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Heloc Application
Old 11-18-2017, 09:47 PM   #1
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Heloc Application

I'm working with an S&L that I never did business with before. Very easy online application process. I had to submit W-2 and Income documentation, but no bank account info. I did see where I have granted them permission to verify bank account info, but can they actually do that? Does this info get reported to credit bureaus? Do they just want to verify the accounts exist or do they get balance info? I never really thought about this before and "I think" I recall sending bank statements in the past.
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Old 11-18-2017, 10:32 PM   #2
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They will definitely notify at least one credit agency since HELOCs are based on credit worthiness.

When I applied for a HELOC right after retiring I had no w-2 income to report... but we reported rental income, dh's SS, and various account balances. They did check my credit.
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Old 11-18-2017, 11:52 PM   #3
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They will check credit report, as that is a lot more useful than checking the bank and being told that yes you have $15,000 in a savings account (that maybe your borrowed by using the pink slip on your car).
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Old 11-18-2017, 11:53 PM   #4
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Quote:
Originally Posted by rodi View Post
They will definitely notify at least one credit agency since HELOCs are based on credit worthiness.

When I applied for a HELOC right after retiring I had no w-2 income to report... but we reported rental income, dh's SS, and various account balances. They did check my credit.
Yeah I get the credit report part. After putting in name, address, and social, the current mortgage and credit account balances were automatically entered into the application as I was paging through. I'm wondering if savings account info is available to lenders without being provided by the consumer.
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