Credit Report Policy
USE OF CREDIT PROFILE FOR IDENTITY VERIFICATION
By checking your rate or submitting a loan application, you are certifying that you understand the services being requested are regulated by the Fair Credit Reporting Act. Any special procedures established by Earnest Operations LLC or One American Bank (“we”, “us”) for obtaining your authorization to receive information from a consumer reporting agency have been met. Furthermore, you certify that you have initiated a transaction with us, and that the services being requested may be used to confirm your identity to avoid fraudulent transactions in your name.
RATE CHECK—ELIGIBILITY INQUIRY
During the application stage, we may conduct an eligibility inquiry (known as a “soft credit pull”). This inquiry does not affect your credit score. By clicking the “Get Your Rate” button on our Rate Check page during the application process, you are providing us with written instructions under the Fair Credit Reporting Act, which authorizes us to obtain information from your personal credit profile and/or other information from consumer reporting agencies. Upon your request, we will inform you of the name and address of any consumer reporting agency from which we obtained your consumer report.
APPLICATION SUBMISSION—CREDIT INQUIRY
When you submit your loan application, we may conduct a credit inquiry (known as a “hard credit pull” or “hard credit inquiry”), a standard step in most loan applications. This inquiry will be recorded on your credit history and may impact your credit score. By entering your Social Security Number on the “Review” page and clicking “Submit Loan Application” you are providing us with written instructions under the Fair Credit Reporting Act, which authorizes us to obtain information from your personal credit profile and/or other information from Experian. Upon your request, we will inform you of the name and address of any consumer reporting agency from which we obtained your consumer report.
YOUR RIGHT TO FREE CREDIT REPORTS
You have the right under the Fair Credit Reporting Act to receive one free credit report from each of the three U.S. national credit reporting agencies (Experian, Equifax, and TransUnion) during any 12-month period. You may also be able to receive free credit reports as permitted by state law (you may contact your state or local consumer protection agency or state attorney general to learn more about your rights). Please visit each company’s website to obtain a free credit report from Experian, Equifax or TransUnion.