How do you stop credit card companys from running your credit to offer card

Discussion in 'Sneaky Pete's Place' started by Qualitywires.com, Mar 11, 2005.

  1. Qualitywires.com

    Qualitywires.com Enthusiast

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    Is there a number to call or a way to stop credit inquires on your credit? This is pretty annoying that these companies can do this kind of stuff and then your hits on your report shoot through the roof! Help!
     
  2. Bonkers

    Bonkers Viper Owner

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    Nothing. The big three finance ruining your life by selling your info. It's not supposed to have a negative impact on your credit. I've heard of people writing and asking them to stop, but I don't personally know of anyone who accomplished it.

    Just think, if you get enough inquires your car insurance will go up... tell me thats not a scam...
     
  3. Eddie N

    Eddie N Enthusiast

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    No one can run your credit without permissible purpose, if they do they are breaking a federal law. Auto loans, mortgages, credit applications at a department store or bank, etc, all fall under permissible purpose as long as you authorize the inquiries (fill out an application).

    Also, if you have a credit card with Capital One (or anyone else), they can legally check your credit on a regular basis as long as your account is open. If your credit starts to tank, they will want to up your interest rate, if your credit gets better, they may want to offer you an auto loan.

    The good news is that the inquiries that I described in the second paragraph are whats called "soft" inquiries and they don't hurt your credit. Its the equivalent of checking your own credit. As long as you have an open account with a financial institution, they can check your credit as often as they would like, but it doesn't hurt your score.

    The only ones that hurt are the initial inquiries for new lines of credit. Also, collection agencies that are assigned a delinquent account can also run your credit at their will. This hurts your score, but if you have collections on your reports the last thing you should be worried about is inquiries.

    "(B) in the case of liability of a natural person for obtaining a consumer report under false pretenses or knowingly without a permissible purpose, actual damages sustained by the consumer as a result of the failure or $1,000, whichever is greater;"

    Here is the rest of the copy:

    http://www.ftc.gov/os/statutes/fcra.htm#616


    And don't listen to Bonkers. On more than one occasion he has been spreading misinformation regarding credit. He’s clueless.

    Eddie
     
  4. Bonkers

    Bonkers Viper Owner

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    You know what eddie, I'm going to spend about $50,000 over the next five years suing transunion and equifax so unless your CEO of either or some secretary of FTC you can kiss my yotony... Reading FTC website does not make you knowledgable in the field...
     
  5. carguy07

    carguy07 Viper Owner

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    A few inquiries here and there will have little to no effect on your scores. Pay your bills on time, keep your balances low with respect to the max line amount and your scores will be high. Blow off bills, get a few 30's, a 60, a few collections and your scores will suck. Simple as that.
     
  6. Eddie N

    Eddie N Enthusiast

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    Don't get mad because I busted knowledge on your ass...... again.

    Eddie
     

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