My wife and I have been dealing with getting a new mortgage for a couple months. We have had our CRs pulled by the lenders, and whenever they pull it, there are discrepencies between their pulls and what I get from EQ, EXP and TU. For instance, they pull theirs and it has accounts which were deleted off of mine over two weeks ago. The problem is that we have a mortgage approval that is depending upon what they have on their tri-merge reports, even though our reports, from the CRAs themselves, show otherwise. These incorrect entries are apparenlty also making their scores up to 100 points lower than the scores we receive from the CRAs. I understand there is a difference between a mortgage score and a regular consumer score, but c'mon...it can't be 100+ points different. I always gauge my scores on EQ since they are usually really close to the lenders. However lately, my EQ shows 679 and theirs shows 595! Anyone know if some mortgage lenders pull from a repository that only gets updated once a month or so, or do they get their info real-time. BTW, I checked to see if inquiries showed yesterday when they pulled it again, but no, there weren't any even though their report says yesterdays date. Thanks in advance. Your input may save me from going bald from pulling out my hair.
Although some may have had different experiences, my experiences in the past 3 years (two mortgage loans, one refinance, and each of the two (new) loans were new construction and, therefore, required several tri-merged yanks within 7-8 month time periods) is that the DATA on my consumer reports was dead nuts exactly the same with the tri-merged. Of course, the consumer scores are/were not, but the data itself was. I never had "old" deleted items show up on a tri-merged when they did NOT show on my consumer reports. Are you sure that the company who's assembling the residential mortgage credit report isn't getting credit information from places OTHER than the big three CRA's ?? Your tri-merged should be coded to tell you where each line item was derived from.
I had this happen. There were things on my Equifax that the mortgage company pulled that I had either never seen or I had disputed off. I found out that it was because Equifax had two files for me, one was in my maiden name. I had only requested the report in my married name so I had never seen this one. Luckily Equifax figured it out and corrected it when called. Kim
We just had this happen too. Experian was reporting a tradeline from NCO on our tri-merge that they supposedly deleted two years ago. AND it doesn't show up on the reports we see. I sent them a letter about it and they claim to have no record of NCO for us. I don't know what the deal is with that or how to correct it when they say it doesn't exist.
EQ also has 2 files on me. The scores are 110 points apart because one is showing a paid student loan as 120 days due, and on the other it's unrated. The higher score shows when I pull a report, but for a mortgage it came up with both scores. Gib
Thanks for the replies. It's one of those things that makes me sick to my stomach knowing how much we are at the mercy of a BS system, and unfortunately, I can't claim the "maiden name" thing, but I will try to dig deeper and see if they have more than one report on me...which I don't think is likely unless it just happened. The lender is saying they get it from a big third party (CTI) who claims they get it from the big 3. I'm having them fax the report to me as I write this. The hardest thing to deal with is that EX isn't reporting it and it doesn't show on reports I get, but yet, the lender is supposedly pulling the info as well and they are getting the derogs. So, that just leaves us in a quandry as to what to do. It's frustrating, yes, because the proof is in the pudding that the information they have is old, but the lenders don't budge. The ironic thing about it is that we have tried some other lenders (we're going through a broker) and they pull using the same third party even though our broker tells them the situation. Our broker is definitely behind us and is frustrated as well. ...so, we pick up where we left off and keep on keepin' on.
