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Your Credit Report

Discussion in 'Consumer Affairs' started by esmith, Feb 17, 2013.

  1. esmith

    esmith Veteran Member

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    I was watching Fox News this AM (2/17/2013) and they had a segment on personal credit history. The guest said that, by law, everyone was entitled to a free copy of their credit report every year. The site that the guest said to use was:

    https://www.annualcreditreport.com/cra/index

    I decided to investigate our credit report and went to the site. It was as the report stated and I received a full credit history. This included your status on credit cards, car loans, mortgages, names of companies requesting a credit report. I received the report from the following credit reporting companies.
    Equifax, Experian, and TransUnion. Very detailed report (18 pages from TransUnion alone).
     
  2. Revoltingest

    Revoltingest Greased up & ready for action!
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    I wonder running your own credit report hurts your credit? Be careful.
    I've been recently shopping for loans, & after having my report run several
    times, this caused it to drop about 30 points. Great...now we're below 800.
     
  3. esmith

    esmith Veteran Member

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    From what I understand this action should have no affect on your credit standing. They do not give you a "score", just a detailed description of your credit transactions. For instance on a credit card they list outstanding balance and the monthly payments. They also list the accounts that are closed. We had a loan on a previous car and paid it off, it showed up in the report.
    The guest on the show said that you have to go through the report line by line (from each company) and make sure that the information is correct. One important fact is if you do find an error and have one of the credit reporting companies investigate and fix the problem it Is not corrected at the other companies if that error is also in that report. That is "your" responsibility; it appears that they don't talk to each other.
     
  4. tumbleweed41

    tumbleweed41 Resident Liberal Hippie

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    The once a year inquiry does not affect your score, but as Revolt said, every inquiry by creditors authorized by you does affect the score negatively.
     
  5. Reverend Rick

    Reverend Rick Frubal Whore
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    This is a trick car dealers do. They run you with 30 different folks so when you go down the street to the next dealer, your number is not as good and you can't get as good a deal with financing at the next place.

    I never give them my numbers, I pay cash or obtain my own loan or line of credit before I go shopping.

    I went to the boat show a while back......... now I want another boat. :facepalm:
     
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  6. esmith

    esmith Veteran Member

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    Why not, gotta have our toys:shrug:
     
  7. Reverend Rick

    Reverend Rick Frubal Whore
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    Yes we do and now that I am retired, I would have plenty of time to enjoy a new toy.
     
  8. Penumbra

    Penumbra Veteran Member
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    Annual credit report allows you to get 1 free credit report from each of the three major credit agencies per year. So I check one of them every 4 months in order to have the optimal (shortest) time between checking.

    According to many sources that I've read, checking your own credit score is a "soft inquiry" and does not affect the score.

    Sources:
    HowStuffWorks "Does it hurt my credit score when I pull my credit report?"
    7 nasty credit myths that won't die - 1 - credit score - MSN Money
    Checking your own report will not hurt your credit scores
    Does Checking Your Credit Hurt Your Credit Score? | Credit Sesame

    According to many sources that I've read, there is a 30 day window for mortgage, auto, and student loans that allows consumers to have many checks within that time period without counting the inquiry more than once for hurting the score. The idea is, they realize that the consumer is rate shopping and therefore they do not penalize.

    Sources:
    Credit Report Inquiries: How Credit Checks Affect Your Credit Score
    How credit inquiries affect credit score
    How Mortgage Inquiries Affect FICO Scores | Credit Sesame
     
    #8 Penumbra, Feb 17, 2013
    Last edited: Feb 17, 2013
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