful post under the FixNotes course named "Vendors - Orders" under the section "Due-diligence". Are there any restrictions or upfront requirements before an investor can make their initial credit report pulls. I know borrower data is usually pretty protected, so I'd definitely want to stay in compliance. If there are any restrictions / requirements covered in the course that I've missed which lesson would that be under? Thanks!
Quote from Bill on February 19, 2025, 11:39 am@jordan
Yes. Every Vendor has their process and requirements before an investor can make their initial credit report pulls. Most Note Sellers will supply their Note Buyers with Credit Reports. You should never pull a Credit Report if you don't own the mortgage note. Only if you own the Mortgage Note. These Vendors have their own process and requirements, because like you said they need to stay compliant. Every Vendor is different. It's up to the investor to reach out to Vendors, and see what those processes and requirements are. Like I said, most Note Sellers will supply their Note Buyers with Credit Reports.
Yes. Every Vendor has their process and requirements before an investor can make their initial credit report pulls. Most Note Sellers will supply their Note Buyers with Credit Reports. You should never pull a Credit Report if you don't own the mortgage note. Only if you own the Mortgage Note. These Vendors have their own process and requirements, because like you said they need to stay compliant. Every Vendor is different. It's up to the investor to reach out to Vendors, and see what those processes and requirements are. Like I said, most Note Sellers will supply their Note Buyers with Credit Reports.
Quote from Jordan Maffuccio on February 24, 2025, 11:09 amThanks for your reply Bill.
Thanks for your reply Bill.
Quote from Derek Louden on May 2, 2025, 10:31 amHey guys, following on to this thread I have been on the lookout for some kind of a solution that will give me this information to assess the credit risk in the same way that vendors like FNAC can pull credit.
While I realize that they're a financial institution and have likely struck their own agreements with the credit bureaus, I've seen TLO referenced as a particular potential way of these pulling reports.
Is that something that somebody with an individual LLC can do if they're looking to acquire debt? I acquire and vet a fair number of owner-financed notes and am looking for this as a solution to fill a gap in my due diligence.
The feedback I've gotten from vendors like Xactus and Experian is that you actually need to own the mortgage note, and they do not have a permissible purpose for providing this information for somebody that is simply going through due diligence to acquire the debt.
Any perspective or guidance would be helpful.
Hey guys, following on to this thread I have been on the lookout for some kind of a solution that will give me this information to assess the credit risk in the same way that vendors like FNAC can pull credit.
While I realize that they're a financial institution and have likely struck their own agreements with the credit bureaus, I've seen TLO referenced as a particular potential way of these pulling reports.
Is that something that somebody with an individual LLC can do if they're looking to acquire debt? I acquire and vet a fair number of owner-financed notes and am looking for this as a solution to fill a gap in my due diligence.
The feedback I've gotten from vendors like Xactus and Experian is that you actually need to own the mortgage note, and they do not have a permissible purpose for providing this information for somebody that is simply going through due diligence to acquire the debt.
Any perspective or guidance would be helpful.
Quote from Bill on May 2, 2025, 12:12 pm@dlouden
You can pull title reports, property reports, borrower reports, etc. without owning the actual mortgage note. But you shouldn't pull credit reports when you don't own the mortgage note.
As I mentioned above; Every Vendor has their process and requirements before an investor can make their initial credit report pulls. Most Note Sellers will supply their Note Buyers with Credit Reports. You should never pull a Credit Report if you don't own the mortgage note. Only if you own the Mortgage Note. These Vendors have their own process and requirements, because like you said they need to stay compliant. Every Vendor is different. It's up to the investor to reach out to Vendors, and see what those processes and requirements are. Like I said, most Note Sellers will supply their Note Buyers with Credit Reports.
Hope this helps.
You can pull title reports, property reports, borrower reports, etc. without owning the actual mortgage note. But you shouldn't pull credit reports when you don't own the mortgage note.
As I mentioned above; Every Vendor has their process and requirements before an investor can make their initial credit report pulls. Most Note Sellers will supply their Note Buyers with Credit Reports. You should never pull a Credit Report if you don't own the mortgage note. Only if you own the Mortgage Note. These Vendors have their own process and requirements, because like you said they need to stay compliant. Every Vendor is different. It's up to the investor to reach out to Vendors, and see what those processes and requirements are. Like I said, most Note Sellers will supply their Note Buyers with Credit Reports.
Hope this helps.