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Who is Radian Guaranty Inc.?
Radian Guaranty Inc. is one of the largest private mortgage insurance (MI) companies in the country. Radian MI helps lenders across the United States close more loans and compete in their markets by providing the coverage that protects them against borrower default. At the same time, Radian MI helps millions of people achieve the dream of homeownership by lowering their down payment.
Radian's MI products enable lenders to offer smart alternatives for helping borrowers achieve their homeownership dream while meeting the lender's credit requirements. These choices enable the lender to tailor a solution to meet each borrower's specific needs, such as paying as little as possible per month, making a lower down payment, reducing after-tax financing costs or reducing documentation requirements.
Radian's services enhance our clients' ability to originate and close loans and above all, save time and effort for the lender. Radian delivers its products and services through leading-edge technology and a team of MI professionals across the country.
Why did I get a letter from Radian Guaranty Inc.?
You recently applied for a mortgage loan and your lender has asked Radian to provide mortgage insurance on that loan. This letter was sent to provide you with information regarding your credit report, and the impact of your credit report on the coverage we provided to your lender.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) is a U.S. federal law that details how consumer credit information can be collected,
distributed, and used. Under the FCRA, consumers have a right to view information in their credit file and dispute inaccurate information.
The FCRA requires that Radian (as well as other companies related to credit, insurance and employment) send a letter like
the one you received
since the information in your credit report resulted in either an insurance rate that is higher than our lowest available rate, or we were unable to provide coverage for your lender.
Under the FCRA, you have the right to obtain a free credit report when you receive a letter like this one.
You also have the right to receive a free credit report once every 12 months from each of the nationwide consumer
reporting agencies:
Equifax, Experian and TransUnion.
For more information about FCRA and how to obtain a free credit report, please visit the U.S.
Federal Trade Commission's website at www.ftc.gov.
What is a credit report?
A credit report is a detailed record of your credit history, and it includes important financial
information including whether you pay your bills on time and how much debt you have.
A credit score is a numerical index that represents the estimate of an
individual's "creditworthiness." Many lenders and insurance companies use credit scores to determine eligibility for
various products to consumers.
How does Radian use my credit report?
Radian uses the information obtained from your credit report to set the terms of the mortgage insurance they offer to your lender. For more information, please refer to the letter Radian sent to you via U.S mail.
How can I obtain a copy of my credit report for this transaction?
Under federal law, you have a right to obtain a copy of your credit report without charge for 60 days
from the date you received a notice from Radian. Please refer to the letter you received from Radian for contact information.
If the information listed on my credit report is inaccurate, how can I correct it? Who do I contact?
It's a good idea to check your credit report to make sure that the information it contains is accurate and that you have a right to
dispute any inaccurate information. If you find mistakes on your credit report, contact the consumer reporting
agencies from which we obtained your credit report and score, which were listed above (Equifax, Experian and TransUnion).
Who should I contact for more information?
If you have questions related to the status of your loan, you should contact your lender directly.
If you have additional questions about Radian,
the letter you received from us, or mortgage insurance in general, please contact
Radian's customer service department by calling 877 723.4261. Or, you can visit the
FAQ section of our website.
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