You guys are causing such a wave that I was sent this by one of the lenders I used to use. Check it out..I am curious to see what you guys think about this and if any of you have used your credit reports like this. http://www.willtygart.com/PA_04_03.pdf SO>>>>>>>>>>>>>>>>>if you use the mortgage guys credit report to dispute stuff..looks like they'll take our credit pulling rights away.
"YOUR" credit pulling rights are NOT what is being prevented... IT IS LIKE... HARD FOR INSURANCE HARD TO RENT A CAR HARD FOR EMPLOYMENT HARD FOR CRO'S "ONLY FOR MORTGAGE LENDING" YOU HAVE A RIGHT TO PULL YOUR CREDIT REPORT FOR FREE OR COST AT ANT TIME AND ANY NUMBER OF TIMES YOU CHOOSE. WHAT IS NovaStarIS ANYWAY??????????
They are a lender and OUR is MINE....mortgage guys....and yes..they will turn a guy like me into a mortgage guy that isnt allowed to pull credit..no credit pulling equals no loan.
Re: Re: They killed my mortgage guy! Wow, i really didnt think it needed that much explination. SO..when you go to a mortgage guy and ask for your credit report if he gives it to you and you go dispute information with the credit agencies then they start to watch this mortgage guy. If it happens too often then experian will decide that they will not allow a particular mortgage guy to pull their credit report any more. Lots of peopleI know on these boards and others have approached me stating that they are going to become mortgage professionals AND credit repair people at the same time. This letter is what I explain to them and I figured that it would be kind of kewl to see how these companies are reacting to all of the credit repair that people like yourself have been doing. I hope this explains it.
Re: Re: Re: They killed my mortgage guy! OK...I GET IT NOW... Most people have said they were LUCKY to get their scores...very few even get to "LOOK" at them...even fewer get to "HAVE" THEM...(SO I HAVE BEEN TOLD) I wouldn't even consider using "THAT" report for anything other than puting it with the CLOSING PAPERS...
What a bunch of anal-retentive a**'s EXP is. Mortgage brokers SHOULD be allowed to give advice on "cleaning/clearing up credit." I **almost** think it is part of their job descriptions. Cleaning up your credit, INACCURATE or OTHERWISE is not ILLEGAL, regardless of what EXP says. So what if a mortgage broker gives some advice or refers a potential client out.
So what this letter is saying is that all you have to do to bypass this "RULE" of EXP is to have the potential client print out their own reports and bring to the mortgage guy to help with the credit repair???
Re: Re: Re: Re: They killed my mortgage guy! I'd use it to sue their asses into the next millennium. Which is why they don't want you to have it BTW. .
Yeah but EXP takes the cake. There aren't even an American Corporation, they are owned by Gus PLC, in London. Makes me wander if they give a hoot about FCRA laws.
Some of the same lawyers who orchestrated the tobacco lawsuit fiasco's, are also setting the 3 CRA's up for a HUUUUGE fall. .
That has to be against some law -- restraint of trade or something. In California, I believe we are required to provide a copy of the credit report if the consumer requests it. How can it be our responsibility what the customer does with it after they get it? Besides, there are lots of credit reporting companies you can use besides that one if they suspend your privileges.
Interesting wording. As worded, the policy is consistent with the FCRA requirement that CRAs require their users to certify the reason for their inquiries, and that the use be consistent with this certification. It does not say not to disclose credit report information to the consumer. The FCRA specifically prohibits the CRAs from preventing the user of a credit report disclosing information from it to the consumer. If in practice, this policy is used to prevent disclosure of information from the credit report to the consumer, then this is a direct violation of this FCRA section. This issue has cropped up from time to time, both on this board, and on one of the bankers sites. Typically, the consumer is told by the lender that their quoted rate is higher than expected, due to information in their credit report, and this would result in the consumer receiving an Adverse Action Notice telling him which credit report was pulled. On the consumer pulling his report, there may be no indication of a credit problem, as this may not be the same report the lender saw. Sometimes the lender will say that the CRA will not allow the consumer to have a copy of the report he pulled, but will let the consumer unofficially look over his shoulder. This is all BS, for the above reasons, whether the lender believes it or not. The manner by which credit information is obtained and collated into reports does not guarantee that the report the consumer pulls will be the same as that pulled by the lender, which can make finding and correcting errors a problem. How should you as a consumer deal with this? If you know that there is an error, and it is not in your pull of the report, you still have to get it corrected. How do you get your hands on the information you need? Perhaps you demand a copy of the report from the lender. If he sites a policy such as the above from the CRA, report him and the CRA to the FTC and the appropriate state licensing agency for violation of FCRA. If he is afraid of losing his job, perhaps he should be more afraid of losing his license. Perhaps you will need to file suit against CRA, and notify your lender that he will be ordered to testify in your suit. He may prefer to just provide the report.
Re: Re: They killed my mortgage guy! You guys are missing the point. The notification isn't that they don't want people to have the credit report. They are saying that NovaIS or whatever has a certain contract WITH Exp. In this deal, they must get tri-merged reports for a certain price....with a certain score model. Then this report gets into the hand of a customer (which is probably fine by them) but then the customer uses the report to dispute. So to Exp. it looks like NovaIS is using the reports to perform credit repair/counseling....and Exp. probably charges DIFFERENT rates and conditions to those agencies. AND probably uses different score models. So...they are saying...Hey, that's not what you agreed to use that for. Quit it, or we won't sell THOSE to you anymore....we'll sell you the more expensive credit repair version. Get it? aiki
Re: Re: They killed my mortgage guy! How does Exp know the information used in a dispute comes from NovaStar or from the consumer's pull of their own report? If the information is the same how can they know, and what difference does it make? If the information is different someone is providing inaccurate/incomplete or modified reports. My view: Consumers have a right to see what is being reported on them to others, contract or no contract. If a company is trying to block this, they are breaking the law, and may expose themselves to liability to the consumer for the resulting damage. If they hide their damaging actions, the SOL on this liability does not even start to run until the consumer finds out. Contract provisions, or their implementation, that are contrary to law are illegal. Specific rights provided by law are not waivable. A party breaking the law should expect to take the heat. Legitimate law-abiding companies have a duty to conduct their business in accordance with applicable law, contracts not withstanding.
Re: Re: They killed my mortgage guy! A few years ago, I had a small mortgage brokerage company. We had to use a third party reporting provider who charged us for the reports - and they were emphatic that these reports were not to be given out to the customer under any circumstances. I wouldn't be surprised if the CR companies put some kind of code or something on the reports so they can trace where they were pulled from. I saw a lot of abuse my mortgage brokers who get by with some creepy stuff and my state wouldn't do a %*^@ thing about it. But they audited me and fined the heck out of me for recordkeeping issues. Now, I'm out of that business and a friends asked if I'd like to get back into it. I told him I was happier, and making more money, shoveling out horse stalls for minimum wage.
Re: Re: Re: They killed my mortgage guy! Obviously, the customer in this case (or the LO on their behalf) probably used a copy/fax of the tri-merged as proof to have something fixed/and or disputed. They are NOT trying to "block access" to the information. They simply are trying to enforce their sales channels...i.e. consumers can buy them one way, auto dealers another, etc... They are perfectly free to repackage THE SAME INFO in different ways to create different views of THE SAME INFO to different industries. Jeez..t.his is no big friggin' deal. The consumer should ask for a copy of the tri-merged..and most LO will give it to them. If you find things, simply request your relevant credit report and get it fixed. That's all... aiki
Re: Re: Re: They killed my mortgage guy! another give away that a consumer got a bank report is that consumer reports tend to only give partial account numbers, whereas, my contract allows me to see the whole account number.
Re: Re: Re: They killed my mortgage guy! Guy walks down the street and is told to watch it while crossing the street even if he has the "walk" sign. The guy proceeds to tell the person that was providing the advice that he by law has the right to cross the street and that the cars CANNOT go across the road because the walker has the right of way. A debate insues and both of them walk away shaking their heads. Guy walks across the street with the walk sign and never looks both ways because he has the right of way. Guy gets hit by a car and thrown to the ground, killing him instantly. The guy was right that he had the right of way..........but that doesn't change the fact that he is not only right...but dead right. If you are a mortgage professional and your clients use your reports on a continuing basis or you help them with credit repair and make it a habit you will get hit by the car eventually. You will be fired from your job or lose your lively hood. May not happen today, maybe not tomorrow....heck maybe never. Heck if these forums are being watched by companies and maybe even some mortgage lenders and a guy like me or some other mortgage professional is spouting off advice...don't you think that they may be doing a search to find any dirt on me? Yup........interesting to think about and btw Novastar is a lender.
