My copy NOT like creditors' copy

Discussion in 'Credit Talk' started by Marie, Jul 19, 2001.

  1. Marie

    Marie Well-Known Member

    Ok, I'm trying to figure how to approach this one.

    Ever heard of FRAUD? Well, it's all over the credit reporting industry.

    I have all my copies of my reports. I know them by heart. I have had student loan entries "somewhat" corrected in their "history" but never really correct.

    1 report shows an incorrect 90+
    1 report shows a 90+ and 120+
    1 report shows 2/90+ all for the same paid on time student loans. they weren't even in repayment that whole year. Error anyone.

    These same student loans are duplicated more on the creditors's copy (I'm told). I'm not allowed to see.

    AND, I have the infamous paid off student loans showing current statud "I5".

    I5. for a closed paid loan. And it's duplicated 4 times on the creditor's copy.


    FRAUD is my only answer. Why is my copy supposedly different DRASTICALLY from my mortgage broker's copy? Fraud.

    I even have a good credit account (the "history" was "corrected" to reflect perfect several years ago.) Guess what? It's supposedly in a "derogatory accounts" section not the good credit section on the mortgage broker's copy.

    MY copy shows good. THEIR copy shows derog (with no reason, by the way).

    I'm ready to go to my county detective and file fraud charges. This is truly criminal.

    How can I correct an issue I don't know exists? Why is it I can't see my mortgage broker's copy? Why can he only tell me the issues I have???

    No wonder my scores are so artificially low. This is a racket. and I mean RICO not FICO.

    If anyone has any suggestions, please let me know. I have been told by my broker he's willing to testify in court (and bring his copy) he just can't show me now or he'd lose his ability to get reports. RACKET.

    I need advice. I'm NOT giving them much more time. I have to get one more set of letters out and then I'm definitely filing against all 3. I am just freaked out that our copies don't necessarily match the lender's copies.

    I honestly think this is criminal. I just wonder if I could prosecute anyone for it. CEO???

    Help??? suggestions???
  2. Mist

    Mist Well-Known Member

    All I can say is WOW!

    I've suspected this kind of behind our back activity. If you have proof please go after it. Maybe you can see if you can find a lawyer who will take the case on contingency or call your state's consumer protection agency for legal advice or referral.
  3. Marie

    Marie Well-Known Member

    Yes, I also can't believe that my copy shows "corrections" to histories that don't get corrected on the info that goes to creditors. That just seems so deliberate.

    If I hadn't decided to look at preapproval for a mortgage, I wouldn't even know this at all.

    It's funny. we aren't allowed to see full factual reports but our brokers can tell us what's wrong. I'd have to subpeona my broker to get it entered into testimony. this is nuts.

    I'm now really wondering what's on my employment credit report. I wonder how off that one is too.
  4. Saar

    Saar Banned

    Re: My copy NOT like creditors' cop

    Marie, is this an issue w/ all 3 of your reports; If not, which one?

  5. Dani

    Dani Well-Known Member

    Re: My copy NOT like creditors' cop


    I had the same thing happen to me when hubby and I went to get preapproved for a mortgage last week. Fortunately, there was no derogatory information, but there were several incorrect accounts (open when they should have been closed, closed when they should have been open and several different account #s) that were not reporting on our credit reports. The system is completely bias. How do I correct this information? Ideas? My report is clean, but the creditor's report shows several inconsistencies.

  6. Marie

    Marie Well-Known Member

    Re: My copy NOT like creditors' cop

    Experian is reporting incorrect (and what looks like paid student loans) as a current status I5. This will NOT show up on your reports and the rep just lied to me and said (oh, I5 means you were once past due, not currently past due). This is replicated x 4.


    The other issue is a revolving account that I did have. It's reporting also on Experian.

    On my report the tradeline is perfect as it was. It's showing open when it was closed in 1994 but I'd consider that a minor error.

    The real issue is that my copy USED to show a previously past due history which was incorrect. Experian corrected it several years ago (so the tradeline reflects perfect).

    Issue: on the mortgage copy it's showing under derogatory accounts. Now, when you look at that tradeline there's NOTHING showing wrong but it's coded as a derog (which means it's lowering my score but I never knew it). To me, that's fraud.

    They correct my copy to make me think it's showing as a perfect account but my lenders are seeing a derog and the scoring systems are showing it as derog. Ugh.

    I'd been preparing for filing already, but now I have one more round of letters to go and then I'll file. More issues. Graver issues, actually.
  7. breeze

    breeze Well-Known Member

    Re: My copy NOT like creditors' cop

    Wow! Marie. Sorry to hear you have troubles. You get 'em girl!! Keep us up to date.

  8. nursie

    nursie Well-Known Member

    Re: My copy NOT like creditors' cop

    Wow. I'd be filing that lawsuit asap. Look at how successful Lizard was, and his were valid. You should have no problem.
  9. Marie

    Marie Well-Known Member

    Re: My copy NOT like creditors' cop

    I will. just doing the ducks in a row. I'll tell you all about it when it's done. But I want to get them on so much that they are truly squirming.

    Oh, to add to my week Household decided not to mark my old account as in the bk7. They sold it. it's updated on my report.

    I've got a guy scared there. Told him he has 2 days to correct. Monday he gets the letter. 30 days from receipt I'll legally give them. 31 days lawsuit.

    This is open and closed
  10. Saar

    Saar Banned

    Re: My copy NOT like creditors' cop

    Given the recent discussion regarding "full factual" reports pulled by lenders, I'm bumping this thread.
  11. Jeff

    Jeff Guest

    Re: My copy NOT like creditors' cop

    Hi Marie,

    Fax or call atty. David Szwak. I've dealt with him myself and can assure you he is 'top shelf'. Do contact him and see what he has to say.

    This is not the first I've heard of this happening. It is absolutely illegal and someday someone is going to catch them. I can't think of anyone better to stick it to 'em. Good luck and keep us posted.


    318-424-1400 Tel
    318-424-1400 Fax

    David A. Szwak is a native of Baton Rouge, Louisiana. Born in 1963, he received his graduate and post-graduate education at Louisiana State University, earning a bachelor of science in Quantitative Business Analysis in 1987 and his law degree in 1991. He was admitted to the Louisiana State Bar in 1991 and he is also admitted to practice in the following courts: Western, Eastern and Middle Districts of Louisiana; Eastern and Western Districts of Arkansas; Northern, Eastern and Southern Districts of Texas; the Fifth, Eighth and Eleventh Circuits in the United States Court of Appeals.

    Practice Areas: Insurance Defense; Consumer and Commercial Litigation.

    Reported Decisions: Whitesides v. Equifax, et al, 125 F. Supp. 2d 807 and 125 F. Supp. 2d 813, cause no. 99CVO210-S (U.S.D.C. W.D. La. 12/4/00); Economy Fire & Casualty Co. v. Swaney, 768 So.2d 822 (La. App. 2 Cirl 2000); Lazar v. Trans Union, 195 F.R.D. 665 (U.S.D.C.C.D. Cal. 2000); Hickey v. Centenary Oyster House, 719 So.2d 241 (La. 1998); Matthews v. City of Shreveport, 726 So.2d 1059 (La. App. 2d Cir. 1999); Gullatt v. Newell Industries, Inc. et al, 688 So.2d 1191 (La. App. 2d Cir. 1996); In Re: New York Life Insurance Co. Agents Class Claimant Solicitation Litigation, 1997 Westlaw 1526727; Taylor v. U.S. F. & G., 630 So.2d 237 (La. 1993); Edwards v. K&B, 641 So.2d 1040 (La. App. 2d Cir. 1994); Fitzgerald v. Secretary, U.S. Department of VA, 121 F. 3rd 203 (5th Cir. 1997); Dotzler v. Perot, 914 F. Supp. 328 (U.S.D.C. E.D. Mo. 1996); Simpson v. Anthony Auto Sales, 32 F. Supp. 2d 411 (U.S.D.C. W.D. La. 1998); Riggs v. Anthony Auto Sales, 32 F. Supp. 2d 405 (U.S.D.C. W.D. La. 1998); Lawrence v. Security Professionals, 743 So.2d 247 (La. App. 2d Cir. 1997).

    Publications: "Louisiana Premises Liability in the Post-Cates v. Beauregard Electric Cooperative Era," Louisiana Law Review, LSU Law Review, Vol. 53, Issue 6; "Theft of Identity: A Credit Nightmare," Texas Bar Journal, Vol. 56, No. 10, (Nov. 1993; reprinted numerous times); "Credit Cards, Credit Reports and Fraud: Enforcing Consumer Rights," The Colorado Lawyer, Colorado Bar Association, Vol. 25, No. 4 (April, 1996); "A Report from the Trenches," The Consumer Advocates, National Association of Consumer Advocates, Vol. 3, Issue 2 (March/April 1997); "Fair Credit Reporting, Credit Cards and Fraud," 990 PLI/Corp 647 (1997); "Temporomandibular Joint (TMJ): A Primer," The Bar Review, Vol. 4, No. 2 (Sept. 1994); "Credit Cards in America," John Marshall Journal of Computer & Information Law, John Marshall Law School Law Review, Vol. XIII, Issue 4 (Summer, 1995); "Enforcement of the Assault and Battery Exclusion in Louisiana: Hickey v. Centenary Oyster House, Louisiana Law Review," LSU Law Review, Vol. 60, Issue 3 (2000).

    Memberships: Louisiana State Bar Association; Louisiana Association of Defense Counsel; Harry V. Booth American Inn of Court; National Association of Consumer Advocates.
  12. Butch

    Butch Well-Known Member

    Re: My copy NOT like creditors' cop


    This is fodder for a Federal District Case in demand of a Jury Trial.

    Once filed, you can start discovery and get copies of your full factual reports from the mortgage guy, without getting him into trouble.

    I've been planning on pursuing this too, in about 6 months to a year.

    We'll help all we can.

  13. Becky

    Becky Well-Known Member

    Re: My copy NOT like creditors' cop

    I went through this last year when we bought our house. I had spent months getting neg items 'deleted' off our files.

    When the mortgage broker pulled the tri-report there they all were. everything that I had worked to get off was on theirs.

    I was lucky enough to have a broker that gave me copies & worked with me. So we ended up with a prime rate even with the real neg's.

    When confronting the CRA's I was informed that 'mortgage/banks get a full copy of any & all info that had/is on your report for 7 years. Supposedly the info that does not appear on your personal reports is not factored into the brokers scores.'

    Since no one has privy to their scoring system how can you dispute whether the CRA's "response" is or is not true.

    At the time we shopped for mortgages. Each one pulled up different info depending on what sub-company that they used to pull the reports. None of them pulled directly from any of the 3 CRA. They each had companies that they went through to compile the info.

    Also from what I could gather. Even though you get item's corrected through the CRA. That does not mean that the compaines paning out your CR to lenders has bothered to update their info. Now I have only found this to happen with a mortgage.

    We recently bought a new car & was shown our report by the dealer & it was a direct pull & correct. Not sure on CC's.

    It is all a scam to keep you paying high interest rates. What a better way then to emloyee a legal system of using credit rating, that directly effects you finacially. That the consumer does not have access/knowledge of the way the system works except those that have the finacial means that control the system. The scoring formula must be kept in the vault right along side the formula's for mass destruction.

  14. kit

    kit Well-Known Member

    Re: My copy NOT like creditors' cop

    OMG... what a total freakin' nightmare. You have every right to be upset>>> I would be bouncing off the walls mad. I will be shopping for a mortgage at the end of the year and this makes my stomach turn...
  15. georgiaboy

    georgiaboy Well-Known Member

    Re: My copy NOT like creditors' cop

    Has anyone tried to check there CR on Transunion online, they will let you pull, "your report" for free if you have a reason, and they will let you buy your report that "creditors see". Sounds like another cause of action against the CRAs to me.
  16. Saar

    Saar Banned

    Re: My copy NOT like creditors' cop

    Both of these TU products are the "consumer version" of the report. One thing we have proof of, is that the "lender version" of TU shows PayPat data (payment patterns) that is NOT disclosed to the consumer. And that's just the the tip of the iceberg.

    I smell a MASSIVE, tobacco-caliber class action!

  17. jlynn

    jlynn Well-Known Member

    Have you looked at 615B?

    (ii) upon a written request from the consumer received within 60 days after transmittal of the notice required by clause (I), disclose to the consumer the nature of the information upon which the action is based by not later than 30 days after receipt of the request.

    Maybe he can give it to you w/o going to court? To help you get your ducks in a row.
  18. MandyB

    MandyB Well-Known Member

    How much did you ask for in your mortgage preapproval? The reason I ask is that I wonder if this is the often debated situation of the "lifetime" report for loans over $150,000 and jobs paying over (I think) $75,000 where items can stay on the report for longer than 7 years. I don't know, I am just trying to figure out what is going on here. Needless to say, your findings are VERY upsetting. I, too, have always wondered if the information is really corrected. In the EX depositions that were posted here awhile ago, the computer guy who programmed the EX reports said that entries weren't deleted but only suppressed. That concerned me b/c it means that everything is still on their systems. Also, the CRA's can always tell me what was on my report before my disputes even though my current copies don't show something anymore. I have always wondered if this info gets out to the lenders and based on your experience...IT DOES.
    This is really an emergency situation here b/c it seems like even if you obtain accuracy on YOUR copy of the report, it doesn't mean that there really IS accuracy in the reporting performed on you. You meaning all of us of course.
  19. mj

    mj Well-Known Member


    One thing that hasn't been discussed here is ... do you have multiple files?

    I ask because I went through this about 6 years ago, also just when I was doing my 1st mortgage.

    Everything was rosy- all 3 reports were in my hand, when -bam- stuff from out of the blue came up on an Equfax report (one of them was a student loan).

    It turned out that I had three files at Equifax, and it was somewhat of a roulette game as to which file would come up when someone pulled it.

    It took several rounds of letters back and forth, but I managed to get it all cleaned up.

    The advice I give to you - get FILE REFERENCE #s from your sources. You may find that they differ - and if so, that can help in the clean-up process.

    Good luck-
  20. ryder

    ryder Well-Known Member

    Re: My copy NOT like creditors' cop

    Its funny because I work in the mortgage industry and about a year ago there was a big stink because the CRA's were threatening to file lawsuits against any mortgage company that gave a consumer a copy of their non-consumer credit report. This pissed a lot of mortgage professionals off and there was a huge backlash against it. I'm not entirely sure what the final resolution was?

    Our copies are a little more difficult to read, but they give complete payment histories (month-by-month) that go back seven years. I have noticed that on my consumer reports, my payment histories only go back a couple of years, four at most.

    Yes, I think this does constitute fraud and I do think that by threatening the mortgage industry with lawsuits, an argument for conspiracy can certainly be made.

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