Another question about my score

[Anonymous]

Okay per the response I received on another topic (had to change handles, don't know why it wouldn't let me use the old one), I am cancelling the 'fake' credit score I ordered on a trial basis from Transunion and paid to view my score for one month from myFico.  My scores are:

Transunion: 658

Equifax:  662

I have two questions now:

First, is this REALLY as bad as FICO's summary claims it to be?  The Score Summary page shows my odometer in Orange and describes my creditworthiness as 'not good' with a lengthier summary basically stating that while I probably won't be turned down for a loan, I will have to beg and grovel and should be grateful that anyone is even willing to speak to me.  However it was my understanding that anything over 650 should at least make one easily eligible for a loan, if not necessarily the highest interest rate.  Is this not true?

When blemishes reach their designated expiration date (i.e., 7 years for a late CC payment), do they really and truly disappear?  From both my view of my report AND the credit bureaus AND lenders?  Someone is telling me banks and credit bureaus can still see them if they order an 'expanded' report but I wonder if they are just blowing smoke.

TIA.

[Anonymous]

I think a 700 is now considered a good score.

No, they are not blowing smoke.  You also have a credit file which contains your entire credit history.  If you apply for a mortgage of $150,000 or more, insurance of $150,000 or more or have an annual income of $75,000, this file can be seen by lenders/creditors.

When things come off your report due to age they are still in the file.

[RobertEG]

I agree with Guiness.

It is a common misconception that the limits set forth in FCRA 605(a), such as 7 years on OC account monthly derogs, either requires their deletion from your credit file, or therefter blocks any and all access to those prior reporting of those derogs.  They can remain forever, and creditors can continue to report them forever.

FCRA 605(a) is only about what a CRA can include in a credit report that they issue, not what is in your credit file.

As Guiness has said, FCRA 605(b) specifies a total exemption of all of the limitations of FCRA (a),  (1)-(5) when one requests a credit report to be used in connection with a credit transaction or underwriting of insurance for $150,000 or more, or in connection with an employment check on any individual at an annual salary of $75,000 or more.

[Anonymous]

When I was thinking about pre-qualifying for mtg.

I was amazed at how far they went back.

   I can't even see this stuff when I pull my reports.

[RobertEG]

No, you wont see them in consumer reports you get.

To get an expanded report that included normally excluded derogs, the party requesting the report must speciicfy a reason for the expanded pull, that being that they qualify for exception from the restrictions of FCRA 605(a) based on one of the provisions of FCRA 605(b).