Requirements for Credit Reports

Overview

The originator must obtain a credit report for each borrower on the loan application who has an individual credit record. The credit report must be based on data provided by the national credit repositories. Acceptable credit report formats are described in Types of Credit Reports.

A nontraditional mortgage credit report or other form of alternative credit verification may be used if the borrower

• does not have sufficient credit to enable the development of a credit score, or

• does not use the type of credit that is reported to credit repositories.

See Section Nontraditional Credit History for additional information.