Just wanted to vent. I had recently applied for refinancing my mortgage; and the lender pulled TU credit report. Before applying for refi, I paid for and pulled all 3 scores from myfico.com .. and my TU score was 789! Guess what, on the lender's copy, my FICO score is showing up as 712; and based on this report, they approved me for the refi at 0.25% higher than what they are advertising on their web page .... their cutoff was 720 for their best rate. This negates the whole point of refi, since with this higher rate, recouping my closing costs takes almost 44 months; and a grand total savings over next 5 years of $800 after refinancing. When I pressed about discrepancy, the lady says that Trans Union provides 2 different reports -- an institutional credit report, which they cannot reveal to the consumer under their contract to TU; and another, a consumer version, which is worthless but good for milking money from the consumer. She said she can show the report and score to me that she pulled, but I cannot make a copy. I am dropping the refi plan altogether; now I am stuck with a hard inquiry on my TU report that served no purpose. What do I do ? Besides getting the free report from TU based on adverse decision (I already did that, and find no discrepancy or error; pretty clean). 13 years of perfect credit history, never paid late to anyone, high household income to support the mortgage payments, YET classified as subprime ... Gnashing my teeth, and swearing all the cuss words I know at Trans Union ...
what could be different about the institutional report vs. consumer report ?? It is good that you have warned us about this. Thanks
Beats me what exactly is different. Am going to take up the lady's offer to have a peek at the entire "institutional report" and the score on Monday. Will let you all know.
Not even that, when I applied with MBNA this morning the cc specialist pulled my report and he mentioned my Providian balance. I pulled TU this morning and the last two days and the Providian was not showing. This started last week when Providian started to reported my TL with them twice. I called and spoke with TU and they deleted one of the TL and I confirmed that with a pull. But a couple of days later both are gone. So how can I see no Providian on PG and the MBNA rep. sees one? Best regards, Mirage
I don't think 700+ is "sub-prime", just not "prime-prime". Understand your frurstration completely, we get jerked around while CRAs do pretty much whatever they please.
I see some major mistakes in PG's reporting compared to the individual report. I think PG is good for tracking changes. Individual reports are more accurate from each provider online, but even those are not reliable. I would only RELY on a recent written report. They're not hard to get, I get them all the time while I'm disputing.
For the record, I have always believed FICO to be a racket. My previous posts will bear this out. Puzzles me why you even though I did not believe it to be so.
Have you thought about finding a different mortgage lender who doesn't pull TU? When we did our re-fi, they pulled a report with all 3. TU and Ex had over 800, Eq had low 700's (with 2 faulty collection accounts). The lender took the middle one, along with a signed letter stating that the two faulty items on the Eq report were not ours.
We may be doing that ... but we lost the application fee of $300 already .... and then we have to start all over again. Takes another 30 to 40 days, plus another $300 to $400 application fee ... And the damn hard inquiry on TU persists for another 2 years At this point in time, it's not worth it. Am chalking this up to experience; but everyone also beware that the trans union FICO scores from FICO are NOT the ones that your lender sees ... perhaps this may be the case with other CRAs also.
"Check the accuracy of your credit data by viewing the version of your credit report that only you can see." (emphasis added) -- From TU's website, offering their Personal Credit Report So when we purchase our CRs; Credit Watch, Privacy Guard, etc., that we're not actually receiving the information that institutional purchasers receive? The CRA's market and sell these things so that we can--heh--ensure accuracy. If that's the case, it makes disputing, correcting and deleting moot. They can make our "personal" reports all nice and pretty, while the "institutional" reports that go to lenders read a completely different story. That smells like fraud to me.
Re: Re: Trans Union Bastards! CRA's by law must provide accurate reports. If the report that they send me did not match the one they sent to someone else then logically, one of those reports must be inaccurate. Seems to me there is a lawsuit here somewhere!
Re: Re: Trans Union Bastards! THE FAIR CREDIT REPORTING ACT ... § 607. Compliance procedures [15 U.S.C. § 1681e] ... (c) Disclosure of consumer reports by users allowed. A consumer reporting agency may not prohibit a user of a consumer report furnished by the agency on a consumer from disclosing the contents of the report to the consumer, if adverse action against the consumer has been taken by the user based in whole or in part on the report. It would appear that TU's contract with your mortgage broker contains a non-disclosure clause that is illegal, and your broker is complying with this illegal contract clause against your interests. The above clause makes no distinction between "consumer" or "institutional" reports. If you were denied based on a report with erroneous information, and if the information they used is different from what you see in your consumer report, you might show them the above section and request a copy of their report, since how can you correct errors in a report you can't even get a copy of? If they refuse, you could report TU to FTC and your AG for violation of above clause, and report your broker to your state's real estate board, or whoever licenses them. In addition, if TU's info provided to you is different from what they are providing to others, that is an additional FCRA violation.
Re: Re: Trans Union Bastards! A quick question... How much was the re-finance for? Section 605 has EXCEPTIONS to the SOL & Reporting periods, and information which has fallen off could be in a report prepared for one of the exception classes. Even if the amount of your loan application doesn't fall within those limits for your transaction, if their typical transactions fall within those limits, they may be able to get the Exempted report. Note the wiggle-room clause, or which may reasonably be expected to involve, in other words, if the mortgage company's transactions are USUALLY over the amount of $150,000 or more, then TU may have a reasonable expectation to believe that your transaction should be above that amount as well, so they should be able to provide the mortgage company with the exempted report.
Re: Re: Trans Union Bastards! do they use an internal scorecard or just straight fico? im a lender and i use an internal scorecard - meaning it looks at the overall picture of the applicant...job time, res time, debt ratio, liquid assets, credit score - and that is what i base my rates on. you could easily have a beacon of 750 and not get the best rate because you move too much (it looks at stability) or higher debt ratio. internal scorecards are calculated by a computer program.
Re: Re: Trans Union Bastards! It's very strange. I recently applied to a major jeweler for credit to purchase an engagement ring. Checked my reports myself, either high 600's or low 700's, no derogs. To my surprise, they declined me due to a charge off for jewelery that I bought 12 yrs ago!!!!!!! It wasn't listed on any of my reports, so how did they know? Don't tell me creditors can only see dergos from more than 7yrs ago when you're applying for a high paying job or insurance....I have proof.
Re: Re: Trans Union Bastards! ok - i hate to tell you guys this, but SOMETIMES the bureaus consumers see are different from the ones the lenders get. sorry. my thought would be same company or same company different name or different company but affiliate? all three scenarios would have you "blacklisted". i would call the companies finance carrier and discuss it with them under the process "i DON'T RECALL (key phrase, your not trying to fraud them then) ever having this in my credit past" and always ask them what you should do; its important to let them lead you through correcting this on your history WITHOUT ever acknowledging the old thing is yours.
