02-16-2013 06:16 PM
Here is the situation.
I know someone whom is looking to obtain a mortgage within the next 2-4 months. The person filed for bk in 2005 but the bk is not listed on any cra's. I know from personal experience that the 1003 will ask if you filed bk in the past and they always check bk filings on everyone. She will answer yes of course to the bk. Now the question is how will it look that she filed bk in the 2005 but it isnt on any of the cra's?
Also the same person has a irs judgement on TU but it was removed from EX and EQ. How I dont know but it isnt on the ex or eq report. There is a monthly repayment plan for the IRS which has been paid faithfully for the last 2 years that I was told. Now the same question. How will it look when the person go to apply for a mortgage and the IRS is only on TU but not the other two?
Will any of this have a negative effect on the person?
Thanks In Advance
02-16-2013 06:46 PM
02-16-2013 06:53 PM
Ok. The person has very reason to list in on the 1003 but was just concerned as to why is not showing on any of the reports considering the 10 removal mark hasnt been exhausted. I believe the person is worried that the lender will look upon the borrower as if the person has something to hide even though that it was listed on the 1003 about he IRS and BK but not on the credit reports.
02-16-2013 06:56 PM
02-16-2013 06:58 PM
02-16-2013 07:11 PM
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.