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| | | From: mtnwoman45 (Original Message) | Sent: 11/14/2008 6:11 PM |
Why is it, that in these tough times, exsiting credit accounts and lines of credit, and being closed or interest raised? I got mail yesterday, that said that I had an account, at the local tire store, thats been paid off for a year, they were closing my account due to a late payment on some other account! I dont like them just being about to check our accounts whenever they feel like it! Our credit scores go down some, everytime theyre checked! I understand about their fear of getting their money, but it feels like theyre jabbing us again, while we're down! mw |
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You are legally entitled to one free copy of your credit report per year from each of the three credit reporting companies (Experian, Equifax and TransUnion). It is recommended that you request one from one company only, then four months later from one of the other ones, and 4 months after that from the final one. That way you can keep on top of what's in your report and have the opportunity to correct anything that's wrong. Another reason to request your credit reports is that they list every person or company who has run a check on your credit. Some of them count against your credit score and some don't but it still pays to know who's looking. You should NEVER pay for a copy of your credit report. You should go to AnnualCreditReport.com. It is the only official website to help people get their free credit report. |
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but thats kinda my point. We have to pay for our own credit report, except for the free one or two they give ya, and hell, its your credit report! you should be able to check! But any other Tom dick or harry, can look anytime they want and its not only free, and they dont need our permission to do so, but it counts against us by points, every frigging time someone checks! It just doesnt seem right, but they have free rein to do what they want, including, add bogus charges and we are guilty until we prove our ownselves innocent. Just doesnt seem right. mw |
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You can lock out your report for free...there's a number on every credit card offer or other solicitation sent. The opt out. I do think you should have to opt in rather than opt out though. Actually though, all they get...and they buy lists of these is the credit header...except for the ones you have a "business relationship" with...which is what it sounds like the one you're talking about has. Still, to me it's an invasion of privacy. |
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- It's illegal to look at your credit report without your written permission.
- When you apply for credit, you give them permission to run the credit check.
- Every time you open a new credit account, they give you a copy of the credit agreement. When they make changes to the agreement, they only send you the changed part of the agreement.
- Companies that you have credit with have your permission (in your credit agreement) to monitor your credit report. Those inquiries don't count against you in regard to your credit score.
- Your credit agreement also states they can make changes to your account including raising rates and canceling your credit, based on any item, from any creditor or any public filing, that's in your credit history
- Credit inquiries are not free. They have to pay for a subscription with each reporting agency. Most companies only pay for one subscription from one agency.
- You can't make listings on people's credit reports without paying, either. Only credit card companies, banks, and finance companies pay for this. The used car dealer that carries his own notes won't pay for it. (He probably doesn't even pay to look up your credit when you borrow.) Rental property owners and doctor's offices don't pay for it. Most hospitals don't, either. Knowing this can save you money, because if you wait until a doctor or hospital takes you to collection, you can offer them a portion of the bill (like half) and they'll usually accept your offer. And the collection will never be seen on your credit report.
- Financial institutions and finance companies do high-level screens to determine your general credit-worthiness before they send you offers in the mail. I'm not sure what this entails because it doesn't give any details. Because it has no details, they don't need your express permission. I'm guessing it is only your credit score. These inquiries also do not count against you in regard to your credit score.
- When you get a free report directly from one of the credit reporting agencies, it lists all the companies that have made the inquiries that don't count against you. If you buy a report from them, it does not. I'm not sure why the bought report is less complete than the free one, but you really don't need this information.
- The only inquiries that count against your credit score are the full inquires made when you apply for credit, a mortgage, or a loan. And then only if you apply with more than three places in a quarter.
- Getting a credit card and paying it off every month will not actually help you develop a credit history. You have to actually pay them some interest periodically. I recommend that you pay all but $10 of your balance every month. They will charge you the minimum interest fee - usually a dollar. This qualifies you as 'carrying a balance', paying more than the minimum balance, and making payments on time - all of the important things to a finance company. My sister followed this advice and her credit score jumped way up in six months.
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man pat!~!!!! you are a wealth of information! Is all this true? Some, I didnt know. ty! mw |
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I was the Credit Manager for a manufacturing company for a couple of years. Most of our customers were bike shops owned by one person. So we had to look at their personal credit to make a decision. I became quite familiar with both personal credit reports and corporate ones. I had a credit card company take me to collection over $20 plus late fees and I refused to pay them because I never got the merchandise. Even though they wrote it off and they weren't trying to get me to pay it any longer, it was still considered an open debt. That listing stayed on my credit report long after seven years had passed. The last time I tried to re-fi my rental property, the finance company refused to close with that open collection listed on there. I still refused to pay. The finance company actually paid the amount for me. I told them it was fine as long as they didn't charge it back to me in the closing costs. They did not. The listing immediately disappeared from my report because the activity all happened over seven years ago. |
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Oh, ya, mw. I am a wealth of information. Juust don't ask me for a pumpkin pie recipe! I'll juust refer you to allrecipes.com. |
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...I just buy a can of pumpkin pie filling - plop it into a ready-made crust and smoosh some canned redi-whip on there. the only saving grace probably being the redi-whip. How sad is that? (sad doesn't stop me from eating the whole thing if I have to though!)  Ok - that had nothing to do with credit ratings. Sorry. |
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Ahem! Monty? I hope that had nothin to do with "Redi" whip either...I mean, I don't want to end up looking like that kind doctor whats his name, ya know? lmao |
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Hahahahahaaaaa! Surely you don't mean Dr Oetker???? |
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Das right Monty...he's the dude! lmao |
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Actually Monty, I believe it was that Dr. Perkins guy from that unpopular bra thread...hehehe |
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Y'all can keep on with the off-topic discussion... I juust want to add a chapter of an e-book about credit reports for those who are interested. It's attached. Carry on... |
| | H2OYOPAch12.pdf |
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All good stuff Pat!!! Another thang...kinda different but still the same, is the No Call list...I thought once you put your name on the list, you was done...not sooooo much. Seems like if'n ya EVER done business with a company or afflillient...they still have the RIGHT to call you with a sale's pitch of their chose..don't agree with either. |
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Gr Dunno if it is the same in the US but in the UK you can write or call the company and tell them to stop calling and writing to you and they have to stop |
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