Credit history longer than 7yrs

[syborrego]

What is the name of your state? CA
I understand that if applying for a loan (mtg) of over $150,000 that the lender can check your CR back further that 7 years? How do I check this "secret" CR for errors ommisions?

 

[RandyL712]

If something is on your credit report older than they say it should be, just dispute it with that reason. I've had things removed within a week after doing that.

 

[JETX]

"I understand that if applying for a loan (mtg) of over $150,000 that the lender can check your CR back further that 7 years? How do I check this "secrect" CR for errors ommisions?"
*** Where did you get this 'understanding'???
It is NOT correct. Read the FCRA (Fair Credit Reporting Act).

 

[bigun]

You're referring to an extended credit report which very few lenders use. They are expensive and of questionable accuracy. CRA's don't like to furnish them due to liability.
If you run into one, it may be from a scam lender. They will be required to send you an adverse action letter and, the CRA would be required to furnish the same report to you that they gave the lender.

Here's the section of the FCRA that allows the exceptions:

§ 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.

 

[syborrego]

Thank you very much for your reply, I greatly appreciate it!

 

[bigun]

An additional thought. If an old baddie shows up, it may not mean an extended report was ordered but, a bottom feeding collection agency illegally reaged.

 

[suthrn1]

{JETX QUOTE
*** Where did you get this 'understanding'???
It is NOT correct. Read the FCRA (Fair Credit Reporting Act).}

Well how do you interpret it?

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
(a) Information excluded from consumerreports. 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.

(b) Exempted cases. (1) 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.

 

[JETX]

suthrn1:
You got me!! And I am the first to say that I was NOT correct and to apologize.
The FCRA limitation of a 7 year reporting period does NOT apply in that case.

Proof that we learn something new every day!!
Mea Culpa! Mea Culpa!

Thanks

 

[suthrn1]

Proof that we learn something new every day!!

AMEN

 

[bigun]

I think people following this thread need to keep in mind that while it can be reported the odds are it won't be. I've seen many folks qualify for mortgages in that dollar range at conventional rates with old credit issuses and no such report was pulled. If something old pops up, it's more likely a creditor illegally reaged as opposed to a routine report issued to a mortgage underwriter.
If it does happen, it's very likely that a subprime lender is trying to milk someone for every nickel. If you've cleaned up your report or, you know the negative stuff is ancient, take your business elsewhere and avoid the scam.

 

[JETX]

I agree. Also, I doubt that the CRA's keep a 'secret vault' of outdated information on a debtor, just hoping and waiting for that one creditor to come forward and say, "Open Sesame..... I have an application for more than $150k".

Simply, the CRA's are overloaded with the simple task of tracking and removing the over 7 year data. They are not going to extend the resources (manpower or money) to retain this 'special' data..... nor to make it available in very limited (and usually unlikely) conditions.