What do lenders see when they pull your Credit Report

[ilzhoefer]

What do lenders see when they pull a consumers credit report?

Is it a summary, or a full length credit report like we get when we pull our own report?

The reason I would like to know is if I am trying to explain a blemish on my report, I would like to know what the prospective lender is seeing so we can be on the same page.

Thank you,

David

[kitty9779]

Great question! I've been wondering the same thing myself! Can't wait to see the responses!

[Anonymous]

i know for auto, they see pretty much everything we would see including inquiries, in a plain text notepad type view. they can view chargeoffs and collections and all those inquiries to see where you were shopping aorund

[mabile]

There is not one particular format in which lenders can view your information, but in general, the credit reports lenders receive do not have nearly as much information as consumer ordered reports. The format and amount of information differs based on what credit vendor the lenders uses.

If you see an item on your report, it will be on the report the lender pulls, so feel free to address any issues you find on your own report. 

[MortBankerRyan]

David,

That is a very good question.  I can tell you what we see at our Bank.  I can see all three credit scores, all open/close/collection/disputed accounts over the last 7-10 years.  We see all inquiries over the last 120 days.  We see any public records which are judgments, liens, bankruptcies, etc.  We can also see current/previous addresses and employers.

I hope that helps, let me know if I can help with any other questions.

Modcut to remove name and website.

[ilzhoefer]

Thanks Ryan.

I have a shortsale and waiting for another one to be finalized. Score is 670, when the 2nd ss closes it will begin to rebound.
How does a ss look on a credit report to the lenders?

[MortBankerRyan]

Short Sales are viewed in a lot of different ways.  It really depends on the manner in which the SS occurred.  They will generally all state settled for less.  Some never show any late payments while others show a lot, it depends on the program you were in.  Options are available sooner if they are not reporting any late payments.  Some lenders still do common sense underwriting so depending on your particular situation you may not have to wait as long as you think.

Have a wonderful day!

Mod cut to remove full name and website.  guiness56, myFICO Moderator

[ilzhoefer]

My short sales are a result of a divorce. The first one was a rental we had and we had to be late a number of months before the bank would start the ss process. The primary residence is taking longer, but again, a number of latest before the bank would start the process.

So my credit report shows a year of lates on the rental and now it is 'settled for less than owed' and the primary residence is still being worked as a ss but it shows a year and a half of lates.

Sometimes it just takes a while.

Now I have a new stable job in another state and despite the divorce the started the ss a few years ago, all things considered, my score at 670, is not that bad as a bottom. All my other credit is up to date and have a doable car loan.

[RobertEG]

It, of course, depends upon the completeness of the report offered by any given vendor.  They differ substantially in content, with the best coming directly from the CRAs or only to the consumer under annualcreditreport.com.

What they are legally entitled to see, provided they have one or more of the permissible purposes under section 604, is your entire credit report, with only one exception.

There is a single typer of permissible purpose provided under section 604(c) that limits the CRA to providing only the consumer's name, address, and general information that does not identify any specific account, creditor, etc.  Those are the so-called "promotional inquiries" for the purpose of sending firm offers for credit or insurance.

They know how much info they want, and shop for one that gives what they want.  They can,unless only a promotional inquiry, get what you refer to as your full credit report.