When mortgage compaines pull your CR I've heard they pull a 3 in 1 CR. I've heard these reports show them everything including exact dates that you paid on things. Does anyone know, does that mean everything we worked so hard to get deleted is going to show up anyway? I recently got some mortgage lates deleted and I'm wondering if it really matters at all if the mortgage companies can see the lates anyway. Thanks in advance for any info.
If it does, and the information is incorrect, and you have proof that you corrected it with the bureau(s) in the past, you can sue the bureau(s) for violating the FCRA. They cannot legally keep two different reports on you. If they do, and you can prove it, you can sue them.
Mortgage companies get a credit report. It's not a special credit report, it's the same one you would get if you bought it yourself. A credit report doesn't show the exact date you paid anything. It will show a payment history, which will show how many time you were late and how late within 30 day increments. The information on the credit report is provided by the creditors. If the creditor provides false information, then the information on the credit report will be false. That means if you were 30 days late on a payment, but the creditor doesn't report as being late, your credit report will show an on time payment.
This is how it should work... but we all know things don't always work the way they should. There have been many posts concerning this topic. At least one person is currently filing a lawsuit based on the fact that the report provided to him by the CRA is not the same as the one provided to the broker. Some people believe that the CRAs are twisting the interpretation of the FCRA clause concerning mortgages over 150K. I won't get into all of that now, b/c I don't have the FCRA in front of me (and I'm feeling lazy). In any case, this is a topic that concerns all of us that are in the process of repairing our credit in order to apply for a mortgage, and apparently, it is a completely legitimate worry. It makes you wonder how much of your work is for not? Maybe those who have gone through this can chime in... if not today then perhaps after the weekend when more people are on the board.
Concerning mortgages over 150K. I won't get into all of that now, b/c I don't have the FCRA in front of me (and I'm feeling lazy). In any case, this is a topic that concerns all of us that are in the process of repairing our credit in order to apply for a mortgage, and apparently, it is a completely legitimate worry. It makes you wonder how much of your work is for not? kit =============Where does the law say they can use an inaccurate report if the loan is over 150,000? The END ************************* LB 59
Re: Re: Mortgage queston? I'd be interested in learning more about this. Mortgage lenders don't get credit reports straight from the credit bureaus, they buy them from resellers. I've noticed there is sometimes a difference in the information from reseller to reseller. Some of the differences are due to lender preferences, but I wonder how many differences are due to the reseller?
