Ok I am crestfallen now! I just found out that the CRAs provide a different version of our credit reports to CCs. I just found out from a very reliable source that even it appears that your credit is clean, the creditor can get two versions, one like the one you receive without the marks or one with all the marks you have had in the last 12 to 18 months. Although they initially approve you for new cards, they check the other report to see if you have had any negatives that were deleted in the last 1 or so, to determine whether you qualify for BT or line increases or lower interests rate. They don't necessarily pull a new report but they reference back to old stuff that you had before. I could not beleive it. The trick is to lure us in then use the old information to keep you stuck at the same standard for a year. This game never ends, so if you cleared up your credit now, you still will have to wait another year to make sure it is really clean. It makes sense to me know because when I recently talked to a CC about an increase, they mentioned that I had been in collections earlier this year, yet my report did not indicate any collections on my file. I just don't understand how they get away with it. Oh yes the politicians are in their back pockets! Cypri sighs......................
Cypri, Thanks for sharing this little discovery. The news isn't good, of course...especially for those of us who are struggling to overcome credit challenges...but it's better to know than to not know. But how depressing!!!!!! To me, this doesn't seem legal. Why should we consumers be penalized for negatives that have allegedly been deleted. Donna
Jeepers, what a pisser! How is THAT adhering to the FCRA regulations if they can still "see" things that have fallen off within the past year?
yeah i became depressed when I was told this also1 It does not seem legal but there is nothing in the FCRA that prevents them from doing it. Its all a hush hush thing! They have to just justify those higher rates. It just blew me away after putting all this work into repairing my credit that they can still do this crap! Cypri
BUT WHAT IF YOU HAVE A CONFUSED CREDIT FILE... OR IF THE ENTRY TRULY WAS INCORRECT?!!!!!!!!! YES, I am yelling. When I have my little talks with the big 3 I'll ask specifically about this. thank you so much for the info.
I think the FCRA is intended to protect us from this practice. Cypri, do you have evidence? Can you write to the head of the FTC for an "opinion" on this matter? This is very important, especially for those of us who had very real errors reporting on our reports which were removed. I DO think this is illegal.
It doesn't matter from what I have been told, you are assumed guilty even if proven not guilty! This is some BS! I am seriously going to sue Equifax, because they are known for this, why do you think most big banks pull from EQ. They have different versions of your file floating and I think the only way to make it is suppressed is to sue them. Lizard were you able to permanent get your items suppressed? Cypri
Hey Mist! Good idea! I will look into drafting an opinion letter! I will also ask my Congressman about this, he is working on a case for me now. I will keep you posted. Cypri
Cypri, Thanks for taking the time to write and find out answers. We ALL need to know about this and raise as much awareness and protest to the practice as possible. Could you possibly share with us who your "very reliable source" was? I'm not asking for his or her name or even who they work for. Could you at least give us some insight into how this person would "know" what you were told?
Yes Mist this person works in the credit management department of his company and I asked about why I was denied for a increase and he indicated this to me. He knew about a couple collections that I had deleted from last year. It blew me away! Anyway I am going to inquire about this little scam the CC and CRAS are running on us. Cypri
Cypri, Is it possible that this company had previously done PRM inquiries on your profile? I have warned before about something which I have no proof of but definitely suspect. That is that I believe that there are databases kept on us from these promotional inquiries and things they saw way back when are weighed for approval or declination along with the "fresh" credit profiles. I have "opted-out" of promotions because I don't yet have an answer to this.
That seems like SUCH a disclosure violation... but likely the only way you'll get the copy and any explanation would be to sue and then get the evidence in discovery. In trying to get info in discovery you'll have to be in at least real state court (state or superior but not small claims) and to really make a case of this it needs to go US District court. Which means you'll need an atty If this is true.. perhaps a nonprofit lawyer group... ACLU??? might be interested. the other option would be to go get a big gun atty and get it in a class action. we all would be affected. ALL. If this is really true it's HUGE
Marie, Brilliant idea about getting the ACLU involved to investigate! Who wants to volunteer to put the issue in writing to them? Good communicator needed!
Well if citibank saw what i had in the previous year, they must be giving me props on my home-disputes and offering me cards on the basis of my skills. I don't buy it. If the information given to creditors was in fact incorrect, the credit bureaus would be liable for libel and slander by ignoring the FCRA and its guidelines for removal of incorrect information. The credit bureaus know better than to hold themselves liable like this, it would be class-action material.
Then maybe what I suspect is true about the PRMs resulting in a database of info on us which includes the old CB info.
I check on my credit report and the company did not do a new inquiry. It seems they are basing their decisions of old reports, even though they have approved you for the card. I am going to call an speak to someone else and get to the bottom of this, but Mist you maybe right about the PRMs or AR. Because this company did an AR months back! They are basing it on that maybe, but the guy specifically told me that the CRAs sometimes do provide them with your credit history for a year prior to receivng the card upon request. Who knows what they do in the smoke-filled back rooms! Cypri
Sam I agree it would take amazing ... well... it would be stupid but the more I research the more I wonder what's really going on behind closed doors. There has been a good point made... maybe the creditor is using an old report. tell them that report had so many errors it was ludicrous and ask them to do a new account review with a new report see what results you get then see if there was a new report pulled by looking at your copy of your reports... If they say it's on their new report then you have an issue... but it might be their internal software tracking all issues you've had... PUSH this one please. We need to know if this is a CRA issue or a creditor issue thanks
