we recently got denied a loan from penfed and they stated the reasons were delinquent past or present obligations with creditors and garnishment, attachment, foreclosure, reprossession or suit. they pulled from equifax. i then pulled my report and dont see where they could be coming from, particular the garnishment one. the only negatives are a 4 year old small paid collection and a 3 year old small paid charge off. nothing else at all. what can i be missing? can they be seeing something different then me? any help apprecitated! -e
NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************the only negatives are a 4 year old small paid collection and a 3 year old small paid charge off. ej1111 ==============This is probably what they are talking about.
a 4 year old small paid collection and a 3 year old small paid charge off. ej1111 ======== Paid don't count for anything. Being small don't win you any brownie points either. NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************
Hi EJ, You could write back and tell them to be more specific. Also - what kinda loan is this? Expanded reports (Full Factual Reports) are available in some circumstances.
Ask them for a copy of the report showing the items. If they refuse, claiming their CRA agreement doesn't permit it, such restrictions by CRAs are expressly prohibited by FCRA. File a complaint with FTC against both lender and CRA. Also, FTC is specifically interested in problems caused by consumers not seeing lender's reports, and is considering whether to require disclosure of the report the lender obtains to the consumer. If you can't resolve it, file an FTC complaint.
http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=59177 This is the perfect scenerio to tell the FTC about, remove anything that is identifying to you specifically, just represent the situation as you did here. Something short and sweet, but doesn't give any revealing information would be similar to. A company denied you credit alledgedly because of two reasons, one of which is supposedly a judgement, suit, repossession, etc. However when you obtained a copy of your credit report from the same CRA, there is nothing of the sort in your credit file. How are you supposed to be able to correct something if they can not provide that to you?
but the two PCO's don't account for the "garnishment, attachment, foreclosure, reprossession or suit" notation. There has to be something hidden that they are reporting to the bank.
"�§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. �§ 1681c] (a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: ... (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1) (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1 (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; ... "
Well this was for a heloc and i called them today to inquire. they said the reason for denial was a few lates from almost 3 years ago. they mentioned nothing related to those reasons they sent me and i couldnt get good information as the person i talked to had to go talk to someone else and relay the info. anyway, i faxed a copy of my report and explained the reasons behind the lates and hope they would reconsider our application. its very strange to me they denied based on those, since then we have gotten a mortgage and a new car loan at great rates and our credit score hasnt gone down and our income is up significantly. plus we are only refinancing a heloc we have. oh well, we will see what happens.
