Credit Reports - what do lenders see?

**mak123** · 01-04-2010, 06:55 AM

Do bank accounts appear on credit reports? Would a bank / lender know how many checking accounts someone had unless that person disclosed them to the lender?

**Evan Bedard** · 01-04-2010, 07:18 AM

Do bank accounts appear on credit reports? Would a bank / lender know how many checking accounts someone had unless that person disclosed them to the lender?

Mak123- No I believe that bank accounts will only show up on your credit report if the account has gone to collections and/or became a charge-off..

**mak123** · 01-04-2010, 10:42 AM

So a lender will have no way of knowing how many bank accounts someone has unless the person discloses them all to the lender? I know someone who has to show a certain income to a bank to qualify for a loan mod but may occasionally earn additional income. If they put that additional income into another bank account with the mortgage lender be able to find out? The mortgage lender /bank is not the "holder" of the checking accounts. Thanks.

**ohhhdear** · 01-07-2010, 08:04 AM

I would disclose all bank accounts--- it's better to be truthful.

If they find out at a later time that you did not disclose everything--- you sure don't want to be accused of fraud.

Disclose everything and let them know it is additional income.

**Angels** · 03-08-2010, 03:29 PM

they can do an asset search and find out all that you own. they also sometimes hire detectives to follow you and they did that to a friend of mine. they broke into his truck at night looking for info on any money he may have (pay stub, ATM receipt). they did not take anything out of his truck, just moved stuff around. the banks will eventually request your tax records, so that is one way they will know about your accounts. we were completely honest with our bank, hopefully they will see our good faith effort and work with us.

**Evan Bedard** · 03-08-2010, 04:31 PM

they can do an asset search and find out all that you own. they also sometimes hire detectives to follow you and they did that to a friend of mine. they broke into his truck at night looking for info on any money he may have (pay stub, ATM receipt). they did not take anything out of his truck, just moved stuff around. the banks will eventually request your tax records, so that is one way they will know about your accounts. we were completely honest with our bank, hopefully they will see our good faith effort and work with us.

Wow now that is just insane, how can that be legal... How did your friend find out it was the bank who had sent someone to look through his truck?

**juskilentime** · 03-08-2010, 05:05 PM

mak, income will be checked against paystubs, W2s/1099s and tax returns. You'll also be required to sign a 4506-T whereby the lender obtains tax transcripts directly from the IRS.

**Angels** · 03-09-2010, 11:34 AM

Originally Posted by Evan Bedard

Wow now that is just insane, how can that be legal... How did your friend find out it was the bank who had sent someone to look through his truck?

prior to that happening, he received two automated calls stating that a PI would be following him. since nothing was stolen out of this truck he believes the banks had done it as part of their investigation. I don't think breaking into his vehicle is legal, but you know how that goes. one PI was following him for a $7,500 loan and the other PI was following him for a $197,000 loan (two different banks). both loans were for a business that obviously did not make it. for awhile there I thought his family would have to move into our place they were so broke. he told me one time he raided his change drawer just to get enough money to buy dinner for his kids. I told him if he even comes close to that happening again to come over and eat dinner with us, our door is always open. he filed for chap 7 a couple of months ago and is financially doing better now.

**nickelnm** · 07-27-2010, 05:52 PM

No, bank accounts do not show up on credit report. Neither do savings accounts. Also, utility bills do not show up on credit report either. The only caveat to this is if an account has gone to charge-off or collection status. I just wrote a blog post on this exact topic a couple days ago. I hope its okay to share. What’s in a Credit Score? | Finance Diva

It talks about a credit score, but also what's included in your credit report.

**lisasxr** · 07-28-2010, 08:29 AM

As previously stated, no asset bank accounts do not show up on credit reports but the bank can (and may) perform an asset search. Not disclosing could be more harmful in the long run.

**bigislander** · 08-19-2010, 03:26 AM

How does the bank perform an asset search?

**Martinez02** · 11-12-2010, 04:57 PM

they can do an asset search and find out all that you own. they also sometimes hire detectives to follow you and they did that to a friend of mine. they broke into his truck at night looking for info on any money he may have (pay stub, ATM receipt). they did not take anything out of his truck, just moved stuff around.

Are you SURE that was a bank? The lender liability issues involved in doing that are enormous and definitely NOT worth the risk... If you have reasonable belief someone has committed fraud on lender or the BK trustee, you take it to the FBI... You file an SAR... You do not wing it with some fly-by-night PI and go breaking in to things.

I'm not saying it didn't happen, but I would be surprised if that was a bank... Private lender? Sure...

No, bank accounts do not show up on credit report. Neither do savings accounts. Also, utility bills do not show up on credit report either. The only caveat to this is if an account has gone to charge-off or collection status.

IN fact, in these days where the consumer's privacy is protected, you don't even see the full credit card/loan numbers on bank-ordered credit reports. What shows up:

Open and reported (key, some small banks and CU's don't report accounts) accounts, w/ current status, last reported balance, high balance, and 36 month payment history. Oh, and current payment amount.
Public records (judgements, tax liens- depending on the provider this contains varying levels of ID'ing information).
Inquiries- including the name of the inquiring party.

Don't know about asset searches, or how effective they might be.

I disclose everything that isn't cash on hand.

**Angels** · 11-12-2010, 06:37 PM

he is not sure it was the bank, but it did seem rather questionable that there was a detective following and investigating him hired by the bank at the same time it occurred. also, nothing was stolen out of the vehicle but it was broken into for sure and everything was moved around some. logically, if someone broke in a vehicle it is to steal something not riffle around stuff looking for information. and there were valuables in there (CD's,etc). now that i think about it the CD's were country music so maybe the thief realized they were not worth anything and left them there. just kidding.

i guess he could have reported it, but really what would that do. how can he prove it was the PI or the bank or who? i have never heard of this happening to anyone else before or after so it's probably an isolated indecent. but it does not matter now anyway.

tryinmybest · 11-12-2010, 11:19 PM

I would certainly think a bank would "break in" for a higher value loan....sounds quite strange

**Martinez02** · 11-13-2010, 08:36 AM

I would certainly think a bank would "break in" for a higher value loan....sounds quite strange

Actually, no... You would think so, but no.

Here is the deal- banks are deathly concerned about their reputation, and it has to be fraud, and an extremely over-the-top fraud at that before banks consider going to the courts or the FBI. First, fraud is difficult to prove, and second, do you really want everyone in town (and your customers and shareholders) to know that you got taken for a ride?

I am pretty sure that my bank was defrauded to the tune of $4.6 MILLION by a guy who forged a ton of documents and was just flipping loans over as fast as he could and spending all that on coke and hookers (or gambling, or whatever) before he fled overseas... We are burying it and taking our beating silently. We could spend a lot of money chasing this guy down, but if he doesn't have it, he doesn't have it and what point does that serve... It has to be beyond obvious before the bank does anything.

My guess is that it was either another creditor who didn't care about their reputation, or an identity thief, in the case above... But that's just a guess and like he said, it doesn't matter now.

The only way I can see fraud entering the picture for about 99% of the posters here is as a counterclaim to their suit against the bank. Even then, the bank would have to prove enrichment and intent- tough to do when the loan package was put together by a broker and the borrower is up their ass in alligators.