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ascotinmpls

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Can a mortgage lender see things on my report that i cannot?
Hello - so i am starting to go through the approval process for a new mortgage. Long story short but i had defaulted on my student loan in the UK and it was sold to a collection agency in LA. I've been paying the collection agency and still owe about $8k. We;ve been working with Wells Fargo to get pre-approved and the mortgage consultant wanted me to try and get that collection removed from my report. The agency was only reporting to Experian and surprise surprise, they agreed to remove it from my credit report and they even told me that it was an error on their side that it was even being reported. They had also unfortunately been reporting it as derogatory even though i was paying. Needless to say, two weeks later my credit score for Experian has jumped up over 60 points.

My new dilemma is that now Wells Fargo is saying that even though i cannot see it on the credit reports that I have access to, they will still be able to see it on the reports that they have access to and they are suggesting that i take out an unsecured loan and pay the $8k. Is this true? Can they see items even though i can no longer see them when i pull a credit report? My guy tells me that they are just trying to get me to sign up for an unsecured loan.

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There are few places that Banks/lenders can check your credit history, your personal info or to verify your identity, other than those big 3 credit bureaus and they do it on the regular bases... Search for INNOVIS, ID Analytics (IDA) and Advanced Resolution Service (ARS). You can request copy of your credit report from Innovis and you can request credit freeze on IDA/ARS. However, in this case? I do think it's more likely that your loan officer need to meet his/her quota than worried about your credit history.

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Unless you are going for a very high end loan, they are probably not going to see any other reports than what you see. Some people say that there are "other reports" available to creditors than to the public but are only used in very high end loans as they are expensive to obtain. Do these "other reports" really exist? I doubt it, but I am not sure. If the collection agency pulled the account from the credit bureau, then it should be gone and not available for anyone to see. I think I would find a new lender and I will be sure to avoid Wells Fargo if they say things like this. The unsecured loan that they want you to get may be enough to disqualify you for a mortgage in itself depending on your situation. I'd find a different lender.

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I forgot to add that I agree with your friend, the Wells Fargo rep that you are dealing with was most likely trying to write a quick loan to make commission or quotas by scaring you with this story. As I said, getting a loan like this could kill your chances of getting a mortgage loan, I would think about reporting this Wells Fargo rep that you are dealing with to the superior of Wells Fargo.

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