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| | | Message 11 of 22 in Discussion |
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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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