I recently applied for a mortgage. Before doing this I disputed with all 3 CRA's just about everything bad. I have confirmation of the disputed items. But when this mortgage guy pulled my bureaus, he can see everything including the accounts in dispute. I thought that the CRA's are supposed to hide or "cloak"...or geeez, at the very least list the account as in dispute. What do you know about this? SnakeMan
I know a few have had success with disputing and applying for credit, I personally have not, it shows the account in dispute and although it "should't" (the dispusted item) be factored into your score, I never saw my score rise.....and with dealing with a mortgage, there are no ways around those collections, not that I have found...well, 1, a backdoor approach I did that worked with my mortgage company.... I had 1 collection left on Experian & Trans Union when I applied and got my mortgage, they wanted me to pay that collection, which I wouldn't....didn't want them to re-age the account and they would not delete for payment, SO, I showed the mortgage company the letter Equifax sent me deleting the account and although they pulled Experian, they accepted the letter from Equifax...HTH
I had a old collection for $1200 on my cr's when I went to close on my house. They said it had to be paid at closing and asked me to bring a cashiers check. The SOL was only about 4 months away. But I did not want to wait 4 more months to close. I went to closing with the check and I put the addess for 'GE Collections' on a yellow sticky pad. Told the closer 'here is where they want the check mailed'. She had no clue that the address was my PO box. I got the check in the mail 4 days later. Returned it to the bank and told them it turns out I did not need it. I have my home, and the bad TL dropped off a few months later.
that is awesome ... what kind of scores did you have when you applied for the mortage if you don't mind me asking .... mine were around 650 before getting some things removed .. i want to apply when i am ready to finish this lease because the rents are so outrageous out here. better off getting a mortgage instead of paying 1,000 in rent each month .... tboy
Re: Re: Aren't they supposed to "cloak"???? "IF" you are NOT a VETERAN...you DON'T get it... Or must have a CO-APPLICANT that qualifies for VA
Anyway, to answer Snakes question: Here are the exemptions in the FCRA; (§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with (1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more; (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more. Whenever you apply for something above these limits your ENTIRE report is generated. It's called the "Full Factual Report". Stuff removed as a result of a dispute should not be there tho.
I went to closing with the check and I put the addess for 'GE Collections' on a yellow sticky pad. Told the closer 'here is where they want the check mailed'. She had no clue that the address was my PO box. I got the check in the mail 4 days later. Returned it to the bank and told them it turns out I did not need it. 420greg ------------------------ Slick one LOL THE END ** *** ** LB 59
Butch, Where does it say that they DO NOT disclose the full report when applying for credit? I was applying for a $94,000 mortgage. When I applied, at least two of the CRA's (EX, EQ), were definitley in investigation on most if not all the neg. tradelines. I was saying that those TL's shouldn't of been seen by this tri-merge report. The FCRA you posted says some stuff but I don't fully understand. SnakeMan
Re: Re: Aren't they supposed to "cloak"???? TL's aren't cloaked when they are in dispute. What you may have read, is that people have had luck getting cc's (mainly ones that pull EQ), when they have things in dispute, because FICO goes higher. This only works if the cc is ONLY FICO driven. If they actually look at the report it won't work.
Re: Re: Aren't they supposed to "cloak"???? Oh, that clears it up for me. So....what CC's are only FICO driven and what is the typical minimum FICO score?? Ehh? SnakeMan
Re: Re: Aren't they supposed to "cloak"???? Search here on the GM card, and if you are a member of a union, there is a card that works as well. Can't remember the name. I think the GM card flags certain things - like BK, so read carefully before you get dinged for nuthin.
