Applying for a mortgage typically requires a lender to pull a tri-merge credit report, which combines your credit information from all three major credit bureaus—Experian, Equifax, and TransUnion. This pull results in a hard inquiry that can reduce your credit score slightly. When switching lenders or applying with multiple lenders, getting a new credit report each time means additional fees and multiple hard inquiries.
A mortgage credit reissue helps you avoid this by allowing the second lender to reuse the existing tri-merge credit report. To qualify, the original report must be recent—usually within 90 to 120 days—and the financial information on it must not have changed. You will need to sign an affidavit stating you have not opened new credit accounts or altered your financial situation since the original report was pulled.
The process typically involves:
- The first lender pulling your tri-merge report and obtaining your permission.
- You deciding to work with another lender.
- Requesting a credit reissue by providing the new lender with the original report number.
- The new lender contacting the same credit agency to reissue the report, paying a lower fee.
This method reduces your costs significantly—while a new tri-merge credit report can cost $60 to $150 or more, a reissue usually costs $15 to $30 or may be free depending on the lender or credit bureau.
Besides cost savings, a reissue does not create a new hard inquiry, so your credit score remains unaffected. This makes it an excellent option for rate-shopping among multiple lenders, refinancing, or when your initial loan application falls through.
However, not all lenders accept credit reissues, and the time frame is limited. Additionally, the reissue applies only if your financial status has stayed the same and must be for the same borrower(s).
Related topics that can deepen your understanding of mortgage credit and loan applications include Hard Credit Pull vs Soft Pull, Mortgage Refinance, and Upfront Credit Report Fee.
For official details on credit reporting and mortgage applications, visit the Consumer Financial Protection Bureau and IRS.gov.
Sources:
- Can a Lender Reuse a Credit Report from Another Lender? – Experian
- Understanding Tri-Merge Credit Reports – Forbes
This mortgage credit reissue process helps borrowers save money and protect their credit while shopping for the best mortgage terms.
