pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
 ·Comcast
| reply to vic102482
Re: Slightly OT - Credit Reports
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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bistro777
Donuts-Is There Anything They Can't Do?
Premium
join:2002-02-07
Englewood, CO
| "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
| 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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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
 ·Embarq
| 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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bistro777
Donuts-Is There Anything They Can't Do?
Premium
join:2002-02-07
Englewood, CO
| reply to pnh102
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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Splat dot Splat
@microworld.com | 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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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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drakkkar
join:2003-02-07
Houston, TX
| 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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