Which credit bureau is the most popular to use by home loan lenders?

Dec 022011
 

I know the three…Experian, Equifax and TransUnion, but rather then checking all three I was advised that essentially loan/mortgage officers typically use only one to check eligibility for a home loan. What is the most popular credit bureau used? I am in the process of looking for a home, and want to make sure I know which score will be pulled considering all three have different scores.

Thanks!!!

Why were we denied a mortgage loan?

Dec 022011
 

My husband and I married in January. I’m 22, he is 25. I had my first credit card at 18, my husband at 22… so we’ve got some credit history. My husband makes about $ 37,000 a year before taxes and I’m a student. We are living in a house right now that we own (no liens or anything) that was given to us, and it’s worth about $ 100,000. We wanted to buy our own home and rent the house we are currently living in. We each paid $ 15 for our credit reports online… his are – 636, 665, and 640… mine are – 616, 636, 627. Then we applied for a mortgage loan at a local “financial services” place (not a bank) for an $ 80,000 home loan and was declined.

The “underwriter” told me it was because my husband’s credit score was only a 602. I told him that was wrong because we had just looked at our scores and reports. He told me they look at a different kind of report than what we get from a “personal enquiry”. Is this true? AND– he told me that I had no credit at all appear for my social security number. Well, I’ve had three credit cards (one of them I just used today), an auto loan, and all of our bills are in my name. I know I have credit! Is it just me, or is something not right here?!
we got our reports from equifax.com and we paid to get the equifax, experian, and transunion scores, all three

LVNV and Transunion

Dec 022011
 

Just a couple of days ago, I sent a fax to transunion stating on several occasions I have contacted LVNV and it’s affiliates requesting validation of a debt they were reporting in my credit file but I haven’t received validation per my request.  The certified letter was returned to my attention.  Today I notice my score increased 19 points.  Not only did LVNV add an additional $ 5 to my balance but the CRA placed the account in dispute comment back on my credit file.  I specifically stated in my letter that it was not a dispute but a request to remove the information for non validation.  The agent told me they placed the comment in my file because they are conducting an "investigation" which is the same as a dispute.  He stated they sent an email to LVNV and they are currently waiting for a response.  Once they respond, they will notify me with the results.  As the consumer, would anyone know my rights from this point or what should be my next step?  Why is LVNV charging me fees if they have not validated the date?  Once they remove the "AID" comment, my score is going to drop 19 points again.  PLEASE HELP!!!

rebuilding credit
byMark Lincoln

I have a pretty low credit score (597) and want to begin rebuilding my credit. The score is low from charge offs about 3 years ago. Is there a certain bank or credit card that is easier on people like me that will give me a credit card? And yes–I do plan on paying on time. It would be for small simple purchases that I would otherwise buy with cash and could pay off easily each month.

I have a 5k debt and am consolidating it with monthly payments. I was wondering if my credit will start rebuilding right away or if it will only start building after the 2 years of $ 220 payments is over

Can you help? I don’t think this is reporting correctly.

Mar 122011
 

This is a car loan that I had through Ford Motor Credit. I supposedly had one payment that was 30 days late in August of 2004. I paid off the loan in January of 2007.

 

I don’t think this is reporting correctly, and I’m not sure what to do about it. I know I disputed this a few months ago, but it was pre-myFICO.com and I really didn’t know what I was doing.

 

Here are screen grabs from both my Equifax and Transunion reports. I’ve highlighted pertinent items. Can you help?

 

 

PFD timeframes

Mar 032011
 

I did a PFD recently on two medical collections. After I got a score watch alert I pulled my Equifax report and they were deleted, that was about 5 days ago. I just checked my Transunion report today and they have not been deleted yet. How long before I should worry about contacting collection agency to see why they have yet to be deleted from Tranunion?

How much of a score increase

Feb 272011
 

I have the following reporting across all three reports

 

Child support (Collection Acct $500.00)

Asset Acceptance- $634.00 open account factoring

Wood LAw PC $101.00 open Collection

3 max out credit Cards $300.00 limit

 

If I have the the Child support, wood law pc and the asset acceptance removed. and paid off all the balance on the maxed out cards to $1.00 what would my score be. Right now I have like a 580ish on Transunion and 582 on equifax.

Wait.. how did THAT happen? [Removal of CA from CR]

Feb 262011
 

Hi again all,

 

I apologize for the necessary creation of a screenname. I contacted support for assistance, but unfortunately those requests were to no avail.

 

Anyway,

 

I wanted to report an odd situation that arose this morning.  Last week I sent off a settlement proposal to the one other office that holds a CA for me.  After offering the same letter to the agency I mentioned previously and receiving quick response I asssumed the agency I’m now speaking of didn’t accept or acknowledge my letter.

 

So anyway, I was updating my CreditKarma account today and notice a rise in my score, thus affecting both my Transunion score as well as my VantageScore.

 

I offered them a settlement and that if they so agreed that they had to remove any derogatory information pertaining to the account. Now after seeing an increase of 5 pts to Transunion I reviewed the dispute resolution within Experian’s site to see what could have made this occur.

 

….The CA account had been REMOVED from my report. What do y’all think that means?

 

- Is it the possibility that they, in good faith, preemptively removed the CA prior to me even sending them payment?

- Could the CA have been sent to another collection agency?

- What if they forwarded the settlement proposal to the original creditor for review?

 

I just do not know what it means, I’m very elated to see this score increase, but unsure as to why the CA was removed.  Thanks for any insight! :D

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