Full Factual/Lexis Nexis

[smallfry]

Other than EQ EX and TU has anyone had a lender pull L/N or a full factual of the Big Three CRA for their mortgage? As someone who is waiting for clean reports I am curious if anyone in my situation had a lender pull a report they thought was clean and found info thought to be hidden.

[Uborrow-Upay]

smallfry, I have absolutely no clue what a "full factual" or a Lexis/Nexis report is...can you elaborate a bit for me?

I'm embarrassed to say that I don't know what additional details these reports could contain. 

Sorry if this is a stupid question.

[Anonymous]

Smallfry: Nope. Just checked the big boys. And believe me, I went over everything they did, checked, etc, with a fine tooth comb.

Uborrow: Lexis Nexis holds information that might have dropped off your CRs ~ like judgments older than 10 years.

I **believe** that a "full factual" means going back further in checking your CRs to what *used* to be there and isn't now. After all, just because the average lender doesn't request it or see it doesn't mean that you're entire history is just "poofed." It's still out there and in the CRAs' hands, they just don't display it to lenders (unless the below requirements are met ~ and even then, I believe the lender has to specifically request it) due to the FCRA's CRTP.

And yes, the FCRA allows that for loans higher than $150K and for jobs with a salary higher than (IIRC) $75K.

Edited to fix wrong figures. :/

Message Edited by Wonderin on 08-08-2009 07:27 AM

[Uborrow-Upay]

Thanks, Wonderin.  I had no idea.  Which also brings up two additional questions (sorry)...

Is the information on these types of reports permanent, or is there any time limit (albeit a very long one) to when it may drop off?

Also, is there a way for a consumer to pull these types of reports themselves?

[DallasLoanGuy]

lenders dont pull full factual reports.

lexis nexus either.....

however.... old judgments and liens can be found by title company when a ss# search is performed.

[happy0510]

Hi Dallas,

Even if they did do the SS# search and found old tax liens or judgments would that matter?

[rockymtngrl]

Yes it would matter because you can't close on a mortgage with unpaid liens or judgements.

[DallasLoanGuy]

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@happy0510 wrote:

Hi Dallas,

Even if they did do the SS# search and found old tax liens or judgments would that matter?

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absolutely.

if you got it deleted from credit report.... that wouldnt matter.

also.... you are supposed to declare these on the initial loan application anyway.

not doing so = mortgage fraud.

[Uborrow-Upay]

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@Uborrow-Upay wrote:

Thanks, Wonderin.  I had no idea.  Which also brings up two additional questions (sorry)...

Is the information on these types of reports permanent, or is there any time limit (albeit a very long one) to when it may drop off?

Also, is there a way for a consumer to pull these types of reports themselves?

---

Any answers to these follow up questions?  Nothing critical, I'd just like to know.

Thanks!

[Anonymous]

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@Uborrow-Upay wrote:

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@Uborrow-Upay wrote:

Thanks, Wonderin.  I had no idea.  Which also brings up two additional questions (sorry)...

Is the information on these types of reports permanent, or is there any time limit (albeit a very long one) to when it may drop off?

Also, is there a way for a consumer to pull these types of reports themselves?

---

Any answers to these follow up questions?  Nothing critical, I'd just like to know.

Thanks!

---

Lexis Nexis, will likely *always* have the record, beginning from when they actually started tracking that information til ... I dunno ... as long as L/N's around, I guess. L/N, IIRC, basically trolls the courts and tracks that info. L/N's just a database. A respected database, but still a database.

As for lenders getting F/Fs, I *believe* they can go back at least 15 years? Again, though, that's NOT common. It's just that the FCRA allows it if the loan is for more than $150K (since back in the "old days" that was a LOT of money) or for an employer do a check if the job pays more than $75K/year.

But again, that's NOT common. Mainly because nowadays, $150K for a mortgage or $75K/year salary ain't a "once in a blue moon" thing. I mean, I believe that was inserted in the FCRA back when a 3K square foot home on prime beach land in Florida was like $15K.