60 Minutes on Consumer Credit Report

[cawacko]

Man, this is pretty scary. Something that is so important in this credit driven economy yet one can have so little control over. (Of course we have control over paying our bills on time etc. but if mistakes are made like this you are just fvcked.)


40 Million Mistakes: Is your credit report accurate?

http://www.cbsnews.com/8301-18560_162-57567957/40-million-mistakes-is-your-credit-report-accurate/

 

[The Dude]

Not many people keep up with it!

 

[Howey]

Credit reporting companies are in cahoots with the banks. Their job is to sell information, not make sure your credit's being reported correctly.

 

[cawacko]

Not many people keep up with it!

You're right. But even for those who do it can darn near impossible at times to make the necessary corrections.

 

[cawacko]

I don't know how accurate this is but one thing I've often heard is it is considered bad if you've had too many checks on your credit. I don't understand why that is. If you apply for a home loan they do a credit check. If you apply for a car loan they do a credit check. If you apply to rent an apartment they do a credit check. What am I missing here?

 

[Howey]

What am I missing here?

The number. Excessive credit inquiries indicate excessive loan applications. It doesn't look good.

Have you ever got your free credit report? (Government site, not some idiots wanting you to subscribe or pay for your credit score)

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

 

[Mott the Hoople]

Not many people keep up with it!

Sixty Minutes?

 

[Mott the Hoople]

I don't know how accurate this is but one thing I've often heard is it is considered bad if you've had too many checks on your credit. I don't understand why that is. If you apply for a home loan they do a credit check. If you apply for a car loan they do a credit check. If you apply to rent an apartment they do a credit check. What am I missing here?

An Education.

 

[PostmodernProphet]

I don't know how accurate this is but one thing I've often heard is it is considered bad if you've had too many checks on your credit. I don't understand why that is. If you apply for a home loan they do a credit check. If you apply for a car loan they do a credit check. If you apply to rent an apartment they do a credit check. What am I missing here?

Its true....I recently refinanced to drop from 5.2 to 3%.....I did one of those on-line check your credit rating things to see where I stood and asked for a quote from Quicken Loans who insisted on doing a credit check before quoting a rate.....when I went with another company one of the loan requirements was submitting an explanation of "why there were so many credit inquiries recently"........"uh, because I was looking for a good interest rate?".........

 

[The Dude]

It's actually more relevant today that hey do this.
Soo much mortgage fraud

 

[Timshel]

I don't know how accurate this is but one thing I've often heard is it is considered bad if you've had too many checks on your credit. I don't understand why that is. If you apply for a home loan they do a credit check. If you apply for a car loan they do a credit check. If you apply to rent an apartment they do a credit check. What am I missing here?

A credit inquiry is bad if it comes form someone other than you or a potential employer. You might be able to save yourself if you can get the creditor to accept information you acquire. Most of the time a potential landlord will accept it.