Credit Authorization
Authorization to obtain consumer reports
By checking the consent box and submitting your loan request on loanplansonline.com, you give written instructions under the Fair Credit Reporting Act (FCRA) authorizing Loan Plans Online, participating lenders, lending networks and their service providers to obtain information about you from consumer reporting agencies and other sources.
1. What may be checked
- Credit reports and scores from national credit bureaus (such as Equifax, Experian or TransUnion).
- Reports from specialty consumer reporting agencies that track alternative lending, banking and payment history.
- Identity, employment, income and bank account verification services.
2. Why it is checked
This information is used to verify your identity, prevent fraud, decide whether you qualify for a loan and on what terms, and, if you get a loan, to service and collect it.
3. Effect on your credit
Submitting a request through Loan Plans Online does not by itself affect your credit score. Lenders may run a "soft" inquiry, which does not affect your score, or a "hard" inquiry, which may. A lender should tell you before running a hard inquiry. Lenders may report your loan and payment history to credit bureaus, and late or missed payments can hurt your credit.
4. Your rights
Under the FCRA you have the right to know what is in your credit file, to dispute inaccurate information, and to receive a free copy of your credit report from each national bureau once a year at annualcreditreport.com. If a lender takes adverse action based on a consumer report, it must tell you which agency provided the report.
5. Questions
Email support@loanplansonline.com. For questions about a specific lender's decision, contact that lender directly.