Frequently Asked Questions by Consumers
- What is FinLocker?
- Who can sign up for FinLocker?
- Why use FinLocker?
- Why does FinLocker need me to prove my online bank and other financial accounts credentialing information?
- Is the information shown in FinLocker secure?
- Can I delete my financial accounts?
FinLocker provides the ability to manage and share your financial information with lenders and other businesses. Using FinLocker, you create your financial profile utilizing online account information. Financial accounts are securely enrolled on FinLocker in accordance with your preferences for information sharing. Types of financial information are controlled by you and can include bank statements, brokerage statements, credit card statements, pay statements, tax transcripts, etc. You control who to share the information with, what information is shared, and how long the data is shared. You are also provided with visibility on the data that was accessed by approved third parties. This control allows you to collaborate with whomever you have shared financial information within a safe and secure manner.
Once invited to a FinLocker by a lender, realtor or other sponsor, you can set up your account at no cost. To create a FinLocker profile, simply click “Enroll Now” on your invitation. Then follow the simple process to enter one or more financial accounts and enroll in credit to set up your financial locker and unlock more FinLocker features.
Use FinLocker’s personal financial management tools at no cost to improve and maintain your credit, create and track budgets, establish financial goals, track your net worth, and access education on a variety of financial management topics.
FinLocker saves you time and the hassles of locating, faxing and responding to multiple requests for explanation or additional documentation that can re-occur each time you apply for a loan. You are always in control and must consent to the release of access to your specified financial information.
FinLocker needs for you to prove you can log in to your online bank and other financial accounts to prove they are your account(s), so FinLocker can securely pull the required financial information to process your loan (for example, electronic bank statements). Access to your connected accounts is read-only. Neither our systems nor your lender can access your financial accounts or have any ability to initiate or modify transactions of any type. No lender can perform any action that would in any way cause any financial transaction to occur without your permission. Your financial account data remains with your bank, brokerage, or credit card company; FinLocker only captures a copy of the data retrieved by the parties you have granted access. Full transparency is available to you. You are notified each time your data is accessed.
Yes, FinLocker provides the ability to change your bank accounts or financial accounts profile. Click on the “Delete” link of the account you wish to remove and you will be presented with a warning that you are about to delete the profile. Click the “Delete” button. Your FinLocker profile for that account will be deleted.