Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010
Re: "Alternative Credit Data?"

I would never pay for that sort of reporting, and believe it's likely to be seen as a way of "gaming" the system.  The industry cracked down on use of AUs for the same reason.

 

Some lenders (NACA for mortgages for example) will use proof from bank statements, landlords, utility bills, etc. in lieu of credit reporting.  And one of the CRAs is trying to build another business gathering and reporting this sort of data.  But services that take an outrageous fee ($96.00 a year) to report payments sound like a bad idea to me.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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