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Discussion in 'Credit Talk' started by JD, Mar 29, 2001.
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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,
I'll grab my files from work, itemize the data, and post it on Saturday..
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.
Nice to have you on the board.