1003 and Credit Report
Master Your Credit Knowledge
Test your knowledge about the 1003 application and credit reports with this comprehensive quiz. Whether you're in the finance industry or looking to enhance your understanding of borrowing processes, this quiz has something for you.
- Assess your understanding of borrower information updates
- Learn important details about credit report expirations
- Discover essential documentation needed for credit verification
Where do we update 1003 borrower information if different than initially received on the application
The 1003 Disclosure
PCL
Both
Check the items we would update on the physical 1003 Disclosure
Borrower Name
Borrower Social
Borrower Signature if missing
LO Signature if missing
Application Received Date
Employment History
Credit Report File Number
Which document, other than a Social Security Card, is used to validate a borrower's social security number
Paystubs
Tax Returns
W2s
Credit Report
Check all that would require documentation if marked yes on Declarations
Foreclosure History
Previous Bankruptcy Filed
Outstanding Judgments
Citizen
Permanent Resident Alien
Check all that we would update in PCL if shown to be different on the Photo ID
First Name
Last Name
Date of Birth
Generation (Jr, SR, III)
Credit Reports expire after how many days
60
90
120
150
The number featured on the Credit Report that we verify is accurate in AUS and PCL
Reference Number
File Number
Credit Loan Number
Credit Application Number
True or False: When the borrower Social is incorrect on the Credit Report a new credit pull is required
True
False
True or False: When the borrower Date of Birth is incorrect on the Credit Report a new credit pull is required
True
False
True or False: When the borrower last name is incorrect on the Credit Report a new credit pull is required
True
False
Document we request from Credit Plus to update a liability if more information is required by underwriting
Credit Update
Credit Supplement
Tradeline Update
Liability Addendum
Used to explain inquiries and derogatory accounts on credit report by borrower
Credit Explanation Letter
Credit Liability Letter
Derogatory Credit Letter
Credit Supplement
Credit Report Expirations are based on
Date Requested
Date Ordered
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