Credit Authorization and Consent to Check Credit Scores
By submitting this application, you consent to the following credit check authorization terms:
Permission to Access Credit Report: You authorize [Lender’s Name] to obtain and review your credit report from one or more major credit bureaus to evaluate your creditworthiness and determine your eligibility for the requested loan.
Credit Score Use: Your credit score will be used to determine loan offers, including interest rates, loan amount, and other loan terms. [Lender’s Name] may periodically review your credit profile for updates related to this application.
Soft vs. Hard Inquiry: For the purposes of pre-approval, [Lender’s Name] may conduct a soft inquiry, which does not impact your credit score. However, if you decide to proceed with the loan, a hard inquiry may be conducted, which may have a small impact on your credit score.
Data Privacy: Your personal information and credit data will be handled securely and only shared with authorized parties directly involved in the loan application process, in accordance with privacy laws and regulations.
Cosigner Credit Authorization (if applicable): If applying with a cosigner, you confirm that you have the cosigner's permission to share their personal information and authorize a credit check on their behalf.
By agreeing to these terms, you authorize Lender’s to access your credit report and use your credit information in connection with this loan application.