Re: "mortgage credit report"

Posted by Fred on August 22, 2001 at 07:27:35:

In Reply to: "mortgage credit report" posted by Patty on August 18, 2001 at 17:37:13:

I had a similar question and I think that I have something similar to an answer. I think that a mortgage credit report covers a period longer than the 7 years (10 years for bankruptsy) for a "regular" credit report. The Fair Credit Reporting Act says:
"§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)

(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1

(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.
"

I have concerns about this myself. I don't know if I as a consumer can see this information or not. It seems logical that I should be able to request and view information that could potentially affect me.

In the post from above this one, Linda said I could ask the mortgage broker to let me view the report. I do not know if I can see this report unassisted or not.

Take care

Fred

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