From what I hear, there are two kinds of credit inquiries--"hard" and "soft", and they affect your credit history in different ways. Could someone more knowledgeable work this into the article?
Opt-Out
I replaced the old opt-out with the opt-out info on FTC website. The old opt-out size seems a little phishy to me. It was registered with GoDaddy.
You may opt out online by visiting https://www.optoutprescreen.com/
ERRONEOUS CREDIT REPORT One of our mortgage company erronously reported us that we were late on payment when we were not. When we purchase the house we were provided with payment coupon and we have been paying it on time. Late December, they change the payment coupon with our notice and we continue paying the old payment coupon and they reported us late. What can we do about it. Help
ANSWER TO ERRONEOUS CREDIT REPORT You need to demand from them the Financial History and Memo Lines from your account. This will make them have to prove why they are reporting you late and then you will be able to, through bank statements or cancelled cheques, that you infact were always paying on time. This information can be forwarded to the credit agencies if the company refuses to provide you with a letter stating the late payment is in error.
HARD & SOFT INQUIRIES HARD INQUIRIES - They are when you apply for credit for anything (including a cell phone, overdraft, or credit limit increase, etc.) They cost you points on your Beacon or FICO Score. About 2-5 on average if you do no more than 3 per year. If you do more they can increase in points. They show on both your personal Credit Report and the one a company pulls to approve you for credit. They can make the difference between being approved for lending or not, if you have done too many.
SOFT INQUIRIES - They do not show on a Credit Report that a company pulls. Only shows when you pull your own report. They include your name everytime you have requested your own Credit Report. They are done by companies checking to see if you are viable and a good credit risk for their products (including credit limit increases, new credit card, etc), especially when they don't have your permission to pull a Hard Inquiry. These do not cost you points.
Job Application
I'd like to see discussion of how employers and landlords might access (with permission, probably) credit reports for potential employees or tenants.
Worldwide view
Some (probably many) of the points noted in this article apply specifically to the USA, the reverse being true in other countries. For example, lenders checking credit reports for pre-approved credit cards. I'm not sure exactly how this works in the USA, but in the UK this would not happen.
This article could be moved to Credit history (US), or it could be expanded to include other countries. I favour the latter, but I'm getting tired of exapnding articles written by Americans, and clearly only for Americans. In the mean time I'll flag the article as needing a global view. Arcturus 22:01, 25 March 2006 (UTC)
canada to usa
does anyone know if bad credit in canada can affect your credit history/score in the states? or vice versa. are the two connected? is there a law that states specifically the two cant be mixed together?
Nope. The two are totally separate. Yes, Equifax and TransUnion are on both sides of the border, but they don't share their records. Not sure about bankruptcy laws, but you could probably game the system and, say, use loans from one country to pay off the other, giving yourself great credit in the USA and terrible credit in Canada.
Domestic Issues
I have removed the "Domestic Issues" section because it was not encyclopedic. If someone cares to take a stab at rewriting it with a little fact behind the opinion, I'm open to suggestion. The addition seemed to be a bit more like an editorial column than an encyclopedic addition. //BankingBum 21:25, 27 February 2007 (UTC) $$
Yes anything you do such as use a credit card will be recorded by the credit bureaus and will have an effect on your USA credit report.
Multiple credit cards
The article currently states that having a large number of credit cards has no direct effect on a credit rating, but the U.S. Federal Trade Comission (http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtm) disagrees. Can this be cleared up? 71.110.192.61 23:35, 6 November 2007 (UTC)
annualcreditreport url
This URL seems legitimate but I don't know much about it, can someone weigh in on whether it is legitimately the sole official site for obtaining the federally mandated once-per-year free self-check? -- Thoreaulylazy (talk) 04:40, 11 January 2008 (UTC)
I think this page needs to be locked for unregistered/newly registered users. It looks like nobody is keeping an eye on it and spammers are getting away with advertising without proper sources to back up their claims. 75.13.165.19 (talk) 20:49, 1 March 2008 (UTC)
The site, www.annualcreditreport.com,is the site mandated by federal law to access a free annual credit report from each of the three nationwide credit reporting agencies, Equifax, Experian and Transunion.Vaheterdu (talk) 14:40, 5 August 2009
History of credit reports?
I would like to see when the credit reporting agencies started, and when Fair Isaac and other started calculating scores.
Citation issues
The article has no citations in the "Acquiring and Understanding credit reports and scores" and "Credit History of Immigrants section", and I am very unclear as to who wrote this text, and some citations and elaborations would be helpful. I'm new to the editing system, so I am a bit hesitant to revise and make the changes myself.
Ericn32 (talk) 03:19, 27 October 2010 (UTC)
Is this a serious article??
Cos whoever wrote:
Lenders like to see consumer debt obligations paid on a monthly basis.
Needs to take a long hard look at themselves.
210.254.108.146 (talk) 23:50, 27 July 2011 (UTC)
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