How do you really know?

Discussion in 'Credit Talk' started by JD, Mar 29, 2001.

  1. JD

    JD Guest

    About a year ago I was denied a loan by a bank. When I asked why it was denied I was given a copy of the report from the cra that was sent to the bank (faxed I guess). Later I requested my own copy of the cra's report. Although the same information re: collections, trade lines, old accounts, etc., were on both reports, the one the bank received had a lot of info that my own copy did not. The term "Hawk alert" was all over the place, even beside my ss#, which was accurate but there was some comment beside it that said that it was issued on a certain date. It also had the term "derrogatory public record." I assumed that referred to a judgement from a court that belonged to someone else, but I don't really know. Someone with the same name as me had run up a huge garbage bill and was taken to court for it. I did eventually have it removed. I guess my point is, how do you really know that what "we" see is what the potential "creditor" sees?
  2. Paul

    Paul Guest


    Good questions. The answer is simply, you don't get the same report.

    How do I know? I mention this through my experience as the head of systems for a large national lender, and deal with credit bureau data and requests continually (we do direct/indirect installment loans).

    Our systems interface with each repository through a central provider, and the number of products we can order as part of the bureau pulls are akin to ordering ala carte at a restaraunt. The Hawk Alert you mention indicates to me that your lender had a Trans Union report pulled.

    As a lender, we configure our account to order options that we feel are relevant in our underwriting. In addition to the core bureau (tradeline data), for example, we can order fraud alerts and scores, direct check information, FICO scores, and even utility and phone bill payment history (if available), debt analysis summaries, etc.. Each of these components costs additional money for each credit bureau pulled, and thus each lender makes their own choice as to what components to pay for.

    As a consumer with my own credit issues, I have often wanted to use our system (which I wrote) to pull my own credit, so I could get these services, but the risks to my job or reputation are simply not worth it, as it would be illegal. When I go the Equifax, TU, or Experian, and receive my report, I notice that they are very plain vanilla, and definitely lack several components that I often see at work. For instance, wouldn't it be nice to receive the phone number to companies who report on your tradelines so you can call them up directly. If you could order Direct Check, you would receive this info..

    Anyway, sorry for the long post, but you asked a good question.

    Best of luck,

  3. Paul

    Paul Guest


    I'll grab my files from work, itemize the data, and post it on Saturday..

  4. breeze

    breeze Well-Known Member

    Yup, sounds like a "Consumer revolution" is called for here. It certainly has worked with the scoring, so far, and I don't doubt there will be more changes.

  5. breeze

    breeze Well-Known Member

    hey Paul....

    Nice to have you on the board. :)


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