Archive for October, 2010

Credit Report Preview

October 29, 2010

In preparation for the credit report request in NMLS, consider pulling your free annual credit report from, (if you haven’t already requested your free report in the past 12 months – you only get one free one every 12 months). This will allow you to see what kinds of identity verification questions will be asked during the same process in NMLS. It will also give you a chance to review your report before sending one to your mortgage regulator. NOTE: Although the annual credit report is free, many of these sites try to get you to pay to see your credit score and subscribe to a service. You are not required to do so. To preview your credit history you do not have to pay anything.

Credit Reports Coming November 1st

October 19, 2010

NMLS will unveil new functionality on November 1st which will allow MLOs to log into NMLS and authorize TransUnion® to send a credit report (electronically, within NMLS) to their regulator(s). MLOs will have to answer 3-4 questions about themselves in order to verify their identity with TransUnion before the credit report is generated. While a company may pay for the credit report through NMLS, only the MLO will be able to complete the identity verification process.

As the annual renewal process also begins on November 1st, MLOs should plan to pay for and authorize their credit report as part of the annual process of attesting to their record and renewing their license(s). For more information, go to NMLS Credit Report.