FACUTAL DATA ----Should I be concerned ?

[Anonymous]

My wife and I are applying for pre-approval.  We both make decent money but have suffering credit scores.  My fico is 619, with 2 judgements and 1 PN.  I don't have any debt outside of $450 on across two credit cards, Bestbuy and Mastercard..

Today was the second day in 3 days that I have seen FACUTAL DATA on my report.  Upon a net search found out this is a typical report for mortgages over $150,000.  Should I be concerned that the mortgage company keeps running this.. My score is already low.. we this cause it to go further south???  Is it true the deleted material, and post 7 yr info is reported in this type of report????

Help??

kes

[Anonymous]

Was it a hard or soft pull?

Have you actually applied yet for your pre-approval? Was it with a company that shops you around?

Message Edited by sidewinder on 03-13-2008 12:07 PM

[Anonymous]

I went for pre-approval this week and Factual Data pulled all 3 of my CRs. TU gave me a 5 point score drop, EX and EQ had no change.

Oh and they only show up once per report.

Message Edited by Shnapple on 03-13-2008 12:36 PM

[Anonymous]

Thx Shnapple.

[sh9730]

As for the other part of your question, my understanding (and Im by no means an expert here!) is that mortgage lenders CAN pull what is call an RMCR which is a full report which can include information beyond the normal reporting periods, but dont have to.  There is a company called Kroll Factual Data that offers mortgage brokers and lenders access to  BOTH types of reports.  SO, what Im saying is just because your inquiry lists "Factual Data" as the puller...they may have just been doing a normal credit pull...not the more expanded one.  I think mortgage brokers and lenders have to PAY for that additional report, so unless there is some reason the underwriter needs to access that information (which again I believe is the exception rather than the rule), they just use the normal reports.

[Anonymous]

Two years ago I went to a homebuying seminar offered by Watson Realty.  I wasn't equipped with the knowledge that I know now.  Well they used Factual Data to pull my reports and give me pointers on how to improve my score.  The advice was garabage.  They wanted me to pay off 2 collection accounts and they were certain that my scores would improve.  The inquires fall of this year but the collections fell off last year.  My score wasn't even in the 600's so I didn't see the point in paying $4000 in collection debt.....Now when I look back on it....wasn't worth the inquiries on all 3 reports