Do lenders see entire Credit history even if past/dropped 7 yrs & doesn't show on reports I view?

[somkey10]

I'll be looking to app for a mortgage in about 6 + months from now.  I've been saving for a down payment and have been working on fixing and building my credit for about 2 years now.

 Here is my question due to something disturbing I read:

I had CC debt (bad TL's) drop off my reports within the past year, as they were all over 7 years old.

Here's the rub; I read that there is a possibility that if I apply for a mortgage in excess of $150,000, my entire credit history, including those bad TL's that dropped off after the 7 yr mark, can be visible to a potential lender, even if I don't see them on my CR's.  Can any lender out there verify that they do in most cases get the entire history?... or any consumer confirm that this has happened to them when applying for a mortgage?

Thanks!

[happy0510]

I highly doubt you will have these present an issue since they are past SOL. 

Oh and by the way, OPT OUT RIGHT NOW!!!! Hurry! Hurry!!

[somkey10]

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@happy0510 wrote:

I highly doubt you will have these present an issue since they are past SOL. 

Oh and by the way, OPT OUT RIGHT NOW!!!! Hurry! Hurry!!

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I've all ready opted out awhile ago, but thanks

[haulingthescoreup]

My understanding is that yes, when an application for credit is for above a certain amount, the lender can see older credit history.

Nearly everyone has something or other in the past. (Yes, I know, not everyone.) If this were an issue, I think we'd be hearing about it a lot more.

Are you worried about a particular negative being viewable? Did you once get crossways with your mortgage lender?

One thing to remember is that even if past negatives no longer show on a credit report, they generally stay on file with the lender. For instance, American Express's memory for past problems is legendary. Every now and again, someone gets back in without making some sort of amends, but that's awfully rare. Anyway, I didn't know if that's what you were worrying about.

[Anonymous]

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@somkey10 wrote:

 I read that there is a possibility that if I apply for a mortgage in excess of $150,000, my entire credit history, including those bad TL's that dropped off after the 7 yr mark, can be visible to a potential lender, even if I don't see them on my CR's.  Can any lender out there verify that they do in most cases get the entire history?... or any consumer confirm that this has happened to them when applying for a mortgage?  Thanks!

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Hi som,

I've had this same concern when I first heard about the "entire credit history" being available.

But, we've app'd for a mortgage - oh let's see - four times in the past decade.  They've all been over $150,000.  I've seen the Credit Reports and they're the same stuff I can pull up (slightly harder to read - but same info). 

It sure shakes you by the boots, though, when you think you might have one pulled for a mortgage.

I think some of our mortgage gurus have also reported that they've never seen one.

Rest easy!

[somkey10]

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@Anonymous wrote:

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@somkey10 wrote:

 I read that there is a possibility that if I apply for a mortgage in excess of $150,000, my entire credit history, including those bad TL's that dropped off after the 7 yr mark, can be visible to a potential lender, even if I don't see them on my CR's.  Can any lender out there verify that they do in most cases get the entire history?... or any consumer confirm that this has happened to them when applying for a mortgage?  Thanks!

---

Hi som,

I've had this same concern when I first heard about the "entire credit history" being available.

But, we've app'd for a mortgage - oh let's see - four times in the past decade.  They've all been over $150,000.  I've seen the Credit Reports and they're the same stuff I can pull up (slightly harder to read - but same info). 

It sure shakes you by the boots, though, when you think you might have one pulled for a mortgage.

I think some of our mortgage gurus have also reported that they've never seen one.

Rest easy!

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Thanks... I've been doing much research and this is the first time I've come across such info.  After reading about it, the thought did occur to me that It would be all over the place if it was something that came up often with others app'ing for a mortgage, but I have yet to see anyone comment about it.  In my case, my credit history is now short, and if a lender could check back deeper into my history, having such a short one, albeit good, might give them reason to.  I'd hate to go in and app and then be blindsided!

[somkey10]

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@haulingthescoreup wrote:

My understanding is that yes, when an application for credit is for above a certain amount, the lender can see older credit history.

Nearly everyone has something or other in the past. (Yes, I know, not everyone.) If this were an issue, I think we'd be hearing about it a lot more.

Are you worried about a particular negative being viewable? Did you once get crossways with your mortgage lender?

One thing to remember is that even if past negatives no longer show on a credit report, they generally stay on file with the lender. For instance, American Express's memory for past problems is legendary. Every now and again, someone gets back in without making some sort of amends, but that's awfully rare. Anyway, I didn't know if that's what you were worrying about.

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All of my negatives were from CC's or store credit... I've never had a mortgage.  But still, I'd like to be mentally prepared if in fact they can dig deeper.  I agree, I too think if this were an issue we'd hear about it more. It was nerve wracking to find out though, it is a possibility.

Thanks for taking the time to reply!

[MarineVietVet]

From the short time I've been here I don't recall anyone mentioning they had been refused credit for anything in their "hidden" file. The lenders have access to it but it doesn't appear the information is used in a negative way. But It could be I suppose.

Here are the 3 things listed in FCRA that are exempted from the usual CRTP:

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or

3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

[somkey10]

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@MarineVietVet wrote:

From the short time I've been here I don't recall anyone mentioning they had been refused credit for anything in their "hidden" file. The lenders have access to it but it doesn't appear the information is used in a negative way. But It could be I suppose.

Here are the 3 things listed in FCRA that are exempted from the usual CRTP:

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or

3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800, 10/10-813
TU - 10/10-774
You can do the same thing with hard work

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Yes, those are the 3 things I read as well. I believe it is in FCRA 605(b)

No mortgage horror stories regarding this info. coming out of the woodworks yet, so I guess that's comforting

Thanks for the reply!

[ChemGuy]

Perhaps this situation is what leads to lenders having access to different FICO scores than consumers?  I find it odd--outside of the fact that lenders may have a different version of a FICO scoring formula--but I've had lenders tell me that their FICO reports may contain different information than the ones I have access to.  If indeed they are reading further back, and thus their models use a deeper set of data, this would be the real explanation why even myFICO scores don't line up with the FICO scores that lenders have. 

Why is it that we can't all just have access to the same info?????????  Seriously, even the playing field!  I don't want to continue to feel like a one-legged man in an *&&-kicking contest!