Credit Authorization
How and why lenders in our network may obtain a consumer report when you submit a loan request through myviploan.com.
This page describes the authorization you give when you submit a loan request through myviploan.com, including any consumer report (credit check) that a lender in our network may obtain. This authorization is provided pursuant to the federal Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.) and applicable state laws.
What You Are Authorizing
By submitting a loan request through myviploan.com, you authorize:
- MyVIP Loan and its service providers to forward the information you submit to one or more participating lenders, aggregators, and third-party marketers in our network;
- Each lender to whom your information is forwarded to obtain one or more consumer reports about you from one or more consumer reporting agencies (including Experian, Equifax, TransUnion, or alternative consumer reporting agencies) for the purposes of: (a) verifying your identity; (b) determining whether to extend you a loan offer; (c) determining the terms of any offer; (d) performing periodic account review if you receive and accept a loan; and (e) collection in the event of non-payment.
Soft Inquiries and Hard Inquiries
A lender may perform a “soft inquiry” (which does not affect your credit score) to determine whether to extend you a loan offer. If the lender extends an offer and you accept it, the lender may then perform a “hard inquiry” (which may affect your credit score) to finalize the loan. Each lender determines what type of inquiry it performs and when. Your acceptance of a specific loan offer constitutes your authorization for any hard inquiry the lender requires to issue the loan.
MyVIP Loan Does Not Pull Your Credit
MyVIP Loan itself does not pull your credit. Credit inquiries are performed by lenders in our network as described above. MyVIP Loan does not control the timing or type of any credit inquiry.
Information We Forward
The information forwarded to lenders for the purposes of identity verification and credit evaluation may include the information you provide on the loan request form: name, address, date of birth, Social Security number, driver’s license or state ID number, employment information, income, and checking account information.
Your Rights Under the Fair Credit Reporting Act
You have rights under the Fair Credit Reporting Act, including the right to know what is in your file, the right to dispute incomplete or inaccurate information, and the right to a free file disclosure under certain circumstances. A summary of your FCRA rights is available from the Consumer Financial Protection Bureau at consumerfinance.gov.
Withdrawing Authorization
You may withdraw this authorization for any future loan requests by ceasing to use the Site and by emailing info@myviploan.com. Withdrawing authorization does not retract any inquiry that has already been initiated by a lender prior to your withdrawal.
Contact
Questions about this credit authorization can be sent to info@myviploan.com or to:
MyVIP Loan
11317 Edgewater Dr #1516, Orlando, FL 32804