Ok, I've been preparing the TU lawsuit all day today. I've gone over so much stuff in detail it's crazy... In looking at the inquiries section, I saw something that I've never realized before. Look at your own TU reports. On your TU report, inquiries are divided into 3 sections. Section 1: what we call hard inquiries (plus TU consumer disclosures). Section 2: READ the explanation!!! "The companies listed below received your name, address and other limites information about you so they could make a FIRM OFFER OF CREDIT or insurance. They did not receive your full credit report, and these inquiries are NOT SEEN BY ANYONE BUT YOU." Section 3: Catch the difference "The companies listed below obtained information from your consumer report for the purpose of an account review or other business transaction with you. These inquiries are not displayed to anyone but you and WILL NOT AFFECT ANY CREDITOR'S DECISION OR SCORE." Hmmmm. Section 2 won't be SEEN by anyone but you. Section 3 includes WILL NOT AFFECT ANY CREDITOR'S DECISION OR SCORE. Let's face it. In the cra world of least effort expended... there is a reason for the 3 different sections with differing explanations of how they affect us and OUR SCORES. Section 2 does affect the score. Section 3 doesn't. It makes sense and it's right in front of our eyes...
It sounds as though opting out may be worth it in order to preserve score. This scares me as being in the Chicago area TU seems to be pulled the most. Most of my inquiries are TU inquiries whether promo or not.
Marie, You are so right. Section two obtains the "header" information. Have you ever obtained a consumerinfo or identityguard report? On those the "header" information is the NUMBERS! Number of lates, number of open accounts, blah, blah, blah. They may be including the NUMBER of total section 1 AND section two inquiries, perhaps broken down by class but still... Another "disclosure" problem we seem to have here. No one wants to tell us what "header" information is pulled into creditors databases. I recently had an experience which made me question those instant approvals. I had an application which I was denied for. I knew what my report looked like backwards and forwards and so I challenged the denial. What was determined was that the number of open and/or closed accounts was not pulled in correctly. How was this determined? Well, the creditor had to pull ANOTHER report to look at it with a human eye. Why did they have to pull another report (and a different type, at that)??? Because what they pulled the first time was a NUMBERS report which only the computer can decipher and approve/deny based on those numbers. To override, a complete report had to be manually looked at by a human. To those who would ask, how many hard inquiries now show for this one approval the answer is TWO.
Mist those who would ask, how many hard inquiries now show for this one approval the answer is TWO. --------------------------------------------------------------------------------------------- HOW MANY CITIBANK INQUIRIES DOES IT TAKE TO BE DENIED...TWO!!!!!!!!!!!
