Derogatory items

[bcdudley]

I just pulled my credit reports a few days ago and they had at the most 7 derogatory Items listed all 6 years old or more. When I just had a lender pull my credit for a potential mortgage, it came up with 40 derogaroty items with some as new as 3 months. How come these are not showing up when I pull my own credit reports?

I am 100% positive that I have nothing derogatory in the last 5 years so what gives?

[Anonymous]

Where did you pull your reports?

If you are applying for a mortgage of $150,000 or more the LO can pull your entire credit file, not just the report.

[AndySoCal]

Compare the input information the LO used and what you used to pull credit. Also look to see on LO report to which bureau or bureaus is reporting the derog information.. Also do you have a similar name as some one else in your family? You could also look at the variation section of the LO report that shows names and addresses that are being reported by the bureau and see if that help find out where this information is coming from

[AndySoCal]

Guiness your credit report and yor credit file are one in the same. The majority of the time there are differences in how the credit pulled that brings different results.

[Anonymous]

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@AndySoCal wrote:

Guiness your credit report and yor credit file are one in the same. The majority of the time there are differences in how the credit pulled that brings different results.

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Actually, they are not.

What you see on the credit report you pull and that most, but not all, lenders pull are negatives that are generally no older than 7 years.  Negatives beyond the CRTP that have fallen off do not -- ever -- simply disappear.  They are retained in the CRA files and can be viewed in a credit report when the amount of credit is over $150k or for employment over about $75k.

[AndySoCal]

Can you give me the source of this informaition ? 

[Anonymous]

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@AndySoCal wrote:

Can you give me the source of this informaition ? 

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FCRA § 605(b)

That all negative items completely disappear, are forgotten and can never be again brought to light after the usual 7.5 year CRTP has expired is an old wives tale.  Negative information from your date of birth can be brought out in:

• credit transaction involving a principal amount of $150k or more;

• underwriting of life insurance involving a face amount of $150k or more; and / or

• employment at an annual salary of $75k or more.

[bcdudley]

The home loan I was applying for was only $120k. Is it possible that they juts ran it as a $150k so that they could run that type of report?

I applied with 2 locations. USAA and Ebby HomeTeam. USAA declined me, but Hometeam gave me a desktop approval pending a contract.

[Anonymous]

Any thing is possible.  Did they let you see the report/file?  If they did and there were things on there over 7.5 years, you know they pulled your entire credit file, and not a merged report.

[AndySoCal]

You can check with the bureau like TU if the loan amount was given when lender inquired on your credit  they could tell you