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Credit bureaus

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Santiago
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Subject: Credit bureaus
 
 Posted on Thu Aug 28, 2008 8:19 am  
How can the credit bureaus disclose our information to the creditors without our authorization? Is it not illegal
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 507



12662 Magic Points
 
 Posted on Thu Aug 28, 2008 8:28 am  
The three credit bureaus were established with the objective to provide information to the creditors about the the borrowers. They however do not disclose confidential information like your credit card number, your social security number to the creditors. They only give them information about your payment history and the amount of credit you presently owe to different creditors.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
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Mary

Mary

Joined: 06 Jul 2006
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Posts: 349



9261 Magic Points
 
 Posted on Thu Aug 28, 2008 8:44 am  
Hi Santiago
Yes, Anthony is right. The CRAs give information to the creditors of the borrowers payment history so that the creditors can judge whether the borrower is efficient enough to repay the loan or in other words to judge the borrowers creditworthiness. Now as per the FCRA rules, the creditor can make inquiry about the borrower only if the borrower has given him authorization to do so. But if the creditor makes a inquiry without proper authorization, it can easily be removed from the credit report.
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 444



11493 Magic Points
 
 Posted on Thu Aug 28, 2008 9:56 am  
The creditors may pull up your credit report without your authorization and so it may get listed in your report as hard inquiry. Each hard inquiry may lower your credit score by as much as 5 points and so whenever you find a hard inquiry listing which has not been authorized by you, try to remove the listing. For this you need to send letters to the inquirers asking them to remove the inquiry or verify your authorization. If they cannot verify your authorization, they simply delete the listing from your report.
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Justin
 
fireyone



Joined: 26 Feb 2008
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Posts: 2977



4361 Magic Points
 
 Posted on Thu Aug 28, 2008 12:55 pm  
So you can see there is protection for the consumer out there. Without the personal info it isn't really illegal and what can a person expect. If I were lending money I would want to know the persons credit history to be sure I wasn't making a bad judgement. Sometimes things seem unfair but we have to look back and see why these things were put there to begin with.
 
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