Loan App

[busyone1]

Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"

I got two adverse action letters and they showed a couple of old loans that I do not see

on my credit report.  Am I missing something?

[CorpCrMgr1]

Some memories are longer then the permitted age allowed to post on your CR. Sorry you didn't get it.

[coldfusion]

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@busyone1 wrote:

Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"

I got two adverse action letters and they showed a couple of old loans that I do not see

on my credit report.  Am I missing something?

---

If this was from the same or successor (i.e. there was a merger or acquisition)  bank that the 2 loans were from they could have used their own retained internal information that they don't legally have to age out.

In any case it's time for you to get free copies of your reports from the secondary credit reporting agencies like Innovis and SageStream, banking reports (ChexSystems, Clarity, and EWS are examples), and your LexisNexis consumer disclosure report to see what's out there.

[busyone1]

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@CorpCrMgr1 wrote:

Some memories are longer then the permitted age allowed to post on your CR. Sorry you didn't get it.

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Hi,  Thank you.   I'm not quite sure what you mean. Could you elaborate?

[CorpCrMgr1]

Some financial institutions that someone burned in the past keep their own records beyond the seven years limit. Strictly legal. It is not being reported. These FI will deny you if you apply for credit. Chase is infamous for this. My first hand experience with a Chase predecessor that kept me Chase free for well over a decade.

Online, adverse information can be found from years earlier. Part of my job is to look for these past faults. Bankruptcy, lawsuits, tax liens, collections, are what I look for and which will keep a customer COD.

[busyone1]

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@coldfusion wrote:

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@busyone1 wrote:

Just for the heck of it I applied for a small $5K loan that was a soft pull, "check my rate"

I got two adverse action letters and they showed a couple of old loans that I do not see

on my credit report.  Am I missing something?

---

If this was from the same or successor (i.e. there was a merger or acquisition)  bank that the 2 loans were from they could have used their own retained internal information that they don't legally have to age out.

In any case it's time for you to get free copies of your reports from the secondary credit reporting agencies like Innovis and SageStream, banking reports (ChexSystems, Clarity, and EWS are examples), and your LexisNexis consumer disclosure report to see what's out there.

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Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??

[busyone1]

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@CorpCrMgr1 wrote:

Some financial institutions that someone burned in the past keep their own records beyond the seven years limit. Strictly legal. It is not being reported. These FI will deny you if you apply for credit. Chase is infamous for this. My first hand experience with a Chase predecessor that kept me Chase free for well over a decade.

Online, adverse information can be found from years earlier. Part of my job is to look for these past faults. Bankruptcy, lawsuits, tax liens, collections, are what I look for and which will keep a customer COD.

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Thank you.   How do I find these and keep them from preventing me possibly a loan in the future?

I filed BK over 10 years ago and it's not on my CR's.  Are you saying an auto loan for example would

see that BK and deny me a loan for example?

[pizzadude]

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@busyone1 wrote:

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Thank you.   How do I find these and keep them from preventing me possibly a loan in the future?

I filed BK over 10 years ago and it's not on my CR's.  Are you saying an auto loan for example would

see that BK and deny me a loan for example?

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Creditors are free to retain customer records / information for as many years as they choose, so even if your credit reports no longer reflect the derogatory accounts, the creditors can still see it in their own records. 

[coldfusion]

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@busyone1 wrote:

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Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??

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You were able to authenticate online and download a copy of your Lexis Nexis Consumer Disclosure and confirm there was no record of these loans?

Do your AA reports list who was used as the data source?

[busyone1]

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@coldfusion wrote:

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@busyone1 wrote:

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Hi, I checked each of these and there's nothing showing negative plus they say insufficient data??

---

You were able to authenticate online and download a copy of your Lexis Nexis Consumer Disclosure and confirm there was no record of these loans?

Do your AA reports list who was used as the data source?

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I went to Sagestream and ChexSystems.   I checked the LexisNexis website but it's confusing.    ChexSystems 

said 'Insufficient Data Found"