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10.3 CREDIT REPORT REQUIREMENTS
Credit reports utilized to underwrite guaranteed loans must be from a recognized credit repository that is not affiliated with the lender. Eligible credit reports include:
x Automated Merged Credit Reports: Also known as multi-merged (MMCR) and
three-repository merged (TRMCR); and
x Residential Mortgage Credit Report (RMCR). All credit reports must meet the requirements of Fannie Mae, Freddie Mac, HUD, or VA, which include but are not limited to the following:
x Be no more than 120 days old on the day of loan closing;
x Be accurate and complete;
x Provide an account of the credit history and public record information for each
applicant who is a party to the note;
x Be submitted as an original document, either the original electronic version or the
printed report delivered by the credit reporting agency;
x Have no whiteouts, erasures, or alterations;
x Indicate the name and address of the consumer reporting agency;
x State the primary repository where specific information was pulled for each
account listed; and
x Show the name of the party that ordered the report.
Lenders may follow credit repository guidelines, lending laws, etc. to determine if joint applicants must have separate credit reports. USDA does not require unmarried applicants to be on one credit report, loan application, Form RD 3555-21, etc. Applicants must ensure credit data frozen at any credit repository is made available.
_____________________________________________________________________________ (03-09-16) SPECIAL PN 10-2 Revised (08-05-25) PN 649 Guidance documents lack the force and effect of law, unless expressly authorized by statute or incorporated into a contract. USDA may not cite, use, or rely on any guidance that is not available through their guidance portal, except to establish historical facts.
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10.4 CREDIT REPORT VERSIONS