A friend of mine just told me that a mortgage loan officer can make a person's credit history looks better, like hiding the TLs... ect? It must be illegally, but still don't see it possible?
My hubby has a friend who is a broker and he says crooked brokers do it all the time by literally cut and pasting and copying the original credit report before sending it to the potential lender. We believe he is absolutely correct because we had problems with a local mortgage co that did a loan for mother in law who has TERRIBLE credit. Hubby's friend SHOWED us the guidelines for this lenders (a bank) loans, and low and behold they required a middle score of 650 or better and m-i-l's scores were ALL in the 400's. We (hubby and I) ended up getting screwed in the end over it b/c she got the loan (we own the house) but it was a bogus loan and we lost alot of money. Anyway, yes, I believe any crooked broker/originator can make a report look as good as he/she likes.
Re: Re: Can Loan Officer do this? My understanding is, with rapid rescoring you must have letters from the creditors staing the tradeline must be changed or removed. I did have one broker (actually the company the broker subscribed to) "hide" some accts on my report when I was trying to obtain a mortgage. The reason they were able to do this is bc I had accts on my report that did not belong to me. My report was merged and somehow this company was able to "hide" most of the accts that did not belong to me. The accounts reappeared after 30 days just as they told me they would and then I had to go through the dispute process for the next 6 months to get the accounts completely rremoved.
