topic Re: Loan App in General Credit Topics

Loan App

busyone1 — Tue, 19 Mar 2024 01:21:58 GMT

Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"

I got two adverse action letters and they showed a couple of old loans that I do not see

on my credit report. Am I missing something?

Re: Loan App

CorpCrMgr1 — Tue, 19 Mar 2024 04:15:56 GMT

Some memories are longer then the permitted age allowed to post on your CR. Sorry you didn't get it.

Re: Loan App

coldfusion — Tue, 19 Mar 2024 13:57:44 GMT

@busyone1 wrote:
Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"
I got two adverse action letters and they showed a couple of old loans that I do not see
on my credit report. Am I missing something?

If this was from the same or successor (i.e. there was a merger or acquisition) bank that the 2 loans were from they could have used their own retained internal information that they don't legally have to age out.

In any case it's time for you to get free copies of your reports from the secondary credit reporting agencies like Innovis and SageStream, banking reports (ChexSystems, Clarity, and EWS are examples), and your LexisNexis consumer disclosure report to see what's out there.

Re: Loan App

busyone1 — Tue, 19 Mar 2024 15:44:34 GMT

@CorpCrMgr1 wrote:
Some memories are longer then the permitted age allowed to post on your CR. Sorry you didn't get it.

Hi, Thank you. I'm not quite sure what you mean. Could you elaborate?

Re: Loan App

CorpCrMgr1 — Tue, 19 Mar 2024 16:12:24 GMT

Some financial institutions that someone burned in the past keep their own records beyond the seven years limit. Strictly legal. It is not being reported. These FI will deny you if you apply for credit. Chase is infamous for this. My first hand experience with a Chase predecessor that kept me Chase free for well over a decade.

Online, adverse information can be found from years earlier. Part of my job is to look for these past faults. Bankruptcy, lawsuits, tax liens, collections, are what I look for and which will keep a customer COD.

Re: Loan App

busyone1 — Tue, 19 Mar 2024 17:12:28 GMT

@coldfusion wrote:
@busyone1 wrote:
Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"
I got two adverse action letters and they showed a couple of old loans that I do not see
on my credit report. Am I missing something?
If this was from the same or successor (i.e. there was a merger or acquisition) bank that the 2 loans were from they could have used their own retained internal information that they don't legally have to age out.

In any case it's time for you to get free copies of your reports from the secondary credit reporting agencies like Innovis and SageStream, banking reports (ChexSystems, Clarity, and EWS are examples), and your LexisNexis consumer disclosure report to see what's out there.

Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??

Re: Loan App

busyone1 — Tue, 19 Mar 2024 17:15:14 GMT

@CorpCrMgr1 wrote:
Some financial institutions that someone burned in the past keep their own records beyond the seven years limit. Strictly legal. It is not being reported. These FI will deny you if you apply for credit. Chase is infamous for this. My first hand experience with a Chase predecessor that kept me Chase free for well over a decade.
Online, adverse information can be found from years earlier. Part of my job is to look for these past faults. Bankruptcy, lawsuits, tax liens, collections, are what I look for and which will keep a customer COD.

Thank you. How do I find these and keep them from preventing me possibly a loan in the future?

I filed BK over 10 years ago and it's not on my CR's. Are you saying an auto loan for example would

see that BK and deny me a loan for example?

Re: Loan App

pizzadude — Tue, 19 Mar 2024 17:21:51 GMT

@busyone1 wrote:
Thank you. How do I find these and keep them from preventing me possibly a loan in the future?
I filed BK over 10 years ago and it's not on my CR's. Are you saying an auto loan for example would
see that BK and deny me a loan for example?

Creditors are free to retain customer records / information for as many years as they choose, so even if your credit reports no longer reflect the derogatory accounts, the creditors can still see it in their own records.

Re: Loan App

coldfusion — Tue, 19 Mar 2024 17:29:35 GMT

@busyone1 wrote:
Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??

You were able to authenticate online and download a copy of your Lexis Nexis Consumer Disclosure and confirm there was no record of these loans?

Do your AA reports list who was used as the data source?

Re: Loan App

busyone1 — Tue, 19 Mar 2024 18:19:46 GMT

@coldfusion wrote:
@busyone1 wrote:
Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??
You were able to authenticate online and download a copy of your Lexis Nexis Consumer Disclosure and confirm there was no record of these loans?

Do your AA reports list who was used as the data source?

I went to Sagestream and ChexSystems. I checked the LexisNexis website but it's confusing. ChexSystems

said 'Insufficient Data Found"

Re: Loan App

busyone1 — Tue, 19 Mar 2024 18:21:16 GMT

@pizzadude wrote:
@busyone1 wrote:
Thank you. How do I find these and keep them from preventing me possibly a loan in the future?
I filed BK over 10 years ago and it's not on my CR's. Are you saying an auto loan for example would
see that BK and deny me a loan for example?
Creditors are free to retain customer records / information for as many years as they choose, so even if your credit reports no longer reflect the derogatory accounts, the creditors can still see it in their own records.

Pardon my ignorance but am I assume your myfico score really does not matter if additional info

is available to creditors that's not on ones personal credit report?

Re: Loan App

pizzadude — Tue, 19 Mar 2024 18:29:09 GMT

@busyone1 wrote:
Pardon my ignorance but am I assume your myfico score really does not matter if additional info
is available to creditors that's not on ones personal credit report?

That is correct. Your current credit profile and scores are part of what they'll take into consideration but if you've burned them before ( even 7 years ago or older ) then they may still decline or blacklist you. There are plenty of examples here of AMEX, Chase, others who have very long memories.