Are Online Credit Reports Any Good?

[grannyguru 0]

Hi!

 

I just had a loan broker tell me that (at least some or possibly most) online credit reports that folks can get are misleading and don't show what lenders then find on the big 3 reporting houses: Experion, etc.

 

Is that true?

 

If so, when getting credit reports for Tenant-Buyers, what do you folks who are DOING business use?

 

 

Thanks,

 

 

Alice

[Andrew Ikeda 0]

Hi Alice,

 

This broker, in my opinion, is full of crap. There is nothing wrong with online credit reports. As a matter of fact, I tell all my borrowers to pull their own on-line credit reports and then print them out. There are reasons for this:

 

1) When you pull your own report your scores do not come down.

 

2) You know what your scores are plus you can see what accounts are showing, the balances owed on them, etc and you can find discrepancies yourself.

 

3) Obviously, it is personal, therefore more private and offers more privacy.

 

4) If you shop around with lenders, you can show them your report and they can use that and give them instructions NOT to pull a credit report until you are satisfied with the loan program they have selected for you.

 

5) It saves me $15 (I often pull credit just to have the borrower shop and go with a different lender. Needless to say, I dont give out credit reports or scores until closing)

 

The only drawback is it is more expensive (around $40 for a trimerge).

 

It appears to me that the broker is trying to get your business and telling you that he will need to pull your report. It is true that mortgage brokers as well as the lenders will pull your report but have them do this after you are comfortable with the lender and the loan program they offer you based on what your credit scores show and just dont go around shopping and getting suckered into doing this just yet.

 

I had a Russian couple who did not heed my advice and went shopping with 8 different lenders. The scores went from 672 down to 618 on these credit pulls.

 

Please be careful with all this. Sounds like you are going in the right direction.

 

If you have any questions or concerns, feel free to email me first before proceeding.

 

Take care Alice and good luck.

 

Andrew

 

email: andikeda@netscape.net

[grannyguru 0]

Thanks Andrew!

 

I agree with your first sentence!

 

This is the best forum in the entire world! We have got a group of truly great people...and you are one of them!

 

I'd much rather do business with you.

 

We really do have partners online here. Ethical, fine people.

 

Thanks again,

 

 

Alice

[lacashman 0]

I have to agree with Andrew this broker gave you bad advice.

 

But I don't recomend that people get the "free credit reports". Some of those will count against your score. Not sure why but sometimes they do.

 

Try looking for people who supply credit reports for landlords. Try this search on google, landlord credit reports.

[-Tony- 0]

I would Have asked him well...hmmhmm... Mr. Broker how...I mean where do you get yours? Picked up his card and said I will call you.....Jackass