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1. What Can You Afford >>
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CH3
35 The 3 credit repositories do not always print out the full account 36 numbers on the credit reports for security reasons.
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38 Some creditors do not report to credit repositories.
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41 Creditors do not have to report the number of months of payments
42 made on any given account on the credit report. Some creditors 43 show a payment history for the past 36 months and other creditors 44 may only report the last few months.
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46 Creditors do not have to show delinquency dates on the credit
47 report. They may just report five 30-day late payments and not the 48 dates the payment was made late.
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Some Connecticut home mortgages lenders do not report to credit repositories.
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53 Some Connecticut home mortgages lenders, whether they report to the credit bureaus or 54 not, consider a client late after the 15th day of the month instead of 55 after the 30th day of the month. So there may be late mortgage 56 payments when, in fact, the client has never been 30 days late.
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Creditors often report balances as of the last day they reported to the 60 credit bureaus and not as of the date the credit report was requested.
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62 Adverse credit will stay on a credit report, by law, for 7 years AFTER the debt has been paid in full. Bankruptcies can show up for 10 years after they have been discharged. 65
14 Always compare every credit report to the borrower's application. Credit bureaus very often report incorrect information. For example, 62 past credit problems may have been resolved but the credit bureau's records have not been updated.
Remember that you can never take a credit report at face 44 value. There will often be some detective work needed to get a complete credit history on your borrower.
INTERPRETING CREDIT REPORT SYMBOLS
When you are looking at a credit report, 38 do you sometimes have trouble understanding what all the letters and numbers mean? Maybe this can help. 46
These letters describe who is responsible for each account:
I INDIVIDUAL - Individual Account 19
J JOINT - Joint Account
A AUTHORIZED USER - Authorized to use someone else's account 34
B BEHALF OF ANOTHER - Responsible for someone else's account
T TERMINATED - Closed Account 28
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