@Anonymous wrote:
I know I have asked a question similiar to this one in the past, but I don't think I ever got it resolved. What is the deal with "Full Factual Credit Reports"? I am told that they are reports seen by some lenders and employers and include thing such as negative items that have aged off your report. Is this true? I have worked hard to fix my past mistakes and feel like I just got a slap in the face if these things are really not gone forever.
Please someone give me the real deal with this. Thanks
Edited to add: here is more about what a Full Factual Residential Mortgage Credit Report:
http://www.myfamilyhomelending.com/credit.html
I found this by Googling so I do not have any opinion about its accuracy.
The only way a prospective employer or creditor can obtain data about negative items that have fallen off the credit report is by some mechanism other than using any CRA, whether that CRA be one of the Big Three we usually discuss here or one of the other agencies such as Innovis, ChexSystems, ChoicePoint, or whoever. By law any company that provides consumer credit reports must observe the aging rules. I suppose there may be some Private Investigators who dig up such old credit history by other means, but any company that used them to make credit decisions would be on extremely thin legal ice.
For employment, I would say it would be highly unusual to go beyond a standard credit history, unless the position involved a Security Clearance or something similar, but I believe for that sort of thing written authorization is standard. I've never worked in such a job, but I am a long-time volunteer with a Prison Ministry organization and one of the documents I signed in applying for permission to enter State and Federal Correctional Facilities as a volunteer was a form authorizing them to check whether I had any police records. Similarly if a job involved operating a vehicle one might be asked for a Motor Vehicle records check. Criminal and Motor Vehicle records I don't believe fall into the same category as do credit history data, but I'm not particularly familiar with this area.
For Prison Volunteers, old criminal records are NOT an absolute bar, some of our most effective volunteers are ex-cons, the critical thing is they had better learn all the baddies FROM THE APPLICANT before learning them from some other source. I believe the same may be the case with a Security Clearance but I'm not in that world.
Message Edited by MattH on 01-30-2009 12:46 AM
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
