This notice explains how your credit information is obtained and used when you apply for a Home Equity Investment (HEI) through S.O.S. Loans, Inc.
Who may obtain your credit report
With your authorization, S.O.S. Loans, Inc. (the referring broker) and Splitero (the investor that evaluates, approves, and funds HEI transactions) may obtain your consumer credit report and credit score from one or more consumer reporting agencies to evaluate your application.
When your credit is checked
- The online estimate does not use a credit check — the figures are based only on the information you enter.
- When you submit an application, your credit may first be reviewed using a soft inquiry, which does not affect your credit score.
- Before final approval and closing, the investor may obtain a full consumer credit report, which can appear as an inquiry on your credit file.
Notice regarding credit score
In connection with your application, one or more credit scores from a consumer reporting agency may be used. A credit score is a number that reflects the information in your credit report and can change over time as your credit history changes. The score used may differ depending on the credit bureau and the scoring model. You have the right to request the credit score used in evaluating your application, and to obtain a free copy of your credit report from each nationwide bureau once every 12 months at annualcreditreport.com.
How your information is shared
Your application and property details may be shared with title companies, escrow companies, appraisers, and other necessary third-party service providers solely to evaluate and close your transaction. Your information is not sold.
Your rights
You have important rights under the federal Fair Credit Reporting Act, including the right to dispute incomplete or inaccurate information with the credit bureaus. Please review the Summary of Your Rights Under the Fair Credit Reporting Act.
Splitero’s policies
Splitero maintains its own Terms of Use, Privacy Policy, and related consumer notices, available at www.splitero.com.
Questions? Call S.O.S. Loans at (800) 503-6648 or email [email protected]. S.O.S. Loans, Inc. — NMLS ID: 2222125.