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Discussion Starter #1
The other day I decided to find out my credit score. I signed up on equifax, recieved my wifes and my own score. We have completely different finance situations, but somehow have the same exact score.

My situation, lots of debt, 1 missed payment in 6 years.
Her situation, very little debt, lots of missed payments in 6 years.
I understand it is possible that the 2 situations could balance out, but was not really what I expected.

Needless to say my score wasnt that great, but for some reason banks continue to try and stuff debt down my throat. (until recently when the new credit laws came out).

Are these scores a coincidence or did i just pay $50 for useless information?

I think people should be entitled to know there credit score for free. Maybe it would help some people realize where they really are and encourage them to get back on track.
 

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The other day I decided to find out my credit score. I signed up on equifax, recieved my wifes and my own score. We have completely different finance situations, but somehow have the same exact score.

My situation, lots of debt, 1 missed payment in 6 years.
30% of your score is calculated by how much you owe

Brian123 said:
Her situation, very little debt, lots of missed payments in 6 years.
35% of the score is base on payment history.

Brian123 said:
I understand it is possible that the 2 situations could balance out, but was not really what I expected.
Well considering you both have 30-35% of your scores being dragged down, it sounds about right that they are equal.

Brian123 said:
Needless to say my score wasnt that great, but for some reason banks continue to try and stuff debt down my throat. (until recently when the new credit laws came out).
You are responsible for (using your words) "stuffing debt down your throat" , not the bank. In the past, you could tell the bank and CC companies to stop the auto limit increases. You can also lower your credit limit in the past and still can.

Brian123 said:
Are these scores a coincidence or did i just pay $50 for useless information?
It's no coincidence but knowing your score and being educated about credit is smart and responsible. People generally get a free credit report (no score) about once per year, just to make sure everything is correct and fair.

Brian123 said:
I think people should be entitled to know there credit score for free.
So do I, but I'm frugal or cheap, depending who you ask.

Brian123 said:
Maybe it would help some people realize where they really are and encourage them to get back on track.
I doubt it. I don't have faith that a lot of people can manage their own money properly, with or without a credit report.
 

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I think people should be entitled to know there credit score for free. Maybe it would help some people realize where they really are and encourage them to get back on track.
You are entitled to this information for free. You have to fill out a form, send it in, and they will mail you the results in a few weeks, both Equifax and Transunion will do this.

With both companies, if you ask for it immediately (i.e. online), then you have to pay for it.
 

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You are entitled to this information for free. You have to fill out a form, send it in, and they will mail you the results in a few weeks, both Equifax and Transunion will do this.
I believe you are entitled to a free report, not a free score.
If you want the score, you have to pay.

Do you have a link or reference on how to get the report and the score for free?
 

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A lender that you are close with can do a 'bureau' (?term?) on you and explain what is shown and cause for concern etc. When you apply for a credit card or other loans, they do look at your credit history and decide based on that. Too many lenders looking you up shows someone who is looking for credit all over the place, a bad sign. A log is kept for each inquiry. I believe that you have to give permission for a lender to do this so be mindful of that.

The Bay was offering a crazy deal if you signed up for their card. Also I had scratched a 40% off thing and decided to buy several large items that I had previously decided to buy regardless. I was turned down for a card! I was pissed and looked into it and discovered that my dad (same name) had some of his information on my record! Since i was pretty young and a student, two mortgages were naturally seen as more debt than I should have. It is a good idea to get a report (if not the score) from time to time for any inaccuracies.

Can anyone elaborate, confirm or correct the first paragraph?
 

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It is a good idea to get a report (if not the score) from time to time for any inaccuracies.
While I agree with your statement, my understanding is that correcting those inaccuracies is a huge PITA, as you have to call around, 1-800 numbers, call is important to us, voice mail, on hold music etc. Anyone here with any experience trying to correct things on a credit report?
 

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DavidJD said:
Can anyone elaborate, confirm or correct the first paragraph?
Sure:

A lender that you are close with can do a 'bureau' (?term?) on you and explain what is shown and cause for concern etc.
Yes you can ask for advice, when applying for credit. For example, I asked Scotia the other day, what they want to see, when applying for a new mortgage. He said "we don't like to see borrowed money being used for the down payment." If the person is nice enough, I'm sure they can give you advice. "Don't have too much available credit when applying for a mortgage. Pay your bills on time, Etc. "

Back when I applied for a mortgage, I asked the person to tell me my credit score of their computer screen. They so no, they are not allowed. The information is for their purposes only.


DavidJD said:
When you apply for a credit card or other loans, they do look at your credit history and decide based on that. Too many lenders looking you up shows someone who is looking for credit all over the place, a bad sign. A log is kept for each inquiry. I believe that you have to give permission for a lender to do this so be mindful of that.
Try to not have more than 3-5 "hard" credit hits per year or the FICO system and underwriter could view you as a desperate credit seeker.

Yes, for hard hits, they have to ask for your permission. If you are an existing or current client, they do soft hits, without your permission.
 

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While I agree with your statement, my understanding is that correcting those inaccuracies is a huge PITA, as you have to call around, 1-800 numbers, call is important to us, voice mail, on hold music etc. Anyone here with any experience trying to correct things on a credit report?
Once upon a time I was with CIBC, ( :eek: ) and I had two issues:

1. Someone stole my identity
2. CIBC reported 3 default hits to Equifax, by mistake.. ( oops CIBC :mad: )

The branch manager contacted Equifax and reversed everything. The only thing I did was pay out my loan and close my business with them, after everything was fixed.
 

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I did this a couple of years ago, and there were a few errors as well, I sent back the corrections, Equifax followed up, and sent me a new report with the corrections made.

It took a several weeks, but it was free.
 

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Discussion Starter #10
I also noticed on the report that some of the accounts were only reviewed for several months (accounts that were 2 or 3 years old). I thought everything was suppose to date back 6 years.

Anyone have any explanation for this?
 
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