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.
2. Who can sign up for FinLocker?
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.
4. Why does FinLocker need me to prove my online bank and other financial accounts credentialing 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.
5. Is the information shown in FinLocker secure?
Yes, FinLocker can only be accessed with the consumer’s FinLocker login credentials. Your information is always encrypted and secure, and we protect that information with multiple layers of security. You authorize what information is shared with a lender or other third party. Only the lender, or future designate if the loan is sold, that you have consented for release of your specified financial information can view the data. You also control how long the access is granted. For example: A lender is approved to access your data for 3 months; once the designated period of time has lapsed, they cannot access your account to pull additional data without further approved access. FinLocker does not share confidential information with anyone other than the information you have consented and authorized for release. Please see the FinLocker Privacy Policy for more information.
6. Can I delete my financial accounts?
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.