Discussion in 'Credit Talk' started by eddie, Aug 28, 2001.

  1. eddie

    eddie Well-Known Member

    I have applied for a business credit cards with a # of credit card companies. All have turned me down. I have been doing credit repair and have removed all derogs from my reports. Last week I applied for an mbna business card. I have their personal card and figured they may give me a chance. Today they called me. The rep said my credit was too new. She wanted to know if I had any refrences from the late 80s or early 90s. Of course I did but they all sucked and have been disputed off my reports. She then asked If I had had charge offs and derogs from back then. Not really knowing what she was driving at I said no that I just didnt use credit then. She then told me I did not fit their profile for a card and would recieve a letter explaing the rejection in the mail within 10 days. thats the first time a credit card co. has called me to turn me down bummer.
  2. Mist

    Mist Well-Known Member

    Could you do us a favor? I have had a theory for awhile that cc companies are keeping some info on us from their PRM's. Can you check your credit reports and see if MBNA has done any of these as well as AR's (since you already have a personal account)? I have a feeling they knew about your previous derogatories somehow and that they very well may have used that info to deny you credit.

  3. eddie

    eddie Well-Known Member

    Mist I think your absolutely right. I had the feeling that she wanted me to admit I had had chargeoffs and collections etc. and that she knew what I had gotten deleted. Why she wanted to do that I dont know. I do know that when I was approved for the personal card I had a couple of collections showing on tu and ex which they pulled. I dont see any AR on my reports from them however.
  4. breeze

    breeze Well-Known Member

    I think they knew. From years of dealing with insurance underwriters (that was a credit underwriter you were talking with), they were considering giving you a chance, and this was a factor in their decision. I think if you had told them, and given a reasonable explanation, you might have gotten a card.

    We get so paranoid sometimes, that we don't realize that some of these folks are not always out to get us, and that honesty really is the best policy. I don't mean, go around voluteering derogatory information about yourself, LOL, but really, when asked directly, I tell them. "yes, this and this happened, and I had to file bankruptcy because...." and I have learned...."

    In short, I let them know, "I am a good risk because 1) I am honest and 2) I have learned from what happened."

    With insurance, I have had that happen. I wrote a life insurance policy on a gal, and she told me she had no serious medical conditions. The underwriters ran MIB (medical information bureau), and discovered she had had a melanoma removed 8 years prior. The underwriter called her and went over the medical questions again with her. She then told the underwriter the truth, apologized, and said her conscience had been bothering her. She just wanted the policy very badly (it was a tax shelter for her). They issued the policy.
  5. roni

    roni Well-Known Member


    You realize that business cards do not report to your credit file unless for negative info, right? They will not help you repair credit because they do not show up.
  6. eddie

    eddie Well-Known Member

    My credit is already repaired. Thats why I couldnt get the card. I have no old credit history. I have erased it all. I think creditors can tell when viewing a file like mine that that it has been scrubbed. Otherwise there would be some old trade lines. Right now I have nothing older than 1996. Everything else has been deleted.
  7. eddie

    eddie Well-Known Member

    With my luck they'll probably close my personal card account for lying to them.

    SCHOLR Well-Known Member

    Speaking of M.I.B.,Medical Info. Bureau,

    how does one get a report of what they have in their

    file, and where does the info. come from, Doctors,

    Hospitals, Ins. Cos.??

    What if you find erroneous info.?

    Also, what is the 2 year window of dispute,

    on a new life Insurance policy all about?

  9. breeze

    breeze Well-Known Member

    MIB is now online, and you can request your record here http://www.mib.com/html/request_record.html

    The info comes from doctors, hospitals, insurance companies.

    If you find erroneous information you can dispute it. It generally involves presenting proof of the correct information. I had a policyholder who had had an EKG done by one of those home exam companies the insurance companies use (Equifax owns one of them). The EKG equipment was malfunctioning, and the EKG was all wierd. The insurance company sent him to a doctor to have the EKG done over, he was fine, and the policy was issued. But in the meantime, the faulty EKG reading somehow got reported to MIB. He didn't find out until he went to change health insurance companies (he owned his own business). It was really a mess, but we got his latest EKG sent to MIB, and they corrected his info.

    the 2 year "window of dispute" is a provision in all life and many health insurance policies that works like this. If you take out a life insurance policy, and then you die within the first 2 years, the insurance company has the right to investigate to see if you told them the truth on the application.

    If you lied to them, it is considered a material misrepresentation, and it voids the contract. All they have to do is refund the premiums paid with interest as stated in the contract. So never lie on an insurance application, even if the agent tells you it will be okay. Just don't do it. After the first 2 years, the contract (policy) is incontestable.

    The same provision applies to policies like disability insurance and long term care insurance - if you become disabled during the first 2 years they can reinvestigate, and if the applicant did not tell the truth on the application, the contract is void. After the first 2 years, it is incontestable.

    I have had people die during the first 2 years. I have never had a claim denied because of it. A good agent will look you in the eye and make you tell the truth, LOL. A bad agent will let you say you don't smoke while you're sitting there puffing away. Don't get your insurance from one of those agents.
  10. breeze

    breeze Well-Known Member

    If you or anyone has a problem with incorrect information on MIB, I will be glad to help you get it corrected. I know what to do.

    Most people don't have any file at all with MIB. Just the ordinary stuff like the flu or appendicitis, etc is not reported. Heart attacks, cancer, domestic abuse, drug use, diabetes, do get reported.
  11. Mike

    Mike Well-Known Member

    Thanks Breeze!

    I'm not out looking for life insurance but It's good to know that somebody is out there collecting this stuff. I wonder how far this kind of consumer information gathering will go?

  12. SCHOLR

    SCHOLR Well-Known Member



    I am a little concerned that Equifax is involved

    with Medical Info., the potential for abuse, intentional

    or other wise seems great.

    I think Equifax is involved with a lot more "ventures"

    than credit reporting and that worries me, for

    example, if I am not mistaken they are in to all

    these check verification companies, next they

    will be in our bedrooms!!!!!

    Thanks again.
  13. breeze

    breeze Well-Known Member


    Yes, the dissemination of medical info is a major privacy concern. Equifax owns one of the exam companies, and they own a company called Profiles Plus that does employment screening and background investigations. As an agent, they give me fits. They get the worst, most inaccurate information and report it as fact. I fight with them off and on over it.

    However, they do not own MIB. MIB has been around a long time, it's just that it wasn't generally known. They are strictly an insurance service outfit, and their business depends on their accuracy. If they give inaccurate information to an insurance company, it can cost that company business they would have had - it wouldn't be tolerated. Same with ISO - the other big insurance service company. They rate fire departments, and give the rate classifications of every single address in the country for insurance purposes. MIB has always been extremely conscientious and responsible, and they will not give consumers problems. In 17 years in insurance, I have had that 1 problem with MIB, and they corrected it. Then the dude sued Equifax for his expenses!! LOL. He had to get another EKG done.

    Glad I could help.

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