Factual data

[Sbrooks1]

Freaking out! Ok, i just found out when you app for mortgage they pull from a 3rd party called Kroll or Credco and that it shows all past collections and charge offs since the beginning of time , is this true? If so how does anyone that rebuilds ever get a mortgage? I lost my home to foreclosure 20 yrs ago and have had many collections before I started to really get serious 5 yrs ago. Please anyone can you clarify??

[Anonymous]

They will pull your credit from the three credit reporting agencies. (Equifax, Experian, and Transunion) Most items fall off of those reports after 7 years. You can pull your 3B report at this site and see exactly what is on there and what your mortgage scores are. Judgements if you have any may not show after 7 years, however depending on the state may still be valid and will be found during the public records search that the title company does. So if you have any open judgements, they will have to be paid. Regards, Calvink669

[Sbrooks1]

No judgements, but iv read several posts today that when they pull your reports they use a third party risk company that list your Fico mortgage scores but also on the credit report it lists >7 yr debt such as collections . Even if collections not on your report!

[iv]

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@Sbrooks1 wrote:
Freaking out! Ok, i just found out when you app for mortgage they pull from a 3rd party called Kroll or Credco and that it shows all past collections and charge offs since the beginning of time , is this true? If so how does anyone that rebuilds ever get a mortgage? I lost my home to foreclosure 20 yrs ago and have had many collections before I started to really get serious 5 yrs ago. Please anyone can you clarify??

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Kroll and Credco both supply standard trimerge reports for mortgage lending use.

Generally, this is just the standard reports from the big three CRAs, combined into one report for lender use, along with the standard mortgage scores of EQ5/EX2/TU4.

This does not normally include the data from a "full factual" report, just the same data that you can pull yourself.

Yes, by law, for a loan over $150k, time-excluded records can technically be pulled... but for a normal mortgage application, they aren't. (No freaking out required.)

Do be aware that if you have any current collection debt that is still within the SOL, you do need to disclose that whether or not it appears on your credit reports.

But anything that is both off your reports and beyond its SOL is a non-issue in the standard mortgage process. Don't worry about it.

[Sbrooks1]

That makes me feel better, I do have an unpaid Comcast still in sol as I think my states sol is 10 yrs, it's iff reports should I pay last CA or OC

[Anonymous]

FHA does not require collections to be paid. If your lender requires it to be paid, then it's an overlay.

I would not touch the collection until/unless your lender tells you to pay it. Too many stories of folks paying an open collection, the CA reports it as an update on the CR and score tanks.

I'd talk with your perspective lender to determine their overlays before getting too far along.

[Anonymous]

Don't worry about the Factual Data. I recently applied for a mortgage last month and the LO pulled the report. It's listed as Factual Data as an inquiry. It's the same info as all CRAs and didn't list any old unpaid debt. 

[Sbrooks1]

I Hate this process!!

[Revelate]

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@Sbrooks1 wrote:
That makes me feel better, I do have an unpaid Comcast still in sol as I think my states sol is 10 yrs, it's iff reports should I pay last CA or OC

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If it's older than 7 (I guess technically 7.5) years they can't put it on your report at this point if we're talking collection; simple dispute leading to lawsuit if they don't comply.

Don't worry, neither the CA's nor the bureaus are that dumb.

Don't borrow trouble in the mortgage process, it's unfortunately harrowing enough without playing "what if."

[Sbrooks1]

Thanks everyone as always!!!!