topic Re: Full File Disclosure from Credit Bureaus in General Credit Topics

Full File Disclosure from Credit Bureaus

veracious — Thu, 24 Mar 2011 23:08:44 GMT

Sorry if this question has been asked.

Do we get a full file disclosure when we pull our reports directly from the Big Three?

The reason I asked is because various industry experts maintain that information that is removed due to

CRTP still remains at the bureau but is not included when we pull our reports.

If I can't see these items that are dropped off, who can? Can lenders request a full file disclosure?

When my prospective employers would perform a full background check , I was under the impression

that they saw evrything from all information bureaus. Why do we have to settle for a watered-down version

of our credit reports?

I realize that; to some folks, it looks better if expired negative info is excluded.

Why is expired information kept by the bureaus? Perhaps to enable them to create new score models?

Any information or opinions are welcomed. TIA

Re: Full File Disclosure from Credit Bureaus

laz98 — Thu, 24 Mar 2011 23:13:04 GMT

i want to say i read here that full file disclosure is usually only given to mortgage lenders if you're buying a house over 200k or 250k, something like that. it had to be over a certain dollar amount. other than that, since most lenders will only get the last 7 years, we only get the last 7 years.

Re: Full File Disclosure from Credit Bureaus

veracious — Thu, 24 Mar 2011 23:31:35 GMT

@laz98 wrote:
i want to say i read here that full file disclosure is usually only given to mortgage lenders if you're buying a house over 200k or 250k, something like that. it had to be over a certain dollar amount. other than that, since most lenders will only get the last 7 years, we only get the last 7 years.

Thanks, laz98. Well, the fact that a lender has an option to get full file disclosure for so-called reasons (?),

why am I not able to request disclosure of all the information anyone/ someone else is able to see?

This does not seem fair or equitable IMHO.

Re: Full File Disclosure from Credit Bureaus

RobertEG — Thu, 24 Mar 2011 23:41:17 GMT

The answer to that question is farily evident in viewing any commericial credit report. Most dont include all inquires, soft and hard, the exact date of DOFD, when your DOFD was reported and who reported it, your ECOA code, your payment rating, your complance condition code, among dozens of other items of data in your credit file.

They give you enough to sell their product.

If any item is not presented in your commercial credit report, you always have the backup right to get it. Just send a letter to the CRA under FCRA 609(a), whcih entitles you to "all information in the consumer's file at the time of the request." Just identify the information you want, and pay the requisite fee under FCRA 612(f), which is currently $10.50, and the CRA must provide it to you.

Re: Full File Disclosure from Credit Bureaus

Imhotrodcrazy — Thu, 24 Mar 2011 23:58:23 GMT

@RobertEG wrote:
The answer to that question is farily evident in viewing any commericial credit report. Most dont include all inquires, soft and hard, the exact date of DOFD, when your DOFD was reported and who reported it, your ECOA code, your payment rating, your compliance condition code, among dozens of other items of data in your credit file.
They give you enough to sell their product.
If any item is not presented in your commercial credit report, you always have the backup right to get it. Just send a letter to the CRA under FCRA 609(a), whcih entitles you to "all information in the consumer's file at the time of the request." Just identify the information you want, and pay the requisite fee under FCRA 612(f), which is currently $10.50, and the CRA must provide it to you.

Robert,

I have not heard of the two items in red that you mentioned. Could you expand on them for those of us who have not heard of them. Thanks in advance.

Re: Full File Disclosure from Credit Bureaus

veracious — Fri, 25 Mar 2011 00:11:50 GMT

@Imhotrodcrazy wrote:
@RobertEG wrote:
The answer to that question is farily evident in viewing any commericial credit report. Most dont include all inquires, soft and hard, the exact date of DOFD, when your DOFD was reported and who reported it, your ECOA code, your payment rating, your compliance condition code, among dozens of other items of data in your credit file.
They give you enough to sell their product.
If any item is not presented in your commercial credit report, you always have the backup right to get it. Just send a letter to the CRA under FCRA 609(a), whcih entitles you to "all information in the consumer's file at the time of the request." Just identify the information you want, and pay the requisite fee under FCRA 612(f), which is currently $10.50, and the CRA must provide it to you.

Robert,

I have not heard of the two items in red that you mentioned. Could you expand on them for those of us who have not heard of them. Thanks in advance.

Ditto.

Robert, you have a way of sending everybody back to the drawing board:

Re: Full File Disclosure from Credit Bureaus

laz98 — Fri, 25 Mar 2011 00:15:58 GMT

@veracious wrote:

Thanks, laz98. Well, the fact that a lender has an option to get full file disclosure for so-called reasons (?),
why am I not able to request disclosure of all the information anyone/ someone else is able to see?
This does not seem fair or equitable IMHO.

never said it was fair! i personally think it would be interesting to see what was on my credit back in the days when i wasn't following it.

Re: Full File Disclosure from Credit Bureaus

Anonymous — Fri, 25 Mar 2011 00:34:27 GMT

@laz98 wrote:
i want to say i read here that full file disclosure is usually only given to mortgage lenders if you're buying a house over 200k or 250k, something like that. it had to be over a certain dollar amount. other than that, since most lenders will only get the last 7 years, we only get the last 7 years.

Mortgage or insurance of $150,000 or more and a job with an annual income of $75,000 or more.

Re: Full File Disclosure from Credit Bureaus

laz98 — Fri, 25 Mar 2011 00:36:48 GMT

@Anonymous wrote:
@laz98 wrote:
i want to say i read here that full file disclosure is usually only given to mortgage lenders if you're buying a house over 200k or 250k, something like that. it had to be over a certain dollar amount. other than that, since most lenders will only get the last 7 years, we only get the last 7 years.
Mortgage or insurance of $150,000 or more and a job with an annual income of $75,000 or more.

aha! thank you guiness

Re: Full File Disclosure from Credit Bureaus

RobertEG — Fri, 25 Mar 2011 14:35:26 GMT

Payment Rating stores the level of current account delinquency, regardless of payment status. It is similar to Current Account Status, and permits the last severity of the derog status to be separately recorded. For example, if a charge-off is done, the curent status code would update to a CO, and the payment payment rating would permit the reporting the leverl of monthly delinquency at the time of CO. Otherwise, the update of the current status would overright the prior level of delinquency. Similarly, if an account is paid, the payment rating would separately record the leverl of delinquency at the time it was paid.

Compliance Condition Code stores the condition of dsiputes under the FCRA It will intially record the filing of a dispute, and will be updated when the dispute is concluded.

ECOA codes define the relationship of the consumer on the account to others, and includes such codes as authhorized user, individual account, joint account, co-signer, consumer deceased

Re: Full File Disclosure from Credit Bureaus

Imhotrodcrazy — Fri, 25 Mar 2011 16:52:45 GMT

Robert,

Thank you for expanding on the above items.

Re: Full File Disclosure from Credit Bureaus

AndySoCal — Sat, 26 Mar 2011 04:00:57 GMT

With regards to the inquiries the bureaus report two years of inquires. The lender may only want to see X number days often times there is a filter on what is shown. The ECOA code is on every lender credit report it varies on how the ECOA code is shown. The payment rating or the MOP ( mannor of payment) is on every credit report. Some times it shown as current or paid or a value of 1 in this case depending on the account. If the payment rating, ECOA were mssing it would very difficult to make underwriting decsion..