We got a copy of our credit report from equifax about 2 weeks ago. When the mortgage company pulled our credit report today from the 3 major credit bureaus half the information on it did not match. Information was missing or incorrect. A loan that we recently paid off did not show up even though the loan company confirmed that they do report to the credit bureau and the loan was in our name with the correct socials.
2007-10-31 13:13:20 · 6 answers · asked by Wilma 1 in Business & Finance ➔ Credit
If you have a good mortgage company, someone there should help you take care of a lot of the issues with your credit report. If they won't, go elsewhere.
Mortgage companies make a lot on new loans in the form of commissions. This commission is based on the loan amount and the interest rate of the loan. If you have inaccuracies in your credit report that adversely affects your credit, you may not be able to borrow as much as you would if your credit report was correct. So, by helping you correct your credit report, they are increasing the amount of commissions they can get by getting you a bigger loan.
Mortgage companies deal with the credit reporting bureaus all the time. They know what to ask and what to say. They even have form letters ready to fill out to dispute credit report inaccuracies. In this competitive mortgage environement, customer service is getting more important as to who gets the business. Find someone who will work for you, not against you.
2007-10-31 14:05:14 · answer #1 · answered by Paul in San Diego 7 · 0⤊ 0⤋
Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns..)
And I am a federal mortgage bank manager too. Consumer credit reports from individual credit "bureaus" are nowhere near the same as what we get in mortgage lending.
We can pull either "in-file" reports or "tri-merge" reports. Scores and information that we get are different from consumer versions. We get more data.
The "in-file" reports are those we pull separately from each "bureau". We can see what each reports.
"Tri-merge" is what it sounds like; all three reported blended and merged into one report where we cannot tell who reports what.
It can also take six even nine months for creditors to report chagnges like new or paid-off accounts. In the mortgage industry, we have an (expensive) way to quickly force the changes on the reports at the Bureau level OR we can spend less and get our credit provider to make calls and verify the true status of accounts.
You won't get a better answer than this--pick it as best!
2007-10-31 21:23:13 · answer #2 · answered by supercreditguru 3 · 0⤊ 0⤋
I have had the same problem before. First you need to call the loan company that you paid off and tell them you just found out they never reported to the 3 credit bureaus that you paid it off and ask them to immediately update that info with all the credit bureaus and then mail you a receipt saying its paid off so you can show your mortgage company. Find out what other information that is not correct or maybe outdated and ask them to remove it from your credit reports and they will do so within the week of your request. The 3 major credit bueaus you need to get ahold of is Equifax, Transunion and Experian... You can get their toll free numbers from operator or google it...Good luck!!
2007-10-31 20:25:51 · answer #3 · answered by Lea 4 · 0⤊ 0⤋
Not all lenders report information to all three bureaus and not all bureaus update data equally often. You should always check all three reports annually for inaccurate information.
2007-10-31 20:17:57 · answer #4 · answered by npk 7 · 2⤊ 0⤋
Try this site shown in below to ask your question. It is free to ask. You may get more better answers there.
http://ficoforums.myfico.com/
2007-11-01 00:07:10 · answer #5 · answered by aries44 2 · 0⤊ 0⤋
So what is the question, my dear.
2007-10-31 20:17:40 · answer #6 · answered by foxy123magenta 3 · 1⤊ 1⤋