Credit Bureau - US Credit Report & Debt Records

All the data was wiped a while ago.
Based on what I’ve heard, though, it shouldn't be an issue.

Sent from my smartphone using unknown

Thanks for the reply!

Apparently, they’ve moved away from using the unknown system, but now all the data regarding banks and loans goes straight to the credit bureaus for every single individual.

neondriver5 said:Apparently, they’ve moved away from using the unknown system, but now all the data regarding banks and loans goes straight to the credit bureaus for every single individual.

Wait, what? I think you mean the FCRA.
They only track debts over a certain threshold that haven't been paid—basically, when you fall behind for a specific amount of time.

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Basically, the "blacklist" of former unknown people is back. 😉

unknown

rapidskipper12 said:Basically, the "blacklist" of former unknown people is back. 😉

Right, but that wouldn't be retroactive. Or am I wrong about that?
I believe banks should start populating this new database from the day it actually went live, rather than recycling outdated information from the old unknown system.

Just head down to the bank and ask them directly. My guess is they’re still showing old debts that were actually settled over the last four years. Since the bank acts as the data manager, they report everything regarding delinquencies to the credit bureaus, like Equifax or Experian. If there was an unpaid balance from, say, 2017 that you finally cleared in 2018, the bank doesn't just wipe the slate clean; they send that history straight to the federal regulators.

Plus, let's be real—every single bank probably has a complete file on all "their" debtors
going back 10 to 20 years...

rapidskipper12 said:Just head down to the bank and ask them directly. My guess is they’re still showing old debts that were actually settled over the last four years. Since the bank acts as the data manager, they report everything regarding delinquencies to the credit bureaus, like Equifax or Experian. If there was an unpaid balance from, say, 2017 that you finally cleared in 2018, the bank doesn't just wipe the slate clean; they send that history straight to the federal regulators.

Yeah, I know someone in a similar spot. Debt was cleared last year and payments have been perfect since, yet it’s still showing up in the federal system.

Rebecca Green7 said:unknown

Right, but that wouldn't be retroactive. Or am I wrong about that?
I believe banks should start populating this new database from the day it actually went live, rather than recycling outdated information from the old unknown system.

Agreed, but it looks like they're sending everything... who knows how much of that "retroactive application" is actually legal.

But let’s be real here—aren't we all aware that these lists exist, among other things, specifically to prevent a repeat of what happened with the Swiss banks? It’s about making sure people don't go out and take on insane amounts of debt from a single lender, only for that lender (the dealer, if you will) to suddenly cut them off. If they stop supplying the goods, people just cross the street to the next bank to get what they need, right?

If you borrowed money from Joe Smith and didn't pay him back on time, why on earth would I trust you with a loan?

Give me a break...

neondriver5 said:But let’s be real here—aren't we all aware that these lists exist, among other things, specifically to prevent a repeat of what happened with the Swiss banks? It’s about making sure people don't go out and take on insane amounts of debt from a single lender, only for that lender (the dealer, if you will) to suddenly cut them off. If they stop supplying the goods, people just cross the street to the next bank to get what they need, right?

If you borrowed money from Joe Smith and didn't pay him back on time, why on earth would I trust you with a loan?

Give me a break...

These theories of yours fall apart for two reasons..
-The Swiss case—people took out loans, but the interest rates skyrocketed, creating the crisis. Court rulings show banks bear significant blame for that....
-Overindebtedness and hunting for more credit—that’s not even accurate. The credit bureau system doesn't track total debt levels; it just tracks if someone is unreliable, which isn't a debate. What's debatable is whether past unreliability should be visible. A person could be drowning in debt at other banks and it wouldn't show up in the bureau, but the fact that they defaulted once stays on record. So, that person becomes "problematic" to banks, while the truly overleveraged person flies under the radar because there's no data showing they're maxed out....
The point is: can things be reported retroactively? If someone commits a crime that isn't codified, you can't just pass a new law and label them a criminal for something that happened before the law existed. Technically, anything *can* happen, but retroactivity is reserved for extremely rare, specific circumstances..

In my view, those court rulings proved that the government failed to step in early enough to limit bank activity—specifically regarding lending in a foreign currency that 99% of the academics who designed these products hadn't even considered.

It’s true that the debt-to-income ratio doesn't necessarily prove someone is overleveraged, but it does show if they’ve been delinquent and WHEN. For instance, it shows that Peter has had $1000 due on a non-purpose loan over the last year.

If Peter can't manage his current payments reliably, how on earth is he supposed to handle ANOTHER loan? Even if he refinances that messy one, who’s to say he won't just decide to skip out on those payments again in three months?

Regarding "past behavior," banks reserve the right to set their own standards for delinquency. I suspect most are looking much more strictly at the last 12 months than they are at the period two or three years ago.

They aren't going to reject someone just because they were two months late on a payment back when $667 combined installments totaled that amount three years ago.

Since HROK isn't an option, if you're trying to grab a loan from a bank other than your main one, they're gonna ask for some stuff
\n
\n1. Your last three pay stubs, all signed and verified by your employer
\n2. A full transaction history from your main checking account covering the last three months
\n3. A letter from your primary bank confirming you’ve been handling your accounts properly. This should include details on all your accounts—like, if you have a credit card, it’ll list any outstanding balances or "exposure." So, if your main bank is JPMorgan Chase and you've got a Diners Club card, they'll want to see that too. Just a heads up, the bank usually charges a fee for this$17
\n4. An employment verification letter stating you're a permanent employee with no pending termination notices, plus your years of service, average salary, and so on
\n----
\n*
\nWhy bother? I guess it's just to snag better rates.
\nRight now, Chase has interest rates that are basically half of what my main bank is charging.

Does the Treasury Department—or even the banks—actually see the debt owed to the cell provider, specifically Optima, and know that those old debts were sold off to Eos Matrix? Especially since it was actually settled about two days ago?

I paid it through my Chase mobile app—my paycheck goes into my account over at JPMorgan Chase anyway.

There wasn't any Bankruptcy action on my account or anything, because I worked it all out directly with Eos Matrix.

They shouldn't. Eos Matrix isn't even a user on the DOR system.

Did this new version of HROK just hit us?

Users of the credit registry system (the core database used by major banks)

Seems likely.

electricbadger89 said:Seems likely.

HROK will be back in action starting June 15th.

They’re out of credit 😂😂😂, they'll basically be biting their own tails... since there's nothing left to approve for anyone else.

Ugh, give me a break...
Back when HROK was actually around, I never had a single issue getting a loan approved. Now that they're gone? Suddenly, according to them, I'm some kind of credit risk. It’s a joke.
My take on this whole mess is a bit different, though. Without HROK in the picture, it feels like everything has gone sideways. You’ve got these shady characters—not saying everyone, obviously—who are somehow pulling loans out of thin air, while people who actually have the cash to pay them back (again, not everyone, but you get the point) get slapped with a rejection. In my case, I'm being denied the exact same deals that these obvious scammers are getting handed on a silver platter.
Honestly, I’m rooting for HROK to make a comeback. Things might actually start making sense again once they do.

Exactly. A huge chunk of those who didn't even need to take out loans over the last couple of years are going to get wiped out. On the flip side, the disciplined clients with very specific financial setups will be the ones walking away with the profit.