zfire Posted July 13, 2007 Report Share Posted July 13, 2007 Ok..don't need a mortgage, have one, but this is something I have wondered about.Credit reports. You lender guys should know this.Do they supress the old stuff past reporting date and /or are you the mortgage broker, or the lender, or the underwriters able to view it?Or do you get a nice clean report? Link to comment Share on other sites More sharing options...
Ahntara Posted July 13, 2007 Report Share Posted July 13, 2007 Lenders can get access to data older than RP by specifying their exemption per FCRA 1681c, Subsection 605(. I've have heard these reports are more expensive than a standard pull.SOP: Lenders use a tri-merge with normal RP data. Link to comment Share on other sites More sharing options...
zfire Posted July 13, 2007 Author Report Share Posted July 13, 2007 Friend who is a loan processor had mentioned supressed files, and I had wondered. I hated to ask her. So thank you very much.ZBut this raises another question. Why can't we get a total and complete copy then?Or can we? (with a fee) Link to comment Share on other sites More sharing options...
Ahntara Posted July 14, 2007 Report Share Posted July 14, 2007 "...Why can't we get a total and complete copy then..."(You should poise this question to divemedic. lol j/k)When you order a "credit report" you get the standard data from the last 7-10 years. This is true when you get a copy of your Consumer File directly from the CRA's or a tri-merge from a 3rd party re-sellers, like TrueCredit or FreeCreditReport.com.This topic has been hotly debated here. Dive's point is that not revealing every piece of data that can potentially be seen by creditors violates the FCRA ("...All the information..."). He is right, of course. But the reference in 1681c, Subsection 605( to the exemptions placed on Reporting Period are not typically specified during a pull. It's unusual to find someone who even knows about it. So this older data usually stays suppressed. I suspect that there is no case law on this point.The CRA's also fail to publish the DOFD. One of them has a 'estimated fall-off date', but the other two ignore this although FACTA requires Data Furnishers to provide this to the CRA's within 90 days. So, we KNOW they have the DOFD. It seems reasonable to me that they have other data as well that isn't published. I agree that this is a violation in the strictest terms. (that's just MHO)I, for one, would love to hear your processor-friend's comments. If you could ask and post the responses here, it would be most appreciated. Has she actually seen a report containing normally suppressed data? What was the cost of such a report? What parameters did she have to specify in order to get the suppressed data? Any other information would be helpful as well. Link to comment Share on other sites More sharing options...
2ndTimeAround Posted July 20, 2007 Report Share Posted July 20, 2007 Friend who is a loan processor had mentioned supressed files, and I had wondered. I hated to ask her. So thank you very much.ZBut this raises another question. Why can't we get a total and complete copy then?Or can we? (with a fee)You are correct - for a fee. What you get from free credit report you get off the internet, has your payment information, but doesn't include your FICA score. Speaking with a Loan Officer - you giving your SS#, having them pull and reveiw your credit, by law they have to mail you a copy. But even credit report doesn't include everything. This is why a title seach is done against you and the property by a title company. They into pull a Landsafe credit report, which it the most detail report you can get. For a fee, you can get one of thoses.Looking at my last loan that closed, the charge for a title seach was $650... Link to comment Share on other sites More sharing options...
aints68 Posted August 10, 2007 Report Share Posted August 10, 2007 Wow, what does a landsafe report consist of? Link to comment Share on other sites More sharing options...
firstsource Posted August 10, 2007 Report Share Posted August 10, 2007 LandSafe is a credit reporting agency that assembles the information from the 3 bureaus. Basic report sometimes does sometimes have information on it than what the bureaus directly show.What 2ndtimearound is probably talking about is a more in depth report that is available, called an RMCR, costs more and sometimes will show all of the judgments & et that are not found on the regular report.Title companies use this as part of their search process to discover judgments but they also will go to the local government office/s -like the county courthouse - to see what judgments are listed there that are not on the info on the credit report.Charles Link to comment Share on other sites More sharing options...
zfire Posted August 10, 2007 Author Report Share Posted August 10, 2007 I will DEFINITELY call my friend within the next few days and discuss this with her...although I do believe you guys answered my question perfectly!Z Link to comment Share on other sites More sharing options...
jetscarbie Posted August 10, 2007 Report Share Posted August 10, 2007 If I filed BK7 about 16 yrs ago....would it show that and all the bills that were included? Link to comment Share on other sites More sharing options...
firstsource Posted August 10, 2007 Report Share Posted August 10, 2007 No, all of the recording/mention of that would be off your report long ago.Charles Link to comment Share on other sites More sharing options...
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