I have searched far and wide for explained answers to my questions... So I am starting a post that will hopefully be added by more newbies with questions that the professionals on this website will try to answer. I have read so much good info yet still have many questions... I'll start. 1. I see people who post on this page seem to check their scores quite often. DO you guys subscribe to a website that continues your score so that it isn't getting periodically checked? 2. When I send letters to the credit bureaus and the collection agencies I read somewhere to not sign but isn't it kind of an obligation in order for them to have access to investigating my files? 3. Should I dispute inquiries??? Does that affect my score or credit in any way? PLEASE HELP all you experts... I'll take any advice
There is nothing in FCRA or other law that requires that you sign anything, any more than there is anything that requires the CA or CRA, or their employees or legal agents, to sign in their replies back to you. The FCRA, and FDCPA, are consumer protection laws, and their requirements are primarily on the CAs and CRAs. A affidavit of fraud would be another matter, since it would need to be both signed and notarized. The CRAs never required an OC or CA to provide your signature on anything saying you gave permission for their inquiry. They only require that the OC or CA "certify" that they have "permissible purpose" as defined under FCRA, and this may be a blanket certification on file for all inquiries from that company. There IS a requirement under FCRA/FACTA on the CRAs that they verify your identity in some reasonable manner, but your signature cannot do this since they would have no way to check that anyway. They typically use your knowledge of other accounts or addresses, and compare that to information they have reported by others based on accounts you opened, or require that you provide a copy of driver's license, SS card, and possibly a utility bill in your name. I have never had a problem requesting a report or disputing with a CRA, either answering account questions in on-line report ordering, or providing a copy of a driver's license and SS card in mailed requests. If you have "not mine" or fraudulent accounts being disputed on your report, or a fraud alert or credit report freeze, the CRAs might require more verification of identity to prevent an identity thief from hijacking your accounts by changing your addresses. Or at least they should.
Regarding applying for additional credit accounts to raise scores, that depends on what your scores are currently, whether they would likely result in approval, and what terms are being offered and whether they are worth applying for. If you are not likely to be approved for an account, don't apply. If you would not benefit from opening an account based on it's terms, or limits (excessive interest rate, any annual fee, low credit limit, disreputable creditor, etc), don't apply. What are your current FICO scores, and how many hard inquiries have occurred in the past 6 months, and in the past year? You don't want to appear to be opening too many accounts at once, especially if you have a limited length of positive credit history. What negative items are showing, how old is your oldest account, what is your total outstanding debt, and what is the total of your available credit limits?
Ok... ON track this is my deal. All my bad accounts are from 2001. I have one credit card now that I have in excellent condition. It has a low limit amount. Also My mid fico is 601. I had about 7 credit cards that went to collections. Two were taken off after me disputing them. None of the CRA is taking off my Capital One account because they said it has been verified. I am thinking about paying it off. Now since two have been taken off I am going to begin working on my others. When I received the letters from Experian and Transunion they said it was disputed and it is not reporting and along with this note attached a copy of my credit which did show the account still on there. Is that normal? Thanks for all the help
Paying off your Cap1 account will not get it deleted unless you do a PFD - which Cap1 doesn't like to do. I would put the money away or use it to pay down existing balances. Equifax and TU removed all of my inquiries (about 8 on each) when I wrote a nice letter asking them to. I didn't have much luck with Experian.
Questions From Newbie I am looking to buy a car and I recently had 2 out of my seven collections from credit cards taken off. All my collections are from 3-4 years ago. My credit score is about 601. Does anybody know what I need in order to approve for a car loan? I make enough money. Also I keep getting credit card applications in the mail. They are all really tempting and they are all credit repair type cards that have annual fees and one time fees and so on.. should I apply? I don't... normally because I know that inquiries are not good for my credit but if it will improve it then I should open at least one??
Questions From Newbie All my collections are not paid. I'm not even sure I would get approved. Also I don't know how long I should wait before disputing on my own. And I heard that even if I dispute something, it does not mean that it will be deleted from my credit!
