This is charged to pay a credit service bureau to provide the lender with a report detailing a borrower's credit history. Instead of being charged for separately, this fee may also be part of a mortgage application fee.
A fee paid for a report of an individual's credit history, including open and fully repaid debt. The credit report is prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
A charge assessed by the lender to obtain and review the borrower's credit report generated by one of the major credit agencies. This allows the lender to ascertain the amount of consumer debt, how frequently the debt in paid off, and whether there are any judgments or liens against the borrower.
A fee usually paid to the lender at the time of loan application to cover the cost of the credit report.
Expense, payable to the lender, for costs incurred to verify credit rating, etc. This fee is normally paid to the lender upon application of the loan. Unless the contract of sale or FHA/VA regulations stipulate otherwise, the purchaser normally pays the fee.
A fee charged for obtaining a credit report from a credit reporting agency. The fee is includeable in the Finance Charge under Regulation Z, unless it is covered by an application fee which is imposed on all applicants(successful as well as unsuccessful). It also need NOT be included in real estate loans in which case it is covered by a specific exclusion.
A fee charged by a lender to obtain a complete credit history on an individual. Most lenders pull a tn-merged (three bureau) report. In some cases an RMCR (Residential Mortgage Credit Report) may be required if information on the credit report needs correcting or updating for underwriting.
covers the cost of buyer's credit report; may be inculded in the application fee.
the fee charged by a credit reporting firm for a report on a client's credit history. Lenders use the credit report information to help decide whether or not to approve and make a loan and how much money to loan.
The credit report fee covers the lender's cost for ordering your credit report from a credit bureau. This report will verify some of the information you provided on your loan application as well as additional information from the credit agency's files and from public records. When a credit report is received, your lender will check it against your application and look for any discrepancies. You may be asked to explain information in your credit report.