Mar
8
The CreditLawGroup asked:
Involuntary credit inquiries, or soft inquiries, are credit inquiries made by a third party without consumers’ knowledge or consent. These involuntary credit inquiries do not affect our credit rating or score; however, these involuntary credit inquiries do indeed show up on consumers’ credit reports. An example of an involuntary credit inquiry would be a company pulling a consumer’s credit report to see if he or she qualifies for a promotional offer or to verify that a consumer has a solid enough credit report to be pre-approved for a product or credit line. Another example of an involuntary credit inquiry would be credit inquiries of a consumer that is an existing customer or client. For instance, after the initial credit inquiry that a credit card company makes, any subsequent credit inquiries after the consumer has been retained by the credit card company are recorded on the consumer’s credit report but are not counted against the consumer and factored into his or her credit score. Yet another example of an involuntary credit inquiry would be from a prospective employer and like the other credit inquiries discussed above do not affect our credit score or rating. The bottom line is if a consumer does not apply for credit or give a company permission to obtain a copy of his or her credit report, it is almost definitely an involuntary credit inquiry and will not be viewed as unfavorably.
Voluntary credit inquiries, or hard inquiries, are credit inquiries made by a third party with a consumer’s consent or authorization. These voluntary credit inquiries show up on consumers’ credit reports and affect consumers’ credit scores and histories. For example, if a consumer were to apply for a credit card, cell phone, private loan, mortgage, student loan, auto loan, or any other type of credit from a credit granting institution, the consumer’s credit report would reflect these inquiries. Numerous voluntary credit inquiries on a consumer’s credit report may appear unfavorable to credit grantors because it seems as though the consumer may be desperate in their efforts to obtain credit from anyone willing to extend it to him or her. Numerous voluntary credit inquiries may also make the consumer appear to be high a risk of default. A few credit inquiries may not affect a consumer’s credit history negatively because it may show that the consumer is responsible to manage numerous lines of credit appropriately. However, more than a couple of involuntary credit inquiries set up a red flag for the consumer as a risky borrower. Luckily, there are 2 rules in place aimed to protect consumers that shop around for the best deal on automobile loans and mortgages, and consequently, would have numerous voluntary credit inquiries.
1. Within 30 days that FICO credit scoring takes place, all mortgage and automobile credit inquiries will not be factored into a consumer’s credit scoring.
2. Within a 14 day period, all mortgage and automobile credit inquiries will be counted as only one inquiry. This rule, called de-duplication, is set in place to not punish a consumer that is responsibly shopping around for the best rate. Furthermore, if a consumer is shopping around for the best rate, it is wise to get estimates as close to each other as possible so that the rates that are offered on that particular day stay correlated with one another for matching purposes.
Personal credit inquiries are considered soft inquiries and do not affect your credit score negatively. In fact, personal credit inquiries are encouraged to be executed rather frequently as part of a responsible credit management regimen. In inquiring about one’s credit history very frequently, a consumer is able to realize if there are any inaccurate or misleading information contained in his or her credit report.
ALVIN
Involuntary credit inquiries, or soft inquiries, are credit inquiries made by a third party without consumers’ knowledge or consent. These involuntary credit inquiries do not affect our credit rating or score; however, these involuntary credit inquiries do indeed show up on consumers’ credit reports. An example of an involuntary credit inquiry would be a company pulling a consumer’s credit report to see if he or she qualifies for a promotional offer or to verify that a consumer has a solid enough credit report to be pre-approved for a product or credit line. Another example of an involuntary credit inquiry would be credit inquiries of a consumer that is an existing customer or client. For instance, after the initial credit inquiry that a credit card company makes, any subsequent credit inquiries after the consumer has been retained by the credit card company are recorded on the consumer’s credit report but are not counted against the consumer and factored into his or her credit score. Yet another example of an involuntary credit inquiry would be from a prospective employer and like the other credit inquiries discussed above do not affect our credit score or rating. The bottom line is if a consumer does not apply for credit or give a company permission to obtain a copy of his or her credit report, it is almost definitely an involuntary credit inquiry and will not be viewed as unfavorably.
Voluntary credit inquiries, or hard inquiries, are credit inquiries made by a third party with a consumer’s consent or authorization. These voluntary credit inquiries show up on consumers’ credit reports and affect consumers’ credit scores and histories. For example, if a consumer were to apply for a credit card, cell phone, private loan, mortgage, student loan, auto loan, or any other type of credit from a credit granting institution, the consumer’s credit report would reflect these inquiries. Numerous voluntary credit inquiries on a consumer’s credit report may appear unfavorable to credit grantors because it seems as though the consumer may be desperate in their efforts to obtain credit from anyone willing to extend it to him or her. Numerous voluntary credit inquiries may also make the consumer appear to be high a risk of default. A few credit inquiries may not affect a consumer’s credit history negatively because it may show that the consumer is responsible to manage numerous lines of credit appropriately. However, more than a couple of involuntary credit inquiries set up a red flag for the consumer as a risky borrower. Luckily, there are 2 rules in place aimed to protect consumers that shop around for the best deal on automobile loans and mortgages, and consequently, would have numerous voluntary credit inquiries.
1. Within 30 days that FICO credit scoring takes place, all mortgage and automobile credit inquiries will not be factored into a consumer’s credit scoring.
2. Within a 14 day period, all mortgage and automobile credit inquiries will be counted as only one inquiry. This rule, called de-duplication, is set in place to not punish a consumer that is responsibly shopping around for the best rate. Furthermore, if a consumer is shopping around for the best rate, it is wise to get estimates as close to each other as possible so that the rates that are offered on that particular day stay correlated with one another for matching purposes.
Personal credit inquiries are considered soft inquiries and do not affect your credit score negatively. In fact, personal credit inquiries are encouraged to be executed rather frequently as part of a responsible credit management regimen. In inquiring about one’s credit history very frequently, a consumer is able to realize if there are any inaccurate or misleading information contained in his or her credit report.
ALVIN
Mar
7
What is Your Credit Report Made Of?
Filed Under Finance | Leave a Comment
Allison May asked:
span lang=”EN-US”>
We often hear that a person’s credit report is very important because lenders, employers and even landowners check this document to measure one’s credibility and financial capability. But what really is inside your credit report? Do you really understand how it works? Let’s take a closer look on what your credit report is made of:
Inside Your Credit Report
Credit reporting agencies collect information from your creditors, debt collection agencies or from the court and compile all these information in one report. Everything listed here are considered to be accurate unless the owner of the credit report files a dispute about certain details in his report. However, if the information is correct –whether positive or derogatory - it will stay on your credit report for up to seven years.
Information that is contained in a credit report include a person’s full name, Social Security Number, date of birth, past and present home addresses, phone numbers, Driver’s license number, employment history and other personal details. If you do find any error, you must notify the credit reporting bureaus immediately and request that these details be corrected.
Liens, wages, foreclosures, bankruptcies and other public records are included in a credit report. It also contains a comprehensive summary of a person’s accounts from all his creditors or lenders regardless of what type of debt it is. It presents charges, penalties, date of payments, amount of debt, credit limit and everything that has to do with a person’s credit.
Credit Report and Inquiries
Each time a creditor or a company makes an inquiry about your report is also included. This is why consumers are warned against submitting too many applications from various lenders and banks all at the same time. Too many inquiries in your credit report can damage your score especially if you have been rejected by a lender.
However, personal inquiries are not regarded as negative and will not affect your credit score. In fact, it is recommended to inquire about your personal credit report at least twice a year so that you can be updated with the status of your credit history and score.
The three major credit bureaus are Experian, Equifax and TransUnion. Each of these agency works independently in reporting a person’s credit history. Thus, if you have any dispute about your credit report, see to it that you advise all three of these credit bureaus so that corrections can be made in your report accordingly.
The Fair Credit Reporting Act protects all consumers from fraud and ID theft by ordering all credit bureaus to do the necessary corrections immediately if a person claims a dispute in his credit report.
If you own a business, you can also apply for a separate credit history for your company from two major business credit trackers in the US- Dun and Bradstreet and Experian. The credit score for a business account is known as Paydex and this is the one used by lenders and financial providers in approving business loans.
MARVIN
span lang=”EN-US”>
We often hear that a person’s credit report is very important because lenders, employers and even landowners check this document to measure one’s credibility and financial capability. But what really is inside your credit report? Do you really understand how it works? Let’s take a closer look on what your credit report is made of:
Inside Your Credit Report
Credit reporting agencies collect information from your creditors, debt collection agencies or from the court and compile all these information in one report. Everything listed here are considered to be accurate unless the owner of the credit report files a dispute about certain details in his report. However, if the information is correct –whether positive or derogatory - it will stay on your credit report for up to seven years.
Information that is contained in a credit report include a person’s full name, Social Security Number, date of birth, past and present home addresses, phone numbers, Driver’s license number, employment history and other personal details. If you do find any error, you must notify the credit reporting bureaus immediately and request that these details be corrected.
Liens, wages, foreclosures, bankruptcies and other public records are included in a credit report. It also contains a comprehensive summary of a person’s accounts from all his creditors or lenders regardless of what type of debt it is. It presents charges, penalties, date of payments, amount of debt, credit limit and everything that has to do with a person’s credit.
Credit Report and Inquiries
Each time a creditor or a company makes an inquiry about your report is also included. This is why consumers are warned against submitting too many applications from various lenders and banks all at the same time. Too many inquiries in your credit report can damage your score especially if you have been rejected by a lender.
However, personal inquiries are not regarded as negative and will not affect your credit score. In fact, it is recommended to inquire about your personal credit report at least twice a year so that you can be updated with the status of your credit history and score.
The three major credit bureaus are Experian, Equifax and TransUnion. Each of these agency works independently in reporting a person’s credit history. Thus, if you have any dispute about your credit report, see to it that you advise all three of these credit bureaus so that corrections can be made in your report accordingly.
The Fair Credit Reporting Act protects all consumers from fraud and ID theft by ordering all credit bureaus to do the necessary corrections immediately if a person claims a dispute in his credit report.
If you own a business, you can also apply for a separate credit history for your company from two major business credit trackers in the US- Dun and Bradstreet and Experian. The credit score for a business account is known as Paydex and this is the one used by lenders and financial providers in approving business loans.
MARVIN
Mar
6
jomay7 asked:
When I looked at my free credit report online I paid to get my credit score. It was around 850. That seemed really high to me. Do they give the consumer the same credit score they give to banks or creditors. They did not call it a fico score.
LANNY
When I looked at my free credit report online I paid to get my credit score. It was around 850. That seemed really high to me. Do they give the consumer the same credit score they give to banks or creditors. They did not call it a fico score.
LANNY
Mar
3
expat999 asked:
Just curious. My fico is 744. I have a high credit balance and a student loan. I have 37% left of my max on my credit card. Just got back to the USA and looking for work. Also I noticed my employer was only listed as the university I attended when I worked for other companies. Please help me out, Im new to this employer consumer report thing. Thank you
what would be a score that disqualify you?
DANTE
Just curious. My fico is 744. I have a high credit balance and a student loan. I have 37% left of my max on my credit card. Just got back to the USA and looking for work. Also I noticed my employer was only listed as the university I attended when I worked for other companies. Please help me out, Im new to this employer consumer report thing. Thank you
what would be a score that disqualify you?
DANTE
Mar
1
Debi M asked:
Last Nov. I spoke to a rep over the phone to change my daughter’s billing address; THEY NEVER CHANGED HER ADDRESS, so she didn’t get the bills. We just got a call 2 MONTHS LATER THAT THERE IS AN ISSUE WITH HER ACCT.! they never sent her statements for 2 months. Meanwhile charged her LATE FEES, FINANCE CHARGES, ANNUAL CHARGES, YOU NAME THEY CHARGED HER. TODAY I ATTEMPTED TO PAY THE BILL OVER THE PHONE, THEY WOULD NOT ACCEPT MY PAYMENT! SAID THEY NEEDED TO SPEAK TO HER ON CONFERENCE CALL! If you’re having issues with them, FILE A RIP OFF REPORT OR TRY CONSUMER CREDIT AGENCIES IN YOUR STATE - I’m reporting them to my State.
LUIS
Last Nov. I spoke to a rep over the phone to change my daughter’s billing address; THEY NEVER CHANGED HER ADDRESS, so she didn’t get the bills. We just got a call 2 MONTHS LATER THAT THERE IS AN ISSUE WITH HER ACCT.! they never sent her statements for 2 months. Meanwhile charged her LATE FEES, FINANCE CHARGES, ANNUAL CHARGES, YOU NAME THEY CHARGED HER. TODAY I ATTEMPTED TO PAY THE BILL OVER THE PHONE, THEY WOULD NOT ACCEPT MY PAYMENT! SAID THEY NEEDED TO SPEAK TO HER ON CONFERENCE CALL! If you’re having issues with them, FILE A RIP OFF REPORT OR TRY CONSUMER CREDIT AGENCIES IN YOUR STATE - I’m reporting them to my State.
LUIS
Mar
1
Credit score and reporting confusion?
Filed Under Personal Finance | 4 Comments
majax79 asked:
Are the credit scores that I buy from the 3 main reporting agencies the same scored that would be reported to a company?
Are the credit scores that I buy from the 3 main reporting agencies the same scored that would be reported to a company?
How can reporting agencies use different scoring systems and report different stuff in different places…or not at all?
How is this fair to the consumer?
Wow, the “life isn’t fair” answer.
I expect a better answer from someone at level 6.
RALPH
Feb
21
oohhbother asked:
Business SEC Financial Reports are blaming consumer credit tightening brought about by the Bank Failures for layoffs and future profit declines.
JIM
Business SEC Financial Reports are blaming consumer credit tightening brought about by the Bank Failures for layoffs and future profit declines.
JIM
Feb
21
What websites can I use to post a horrible experience with a bank and warn consumers not to do the same?
Filed Under Credit | 9 Comments
shetucksinhershirt asked:
I had a terrible experience with a bank that gives credit cards to people with poor credit, and I’d like to be able to warn other consumers not to be pulled in by their scams. What websites are easy to access for consumer reports? I’m looking for something that doesn’t charge a fee, if possible, and will reach as many people as possible.
BRAD
I had a terrible experience with a bank that gives credit cards to people with poor credit, and I’d like to be able to warn other consumers not to be pulled in by their scams. What websites are easy to access for consumer reports? I’m looking for something that doesn’t charge a fee, if possible, and will reach as many people as possible.
BRAD
Feb
18
Does anyone know of a good consumer lawyer in the Atlanta, Ga area?
Filed Under Other - US Local Businesses | 2 Comments
2legit2quit asked:
Its a long story but a collection agency has put a report in my credit that should not be there. The person who claims i owe money has a contract which is not my signature. i told the collection agency i can prove this but they would not listen so i want to take them to court. Could anyone please recommend a good consumer lawyer that especializes in collection agencies?
GERMAN
Its a long story but a collection agency has put a report in my credit that should not be there. The person who claims i owe money has a contract which is not my signature. i told the collection agency i can prove this but they would not listen so i want to take them to court. Could anyone please recommend a good consumer lawyer that especializes in collection agencies?
GERMAN
Feb
17
Frank Jean asked:
Credit records are the financial resume of an individual. It is of vital importance for all to go through a checking their credit because it may at times become very urgent to need it. The report displays in detail the repayment sample of a consumer towards the lenders to which he owes money. It gives an indication of your borrowing and repaying habits for a particular year which performs as a guide for lenders while verifying the loan application.
Credit report is generally organized by three major credit bureaus- Equifax, Experian, and TransUnion. They all carry out credit reports but in a minor variation. 3 in 1 credit report provides you to have a glance of credit reports from these credit bureaus. In short, 3 in 1 credit report can review your financial reliability.
Credit reports can be made accessible online. Free online credit report takes in a complete synopsis of your personal information. It includes your name, your residential addresses, contact number, Social Security number, month and year of birth as well as your employment information. It also comprises of information about any bankruptcy in your credit report. The financial institution to which you belong may occasionally get hold of your credit report in an attempt to keep up your up to date records. To avail 3 in 1 Credit Report you can go for online way to get the report instantly.
There is a large variety of credit report such as business credit report, consumer credit report, yearly credit report, etc. At first, there was strict exclusion on revelation of instant credit report but at this time, any person can submit an application for his or her credit report. Many online lenders and retailers who offer credit facilities wholly depend on credit report and tally to give credit to their customers.
ISRAEL
Credit records are the financial resume of an individual. It is of vital importance for all to go through a checking their credit because it may at times become very urgent to need it. The report displays in detail the repayment sample of a consumer towards the lenders to which he owes money. It gives an indication of your borrowing and repaying habits for a particular year which performs as a guide for lenders while verifying the loan application.
Credit report is generally organized by three major credit bureaus- Equifax, Experian, and TransUnion. They all carry out credit reports but in a minor variation. 3 in 1 credit report provides you to have a glance of credit reports from these credit bureaus. In short, 3 in 1 credit report can review your financial reliability.
Credit reports can be made accessible online. Free online credit report takes in a complete synopsis of your personal information. It includes your name, your residential addresses, contact number, Social Security number, month and year of birth as well as your employment information. It also comprises of information about any bankruptcy in your credit report. The financial institution to which you belong may occasionally get hold of your credit report in an attempt to keep up your up to date records. To avail 3 in 1 Credit Report you can go for online way to get the report instantly.
There is a large variety of credit report such as business credit report, consumer credit report, yearly credit report, etc. At first, there was strict exclusion on revelation of instant credit report but at this time, any person can submit an application for his or her credit report. Many online lenders and retailers who offer credit facilities wholly depend on credit report and tally to give credit to their customers.
ISRAEL