BEWARE OF PREDATORS

[tmoney]

So I applied for my mortgage on Feb 25 , Scorse were pretty good TU 752  EX 747  EQ 746 reports have been pristine for quite a while.

Week later while checking my scores as I usally do weekly I notice my eqiufax drop of nearly 100 points.I immediately know some deragatory

mark has been added. Sure enough medical collection from a CA for a creditor I never in heard of.. So now I have waste time trying to remove this

ridiculous collection from my EQ and now also EX instead of planning to purchase my first home.  These CA are criminals and I think they try to

extort money from prospective home buyers buy trying to back them into corners and force a payment. Not going to happen with me

[pipeguy]

Applying for a mortgage is a major life event (well buying a home) and the CRA's work hand in hand with debt collectors when you make that big step. There are many examples of new (or old) debts showing up on credit reports soon after you apply for a mortgage - the credit reporting agencies broadcast (sell) this data to the dark side because they know you will do just about anything to clean your record to get a mortgage.

If you look at the business sites for TU/EQ/EX you'll see that they work both sides and sell info to both sides with a wide variety of products. Don't for a second think that CRA's are there for your best interest, they are there to sell data to anyone that'll pay for the report and aplying for a mortgage is a primary report generator.

A couple of years ago I posted a bunch of links to the nefarious behavior of CRA's - it's not too hard to find if you check the business side of their web sites and their SEC filings.

[Anonymous]

^^^^^^^I agree.

I had always heard that same thing. Back in October/November I had a lender do a HP just to see where I was at and the past came flooding back on my credit report. Some were things I honestly forgot about, others were things from a family member using my info. 

I have since remedied all the hiccups and applied for a pre-approval yesterday with the same lender who did the HP so hopefully I won't have to do a LOE for that.  That is my advice for everyone!