Author Topic: Public Record vs. Major Derogatory  (Read 8133 times)

viking

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Public Record vs. Major Derogatory
« on: December 26, 2012, 02:10:11 PM »
Some Notes have a one or more Public Records on file. However, many of these show "Months since last Major Derogatory" =N/A. Thus, is it safe to assume that those individuals have not filed a bankruptcy (I thought that a Major Derogatory included a bankruptcy)?

yojoakak

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Re: Public Record vs. Major Derogatory
« Reply #1 on: December 26, 2012, 02:23:20 PM »
They added that field a few months ago.

Before that "n/a" means "no information".

After that I assume "n/a" means "0", but maybe it also means "no information". Who knows!

http://www.lendacademy.com/forum/index.php?topic=518.0
« Last Edit: December 26, 2012, 02:26:59 PM by yojoakak »

viking

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Re: Public Record vs. Major Derogatory
« Reply #2 on: December 26, 2012, 02:46:50 PM »
They added that field a few months ago.

Before that "n/a" means "no information".

After that I assume "n/a" means "0", but maybe it also means "no information". Who knows!

http://www.lendacademy.com/forum/index.php?topic=518.0
I also assume so.
However, the question was if a public record means something else than a bankruptcy if the  "Months since last Major Derogatory" =N/A (for the current notes).

yojoakak

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Re: Public Record vs. Major Derogatory
« Reply #3 on: December 26, 2012, 03:00:06 PM »
I also assume so.
However, the question was if a public record means something else than a bankruptcy if the  "Months since last Major Derogatory" =N/A (for the current notes).

Per the Fed:

"A minor derogatory status is a payment delinquency of 30 days to 119 days. A major derogatory status is a delinquency of 120 days or more, a payment plan, repossession, charge-off, collection action, bankruptcy, fore-closure, or adverse judgment by a court."
http://www.federalreserve.gov/pubs/bulletin/2003/0203lead.pdf


All I can find on LendingClub is this:

"publicRecGt100: Number of public record and account line derogatory items greater than $100."
http://www.lendingclub.com/kb/index.php?View=entry&EntryID=253


So you're asking what does it mean if they have a Public Record but not a Major Derogatory? Good question. I don't know. Do you have an example of this happening in a loan that we can look it?
« Last Edit: December 26, 2012, 03:08:30 PM by yojoakak »

viking

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Re: Public Record vs. Major Derogatory
« Reply #4 on: December 26, 2012, 03:27:59 PM »
So you're asking what does it mean if they have a Public Record but not a Major Derogatory? Good question. I don't know. Do you have an example of this happening in a loan that we can look it?
All current loans that I have seen so far, which have a Public Record, do not have Major Derogatory. It seems to be either a Public Record OR a Major Derogatory. For example:

LoanIDs
2825725
2825838
2825587
2825749
2825373
2826349
2835441
any many, many more.......

I think we need to find out how LC defines Major Derogatory (and maybe even Public Record....?)

p.s. to directly show the loan details:
https://www.lendingclub.com/account/loanDetail.action?loan_id=2825725
https://www.lendingclub.com/account/loanDetail.action?loan_id=2825838
https://www.lendingclub.com/account/loanDetail.action?loan_id=2825587
https://www.lendingclub.com/account/loanDetail.action?loan_id=2825749
https://www.lendingclub.com/account/loanDetail.action?loan_id=2825373
https://www.lendingclub.com/account/loanDetail.action?loan_id=2826349
https://www.lendingclub.com/account/loanDetail.action?loan_id=2835441
« Last Edit: December 26, 2012, 03:30:08 PM by viking »

SBryantMS

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Re: Public Record vs. Major Derogatory
« Reply #5 on: December 26, 2012, 05:26:56 PM »
In my opinion, there may not be a direct correlation between Public Records and Major Derogatory that LC displays on its webpages.  I question which field from the BrowseNotes.csv file they are using in their webpage.

As an example, my Homeowners Association places Liens on the condos which are past-due on their fees. These liens have to be registered at the county clerk's office.  These liens are public records over $100, but the HOA does not report credit information to the credit bureau. 

In the case above, the lien would count toward Public Records but not to Major Derogatory. 

LC provides several fields in the BrowseNotes.csv that better detail this information:

pub_rec_bankruptcies = Number of public record bankruptcies
collections_12_mths_ex_med = Number of collections in 12 months excluding medical collections
g044 = Number of accounts ever 120 or more days past due

Just to name a few. 

viking

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Re: Public Record vs. Major Derogatory
« Reply #6 on: December 27, 2012, 07:21:04 PM »
Per the Fed:

"A minor derogatory status is a payment delinquency of 30 days to 119 days. A major derogatory status is a delinquency of 120 days or more, a payment plan, repossession, charge-off, collection action, bankruptcy, fore-closure, or adverse judgment by a court."
http://www.federalreserve.gov/pubs/bulletin/2003/0203lead.pdf

All I can find on LendingClub is this:

"publicRecGt100: Number of public record and account line derogatory items greater than $100."
http://www.lendingclub.com/kb/index.php?View=entry&EntryID=253

Per conversation with LC Investor support, "major derogatory" is a delinquency of 90 days or more.

rawraw

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Re: Public Record vs. Major Derogatory
« Reply #7 on: December 28, 2012, 07:08:20 AM »
Per the Fed:

"A minor derogatory status is a payment delinquency of 30 days to 119 days. A major derogatory status is a delinquency of 120 days or more, a payment plan, repossession, charge-off, collection action, bankruptcy, fore-closure, or adverse judgment by a court."
http://www.federalreserve.gov/pubs/bulletin/2003/0203lead.pdf

All I can find on LendingClub is this:

"publicRecGt100: Number of public record and account line derogatory items greater than $100."
http://www.lendingclub.com/kb/index.php?View=entry&EntryID=253

Per conversation with LC Investor support, "major derogatory" is a delinquency of 90 days or more.
Good to know.