Re: Mortage Credit report
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Posted by Drew
(24.59.27.46) on December 22, 2003 at 14:56:21:
In Reply to: Mortage Credit report posted by Confused about advice on December 22, 2003 at 14:28:01:
Some mortgage companies incorporate extensive data into their own system that does not rely on just credit data information. That is why some mortgage companies (the bigger ones, the more prime mortgage lenders) have records and data that go back a lot longer. In addition, some credit bureaus (http://www.experian.com/credit_solutions/collections/skip_tracing_tools.html) have alerting systems software programs and systems which mortgage companies and collection agencies subscribe to. What happens is this. When a consumer does not pay his bills, and tries to apply for a mortgage or for a job, this activity triggers a response. The collection agencies that have your SSN and are subscribed to this service will be alerted and they will red flag your file by inserting a tradeline giving details. If your mortgage company is subscribed to this same service, they will also get the file of the collection agency for the debt that is owed. There is no way of preventing this process and it will be harder and harder in the future to do business or financing with this kind of data information. The credit bureau is the only information services required by law to limit negative reporting to seven years. This law does not govern other databases out there. Some mortgage companies will not be this thorough. One way of reducing the likelihood of this scenario (nothing will completely reduce the risk) is OPTING OUT ON your credit reports.
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