Author Topic: Derogatory Public Records 0 (1 over $100)?  (Read 2994 times)

viking

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Derogatory Public Records 0 (1 over $100)?
« on: April 12, 2013, 03:12:17 AM »
What does "Derogatory Public Records   0 (1 over $100)" mean?
See here: http://www.interestradar.com/loan?LoanID=4277308&NoteID=

rev

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #1 on: April 12, 2013, 09:47:45 AM »
It means LC reported:
pubRec = '0' (Number of derogatory public records)
pubRecGt100 = '1' (Number of public record and account line derogatory items greater than $100)

For your reference:
http://www.lendingclub.com/kb/index.php?View=entry&EntryID=253

Fred

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #2 on: April 12, 2013, 10:03:27 AM »
Perhaps it would be clearer if you keep the 2 separate, because they are actually showing different aspects of credit risks?

For example, it is possible for a borrower to have pubRec = 1, and pubRecGt100 = 1.  This will show as "1 (1 over $100)", which might be a bit confusing.


Fred

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #3 on: April 12, 2013, 10:15:11 AM »
On a related issue, shouldn't pubRec include pubRecGt100?  In other words, pubRec >= pubRecGt100?

Based on definitions:
pubRec = Number of derogatory public records
pubRecGt100 = Number of public record and account line derogatory items greater than $100

I know the download file shows pubRec=0 and pubRecGt100=1 for this borrower. 

But what does that mean?  Is a "public record and account line derogatory items greater than $100" not considered a "derogatory public record"?

I understand this is probably a question for the Credit Report agencies; but I was wondering if anybody in this Forum can shed some light on this.





SeanMcD

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #4 on: April 12, 2013, 02:00:38 PM »
An account line derogatory record could just be a late (90+ day) payment, which wouldn't necessarily involve any public record.  There was some previous discussion on this, along with some interesting examples here: http://www.lendacademy.com/forum/index.php?topic=572.0

Fred

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #5 on: April 12, 2013, 05:42:35 PM »
An account line derogatory record could just be a late (90+ day) payment, which wouldn't necessarily involve any public record. 

But names and descriptions of these 2 fields are for public records, right?

LC also has the following  additional fields:
mths_since_last_major_derog  -- Months since most recent 90-day or worse rating
num_tl_90g_dpd_24m              -- Number of accounts 90 or more days past due in last 24 months

The 2 additional fields above are not specifically related to public record, however.

viking

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Re: Derogatory Public Records 0 (1 over $100)?
« Reply #6 on: April 13, 2013, 07:35:47 PM »
It means LC reported:
pubRec = '0' (Number of derogatory public records)
pubRecGt100 = '1' (Number of public record and account line derogatory items greater than $100)

For your reference:
http://www.lendingclub.com/kb/index.php?View=entry&EntryID=253
I think that it would be clearer if they were listed on separate lines in the Loan Information.

Here is another example where it would have helped to have the publicRecGt100* on a separate line :
http://www.interestradar.com/loan?LoanID=4298343&NoteID=
Last Major Derogatory   13 months ago**
Accounts Ever Over 120 Days Late   1
Derogatory Public Records   0 (0 over $100)

I assume that this means the following:
A delinquency of 120 days or more for less than $100 that occurred 13 months ago (and no public records). Some investors may have skipped over this loan seeing a major derogatory, even though it was probably only a "forgotten" account with less than $100 debt (maybe a credit card that got an annual fee?)

*) I think that it should be publicRecGt100 and not pubRecGt100
**) Per LC,  "major derogatory" is a delinquency of 90 days or more.