Can you keep collectors from getting your credit reports?
Posted in Credit on 05/18/2008 01:57 am by admin
MammaJ asked:
Don’t the credit report agencies have to have permission from you before they give anyone your credit report? How can anyone get your report to check on your credit and whats on it? This is not right!
RODERICK
Don’t the credit report agencies have to have permission from you before they give anyone your credit report? How can anyone get your report to check on your credit and whats on it? This is not right!
RODERICK
05/18/2008 at 11:17 pm
If you have a creditor that you already owe – they can periodically check on your record but they don’t get in depth reports. You have to give a company permission to pull a credit report on you. If you don’t they don’t have the right to do so.
When you get offers in the mail that say you are qualified (not sure if this is what you question has to do with) but those offers are not based on your total credit report. It is only based on basic info that is not totally private. It is a prelimiary kind of credit worthiness they look for. Like maybe if you fall within a certain group (with a certain fico score or something) they will send you offers just incase you are interested in them.
05/20/2008 at 1:32 pm
Yes, anyone pulling your credit must have your permission. In fact, any entity pulling your personal credit report must notify you in writing within 3-5 days according to the new Fair and Accurate Credit Transactions Act of 2003.
Generally, when applying for a mortgage loan, you will sign a document granting on going permission for the lender to pull your credit periodically. This makes sense, as the lender wants to make sure you are still in a position to pay back the loan. Also, these are “soft” credit inquiries and do not in any way lower your credit score.
If you discover a company accessed your credit without permission (which could lower your score) – send a letter to the credit agency. Tell them the inquiry was not authorized and you want it removed. They will remove it for free within 60 days.