....or at least I am. Just checked TU, and had never paid any attention to the Account Review inquiry Section before. ( They are softs so it does not really matter) Well I have had account reviews since 8/2001 by Juniper, MBNA, Fleet, and BofA. (Next Card dropped out) Even more supprising is that two Mortgage Co's that I have never been late on pmts, and have only a few years to pay off Why would Mortgage Co's be checking. This is really making me paranoid, why are they watching me so close. I don't even have balances and haven't had for about a year. They can't raise my interest if my score drops because I don't have a balance....are the looking to drop me? .....and why the Mtg. Co's....they can't do any thing if my score drops...only if I default. Citi and Sears has also checked but not every mos. This is only the nd time in a year I have checked Trans Union, and didn't catch it before. Going to check EQ. & EXP. which I check regularly, and don't recall near this may inquirys. Are they checking everbody or just certain accounts...do they know something I don't know???
These are lean times for lenders, so they are looking for any reason at all to be able to raise your rates or charge fees. (I really can't speak for mortgages, I'm sorry). Creditors put little things in your contract that say they can periodically review your credit, and can raise your interest if you are late on other tradelines. These clauses have been in there for a while, but profit-starved companies have begun looking much closer than ever before.
My credit is checked all the time by my exisiting creditors. It does make you wonder but they do have the right to do so. It's the former (closed acct) creditors that get me as they have no right to be reviewing me anymore. George has said that Walmart checks him all the time. And yes, I too, believe that the companies are just looking for a reason to raise the interest rates/lower limits. --But who knows? Maybe they really want to offer CL increases?
....hmm...offer CL increases....well I hadn't thought of that.....maybe....I guess I need to think more positive. Still looking for a reason that the Mtg. Co's would be checking.
The mtg companies are probably trying to get a picture of your overall financial health. If you're paid off, they may want to offer you a new product.
You might want to check out this FTC opinion letter regarding AR's on closed-end credit transactions (such as mortgages.) If your mtg isn't paid off (and if it is, that's a whole 'nother ball of wax) then they generally don't have PP to do an A/R on you, because they most mtg contracts don't allow for the terms to be changed. Anyway, here's the link .... http://www.ftc.gov/os/statutes/fcra/gowen.htm
It just dawned on me, MBNa and BofA raised my CL when I asked. Fleet and Sears did it w/o asking, Citi refused and I got a hard inquiry from them, and I didn't ask Juniper because they said it would take a week and I figured I would get another hard I.
MandyB Neither Mortgage company has offices in Texas which now means they can't re-finance or mortgage properties in Texas. I found this out when I tried to re-finance. So again its hard to see why they have any interest in my credit. Bumpage? Great if it works but from reading about it on the board my impression is that it dosen't work any more. (Maybe only from EQ)
WAALIEN Since it's a soft I don't really care if they check it since it can't hurt me. I just can not figure out why they would be doing it. As I said in a previous post, they can't refinance or mortgage properties in Texas w/o an office in Texas. They have neither.
Breeze; That is a good reason, so simple, why didn't I think of it since these accounts have been sold a number of times through the years. Looks like no one wants me.
Hmmm.... well I just got my credit reports for the first time this month. I do notice that soft pulls by CC issuers do correspond to times that they raised the limits and then sent me a letter with a check saying 'congrats... use this check...' blah blah. I also notice the mortage company doing something at least every four months. Is this really illegal? I need all the amo I can get for my upcoming fights with them about bad servicing. I also see ATT and Checkfree as a soft (not a name and address only), hmmm... what could that be about? I do not have ATT on my lines these days. If this is illegal , I have them on at least two things now, failure to mark it disputed (I think this is one), and doing credit report pulls. Could be good leverage to just get them to fix the account to reflect what it should to say if they don't I will open up other suits.
but profit-starved companies have begun looking much closer than ever before. chmod444 According to Butches' post on the rule of 72 and my information they are any thing but starved! Profit Starving is just a smoke screen!
