In-File Credit Reports

An in-file credit report provides credit and public record information obtained from one or more credit repositories. The report contains “as is” information, which typically has not been updated or re-verified as a result of the credit inquiry.

The report must meet the following requirements:

• The report should include all information from three different credit repositories, or two repositories, if:

• that is the extent of the data available for the borrower, or

• the borrower’s credit information is frozen at one credit repository.

• If only one in-file credit report is available for a borrower, this is acceptable if the underwriter is able to obtain a credit score for the borrower and the originator requested information from three credit repositories.

• If the report does not include a reference for each significant debt reported by the borrower on the loan application, the originator must obtain a separate written verification for each unreported (or unrated) debt.

• If the report lists accounts that were not checked with the creditor within 90 days of the date of the in-file report, the originator must obtain an updated credit report or a separate written verification for those accounts.