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Forum Home > General Discussion > STAYING ON TOP OF YOUR CREDIT

Percy A Lowe
Site Owner
Posts: 10

Its been my experience that the only way to get an accurate credit report is by having your clients order their bureaus directly from each CRA or doing it for them with the proper documentation. Anytime you pull a merged credit profile through a secondary credit provider you run the risk of having an incomplete credit profile, mainly information on who is providing the information. All merged credit profiles from secondary credit providers typically only report a 2 year payment history but if the payments have been missed prior to that it will say it on the report. You can also tell if an account has been paid late by looking at the accounts rating, ie: R-1, R-2, I-1 I-2 etc, R-1 signifies, perfectly paid as agreed, R-2 signifies an account has been paid 30 days late, R-3 60 days late and so on. I have seen mortgage reports pulled by various lenders, vary in score by a couple of points, depending on who they use, some use Advantus, some use Kroll Factual Data, plus many others. There is no way to determine what a clients credit score will be on any given day and they all use their own score factors. This is why lenders require the mortgage brokers to use a certain approved credit provider to determine if a client is qualified under the their guidelines. I do not promote credit karma for people wanting to get a copy of their credit profiles, only to monitor their reports for free and to determine what their score is on Transunion. The transrisk score is very accurate but mostly it is for clients to see the improvements in the score while they are in the program. If its start out being a 540 and goes up to 680 then they can see their scores are getting better. It also back up what I tell clients about paying down accounts and the benefit of opening new accounts. The score simulator and credit karma are tools for me to use and my clients and everyone so far has loved it. Pull your consumer credit report from www.myfico.com you can even try their credit monitoring report.

March 13, 2012 at 1:10 PM Flag Quote & Reply

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