How do Pulling Services work?
Each pulling service provides information to the Lender from Experian, Trans Union, and Equifax regarding any consumer across the country. The information is presented to the lender in a format they choose. This information is then processed through a score, usually a Fico score if it is a bank, and that score helps the lender define what risk category the consumer is in. There are also different models of each Fico Score that the lender chooses. The different models can vary the window that effects the inquiries. The pulling service charges a fee for this service to your lender.
If a lender pulls your credit report you have a legal right to get a copy but the lender may not be able to provide you with it. You can ask for the phone number of the pulling service and you can request a copy. They must provide you with a free copy.
Pulling services also provide your lender with other services as well. One of which is a Rapid Rescore. The next blog will cover more information about RR’s.
About Tracy Becker
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For over two decades, I have owned and operated a Credit Education and
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