AmeritecTech
Change we can believe in, 1922
Premium
join:2002-09-06
Houston, TX
| reply to blackjeep
Re: There oughta be a law
said by blackjeep  :
Your credit score only goes down when there are major inquiries done, examples would include credit checks for purchasing a house, a car, filling out apps for credit cards, etc. Minor inquiries such as when a bank of Idaho or whereever Visa dept does an inquiry and then sends you an offer for a 'free' ($50 cash upfront) credit card, DO NOT hurt your score in any way, and your credit report will note that very clearly.
As a matter of fact, the second set of inquiries that you mentioned will not even show up on the report that someone pulls. You will see it if you pull your OWN report from the bureaus, but potential creditors DO NOT see it. |
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AmeritecTech
Change we can believe in, 1922
Premium
join:2002-09-06
Houston, TX
| reply to drakkkar
said by drakkkar :
Unfortunately you cant challenge the inquiries on your report either. For example if someone who you did not give access checks your credit, you cannot have that removed, even if you prove that they accessed it without your permission.
Overall individuals have very little protections against having an unfair credit rating (not that the system is even very fair the way it is supposed to work.(
It is illegal to pull a person's credit without getting their signed permission. Doing so is a violation of FCRA, and punishable by law. |
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drakkkar
join:2003-02-07
Houston, TX
| reply to Jim Gurd
Re: Slightly OT - Credit Reports
said by Jim Gurd :
Tell them you are disputing the charges and are willing to sign an affidavit of fraud.
That works if you place fraudulent charges, but if they were to simply do multiple inquiries, there is no way to have those removed (hit someone with 20-50 inquiries, and see what happens to thier credit).
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~Age and Treachery will always overcome Youth and Skill.~ |
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Jim Gurd
Premium
join:2000-07-08
Plymouth, MI
 ·Comcast
| reply to Maxo
said by Maxo :
If I'm understanding this correctly you could just start a company and then say someone screwed you over and put bad credit on their report. The person has no way to challenge it so they are just stuck with it. I experienced an issue where a company billed my telephone company (Sprint) on my behalf of some items I never purchased nor received. So Sprint bills me, and my options are pay Sprint or face bad credit. The legal fees to fight it are more than the $26 bill. Sounds like companies can do whatever they want with your credit and you don't really have a say in it at all.
Tell them you are disputing the charges and are willing to sign an affidavit of fraud. |
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Splat dot Splat
@microworld.com | reply to bistro777
If you go shopping for car insurance they do a credit check even if you are going to pay cash.
This has bit people so many times the state of Utah is contemplating laws against it. |
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Smokey
Even drunk on a bet ya make it to Canada
Premium
join:2003-05-20
Va Beach
clubs:
·Cox HSI
| reply to pnh102
That seams kind of of true. For me I got my first Credit card from Ford Motor in high school when I was working for them. Thin in college I did the same as you paying as I went and refinancing. When I went to buy my first car on my own last year I was able to get the 0% loan? So it must help a little, but I'm sure not as much as it should
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If there is any realistic deterrent to marriage, it's the fact that you can't afford divorce. -- Jack Nicholson |
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blackjeep
join:2001-07-12
Atlanta, GA
| reply to Boogeyman
Re: There oughta be a law
Your credit score only goes down when there are major inquiries done, examples would include credit checks for purchasing a house, a car, filling out apps for credit cards, etc. Minor inquiries such as when a bank of Idaho or whereever Visa dept does an inquiry and then sends you an offer for a 'free' ($50 cash upfront) credit card, DO NOT hurt your score in any way, and your credit report will note that very clearly. |
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bistro777
Donuts-Is There Anything They Can't Do?
Premium
join:2002-02-07
Englewood, CO
| reply to pnh102
Re: Slightly OT - Credit Reports
Their reasoning, I think, is it appears you suddenly need credit lines (whether home equity, credit card) for reasons that might include job loss, illness, etc. - with the potential risk of not being able to repay, especially, any unsecured credit lines.
I agree it sucks that this impacts your status in the eyes of lenders, especially in cases where you're "rate shopping" for a loan or where credit checks are run without your explicit consent. (That the crux of the whole opt-IN v. opt-out argument in the link I posted from the Electronic Privacy Information Center.)
"I have been battling something I cannot win and I am withdrawing from the field with honor." -- - actor Roddy McDowall shortly before his death in 1998 |
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
| reply to bistro777
If I'm understanding this correctly you could just start a company and then say someone screwed you over and put bad credit on their report. The person has no way to challenge it so they are just stuck with it. I experienced an issue where a company billed my telephone company (Sprint) on my behalf of some items I never purchased nor received. So Sprint bills me, and my options are pay Sprint or face bad credit. The legal fees to fight it are more than the $26 bill. Sounds like companies can do whatever they want with your credit and you don't really have a say in it at all.
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God I love being a turtle. - Michaelangelo »www.maxolasersquad.com |
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pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
·Comcast
| reply to bistro777
said by bistro777 :
So to give anyone, Comcast or your paperboy, the right to do this with your personal info, can certainly harm your perceived credit worthiness.
Thanks for the information. Although the reasoning still makes no sense to me... if your credit record is clean, it just shouldn't make any difference how many creditors see it.
But other than that, its too bad you can't bite those people who look into your credit report back in the @$$.
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Jewel got Britney-fied! There is hope for the world yet!
[text was edited by author 2003-07-02 14:56:33] |
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bistro777
Donuts-Is There Anything They Can't Do?
Premium
join:2002-02-07
Englewood, CO
| reply to pnh102
"The more inquiries on a borrower's credit file, the more likely a borrower may be not to pay his or her bills as agreed" according to the Fair, Isaac and Co. - the nation's leading credit scoring firm and inventor of the FICO scoring system used in over 75% of all mortgage loan originations.
Numerous inquiries, according to lenders, are often a sign that a consumer is obtaining multiple credit cards at once, increasing his/her credit risk and perhaps overextending their ability to repay debt.
That means when you comparison shop online for home or auto loans, guess what?!? Fair, Isaac says it ignores inquiries within the past 30 days when scoring your credit, but lenders DO consider too many inquiries to be a red flag. They typically stay on your credit report for two years(!) and can definitely impact the rate you receive for a car or mortgage loan.
So to give anyone, Comcast or your paperboy, the right to do this with your personal info, can certainly harm your perceived credit worthiness. And to hide this all in the “fine print” is shameful.
You say “carpe diem;” I say “carpe, eat ‘em.” |
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pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
·Comcast
| reply to vic102482
said by vic102482 :
It sucks, each inquiry will lower your rating, and if you get 5 or 10 inquiries from different companies......
I never understood why this was the case. What does looking at a credit report have to do with credit worthiness?
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Jewel got Britney-fied! There is hope for the world yet! |
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vic102482
Premium
join:2002-04-30
Upper Marlboro, MD
| reply to pnh102
said by pnh102 :
They do nothing overall to increase your credit worthiness.
It sucks, each inquiry will lower your rating, and if you get 5 or 10 inquiries from different companies......
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I tie a rope around my penis and jump from a tree, don't you wanna grow up to be just like me!!!! |
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pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
·Comcast
| reply to drakkkar
said by drakkkar :
not that the system is even very fair the way it is supposed to work.(
I remember back in college how students would constantly get hounded with credit card offers... one of the key selling point was that they could be used to build up your credit. I had a few of the credit cards and with each one I was in good standing. I used them to refinance other debts at lower interest rates and I would then cancel them when they were paid off. Fast-forward a few years later when I am trying to buy a car. I find out during the financing process that these credit cards did nothing to build my credit at all. It turns out that they only count against you if you fubar things with the credit cards. They do nothing overall to increase your credit worthiness.
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Jewel got Britney-fied! There is hope for the world yet! |
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drakkkar
join:2003-02-07
Houston, TX
| reply to Boogeyman
Re: There oughta be a law
Unfortunately you cant challenge the inquiries on your report either. For example if someone who you did not give access checks your credit, you cannot have that removed, even if you prove that they accessed it without your permission.
Overall individuals have very little protections against having an unfair credit rating (not that the system is even very fair the way it is supposed to work.(
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~Age and Treachery will always overcome Youth and Skill.~ |
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Boogeyman
Drive it like you stole it
Premium
join:2002-12-17
Huntsville, AL
| reply to Maxo
Especially since every time someone checks your credit, it goes down. My mother was trying to buy a house a few years ago and the real estate agent checked her credit, something wasnt right with it, so she checked it again, and again, like once a week for a month. By the time it was over my mom couldnt even get a credit card with a $100 limit. So if Comcast reserves the right to check your credit whenever they please, dont be suprised to find that you soon have no credit left.
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what doesn't this button do? |
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