Credit Repair News and Discussion

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Wednesday, April 12, 2006

FW: Your April TrueCredit Newsletter

A letter that I received from TransUnion Canada
Read more at Canadian Money

Hello, valued member!

Now more than ever, we make a conscious effort to protect our privacy. But
how tightly can we close the curtains on our credit? This month, we'll peer
into the mystery of credit inquiries.
Interested in an audio adaptation of Credit Care Monthly?

Why being "pre-approved" isn't all it's cracked up to be

Congratulations! You've been pre-approved! You probably get credit card
mailings with this message. Eventhough "pre-approved" may sound good, don't
fall for it.

Be cautious about replying to credit card offers in the mail. The number of
times you respond could negatively affect your credit score. This is because
your response may result in a hard inquiry.

Your credit horoscope

Aries and Taurus:

Your inquisitive nature will lead you to uncover the truth about who has
been checking your credit. The answer may surprise you!

True Stories

Bob knows credit.
"I recommend TrueCredit to use as a partner. And I always like to refer to
it as a partner in improving, not repairing, but improving your credit score
and getting your credit report healthy again."

Click here to watch Bob's �TrueStory� Credit inquiries: When does your
private information go public?

All of us have certain things we don't want others to
see. For me, it's my eighth grade yearbook picture...the video of my karaoke
debut...all the junk under my bed...and the personal information in my
credit report.

While we can keep most of our private stuff private, your credit report is
the one thing some outside parties have permission to access.

When someone requests a copy of your credit report, it's called a credit
inquiry. But exactly who can look at your credit report? And, how do these
inquiries affect your credit score?

Here's looking at you, kid
To keep any Joe Schmo from getting their hands on your report, the Federal
Fair Credit Reporting Act (FCRA) restricts access to your credit
information. Generally, only businesses and parties with "permissible
purpose" can view your credit report. Examples of permissible purpose
include accessing a credit report for a credit application, the underwriting
of insurance, in connection with determining eligibility for a license or
government benefit, or for a business transaction initiated by a consumer.

In other words, anyone with a legitimate business need can gain access to
your credit history. This includes creditors, lenders, insurers, and
landlords who need to review your credit as a part of an application
process. Employers and potential employers can also request your report, but
only with your permission. Anyone who obtains a copy of your report under
false pretenses can be fined substantially and jailed for up to two years.

Of course, you have every right to know who is looking at your credit
report. There's a section on your credit report that lists everyone who
accessed your report in the last two years.

Once you know who is looking at your report, you may start wondering how
these inquiries affect your credit score.

Hard vs. soft inquires: what's the difference?
There are two types of inquiries: hard and soft. When you apply for a
mortgage, car loan or other credit, a lender is authorized to request your
credit report. This is a hard inquiry, and this type of inquiry can impact
your credit score.

When businesses do a credit check to offer you pre-approved offers of credit
or insurance it is a soft inquiry, which does not affect your score. Soft
inquiries may also be generated under other circumstances, such as when a
utility company or a company you already have an account with looks at your
report. Requesting your own report from a company like TrueCredit is also a
soft inquiry.

Let's get back to hard inquiries. These play a part in your credit score
because you initiate the inquiry. If there's a long list of applications for
credit cards on your report, you may look credit hungry in the eyes of
lenders. This could make you a higher risk, so your credit score may drop.

The story is a little different when it comes to secured loans. Looking for
a mortgage or car loan may cause several lenders to request your credit
report, even though you're only after one loan. Because of this, multiple
auto or mortgage inquiries in a two to three week period may count as just
one inquiry depending upon the creditor�and could have little impact on your
credit score.

Do you know who should look at your credit report the most? You. By ordering
your 3-in-1 Credit Report a few times a year, you can make sure it's
accurate. And remember, any time you request your report from a company like
TrueCredit it's a soft inquiry, so your score is not affected.
If you're still in a quandary when it comes to credit inquiries, visit the
Credit Learning Center.

Dear Audrey,

Over the past few months, we have discovered that various accounts have been
opened in my mother's name. Only after an account that she currently has
(and has had for approximately 14 years) raised her interest rate did we
find this out.

Approximately, one year ago my mother relocated to another state and it
seems that quite a few of these accounts were opened after her move.

Peggy T.
Milwaukee, Wis.

Dear Peggy,

Two things could have happened: Your mother may be the victim of identity
theft, or there is simply a mix up with someone with the same name.

The first thing she'll need to do is get the facts. She should get her
3-in-1 Credit Report and go through it with a fine-toothed comb. If she
finds inaccurate or fraudulent information on her credit report, she should
start by contacting her creditors to see if they can correct the error. If
the creditor does not resolve the inaccuracy, or if the account is
fraudulent, your mother can then contact the credit bureaus that have
reported the data. If the data is inaccurate she can file a formal dispute
to have it removed; or, if she deems that it is a case of identity theft,
she can request a fraud alert to be added to her credit reports.

If the accounts are fraudulent, she should also ask her creditors for
cancellations on any fraudulent activity. Your mother can also visit the
Federal Trade Commission online to file a complaint and an identity theft
affidavit. This will not only help your mother as she resolves fraudulent
accounts with creditors, but it will also help the government track identity
theft trends.

Lastly, she should sign up for a credit monitoring service. That way, if
anything changes on her credit report, your mother will be notified

Until next month,

Audrey O'Dell Newsletter Editor
Read more here

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  • At 8:22 AM, April 12, 2006, Anonymous Transunion customer said…

    I have had a few dealings with TransUnion Canada. It's nice to see that they're putting out a newsletter.

    They haven't been the friendliest company to work with though. They are VERY legalistic.

  • At 3:01 PM, December 10, 2007, Blogger Jennie Senlol said…

    I used the credit repair specialists at and now my credit score is 785.


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