≈ Massachusetts, New Hampshire, Connecticut, Rhode Island ≈
617-938-3900 / 800-506-5706
≈ Massachusetts, New Hampshire, Connecticut, Rhode Island ≈
617-938-3900 / 800-506-5706
The cost of credit reports doubled in 2025. Like all other lenders, we faced a choice: either raise rates to absorb the cumulative cost of unreimbursed credit reports or pass this cost directly to those who use the service.
Like many others, we opted to pass this cost directly to the consumer at the time the cost is incurred, and here’s why:
Collecting this small cost when the credit report is obtained ensures you are not paying higher rates or higher fees to cover others who request a credit pull but do not proceed. This approach is fair, transparent, and allows you to benefit from the lower rates and costs SFC is known for.
Paying this small cost upfront saves you money. Your rate will not include the overhead to recover expenses for those who request the service but do not proceed. And, you do not need to make this payment when completing the application or having your documents reviewed. You can make the payment when you are ready to move to the next step.
Q. Will you review my application prior to obtaining the credit report?
A. We do not take credit pulls lightly. Prior to obtaining the credit report (and prior to you incurring this cost), we will review the application and any documents you share. If we see issues, we will let you know. Also, we can provide very accurate rate and cost details based on the known information and an assumed credit score.
Q. What is a "hard pull" credit report?
A. Hard pull is the normal credit report which is required for actual purchase and refinance applications. Hard pulls can be re-issued into underwriting systems and used for underwriting purposes. Hard pulls are reflected on your credit report and are visible to others. The loan needs to close within 120 days from the hard pull date, or the credit report will expire.
Q. What is a "soft pull" credit report?
A. Soft pull can be used for pre-approval only. Soft pulls cannot be re-issued into underwriting systems and are not usable for actual loan applications. If you need pre-approval only, a soft pull may make sense initially. Hard pull will be required when and if you apply for the actual loan. Unlike hard pulls, soft pulls are invisible. They are not reflected on the credit report and cannot be seen by others.
Q. How do I make the payment for the credit report?
A. There are two ways to pay for the credit report. We can take your credit card information and place the credit report request with our credit report provider. Or you can place the credit report request and make the payment directly to the provider on the designated borrower portal. Please check with your loan officer for further instructions.