My lender used CBCInnovis too. They provide tri-merge reports for mortgage lenders. However, when they pulled, it matched up precisely with my 3 reports for DW and I which were pulled that morning. It would be worth it to pull your 3 reports to see if anything popped on at the last second. Also, your tri-merge report will list the source of the data and you can pare up that to see where each item from. Remember, your CRs can change daily.
If you find out more, let us know. I'm curious. BTW, sometimes lenders will look outside the big three if there's a lack of TL history or active TLs.
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I will definitely post as I figure this out. I'm going to try some more digging and see how to work with them. My mortgage broker buddy may help as well.
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What have you found about from your mortgage broker friend?
Our credit union informed us that CBCInnovis report showed that we had a foreclosure instead of short sale. We hired an attorney who guided us throughout the short sale process of our rental home. Needless to say, we were very surprised to find out about it. We called the bank, and they said that they aren't reporting 'foreclusure'. Also, the credit scores are lower than if we pull our credit reports ourselves directly from the 3 credit bureaus.
Before he hire an attorney, we are thinking about calling CBCInnovis to explain the big disrepancy. Thoughts?
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My broker said it's a third party credit reporting agency that basically compiles information and is used by the financial institutions so they don't have to pay fees to the Big 3. He said it's tough to get stuff removed from them because they are just passing along info from other sources.
Message 5 of 6 Moderator Emeritus@Anonymous wrote:Also, the credit scores are lower than if we pull our credit reports ourselves directly from the 3 credit bureaus.
Before he hire an attorney, we are thinking about calling CBCInnovis to explain the big disrepancy. Thoughts?
While the 3 CRAs (TransUnion, Experian, and Equifax) sell scores, as do 100s of other sites, the scores offered are not FICO scores. EX or TU never sold FICO scores on their respective sites. The EX score is a non-FICO (aka FAKO) called a PLUS score. It says in the fine print that it's for educational purposes only and no lenders use it. TU sells a FAKO called a VantageScore. There's a rare number who actually use that score, but you won't likely ever find a mortgage lender that uses it. EQ partnered with FICO and while they sell a FICO score, they push their own educational credit score called a "Equifax Credit Score" over FICO. Lenders don't use that score either.
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