i got a call telling me they ran a credit report on me and they were telling me what bills i was paying i had a loan over five years ago,with them how can they do this without my permission.
2007-09-19 11:49:38 · 6 answers · asked by grayladygranny 3 in Business & Finance ➔ Credit
Yes, they can check on your credit report. They are doing what is called a "soft pull" of your report. That means they are just checking your report and it will not cost you any points.
Companies do this for one of two reasons:
1- They want to see if you qualify for higher credit limit (based on you paying your other bills on time) or
2- They want to see if they can jack up your APR and or interest rate based on you not paying your other bills on time. The latter is perfectly legal and is known as the Universal Default Law. It states that if you default with your bills with one company, another company can check your report, recognize the lack of payment (or pattern of late payments) and then assess that you are a greater risk to them than when you first signed up for their card. At that point, they can raise your interest rates, APR or both.
So, to answer your question, yes, they can run a report. It will not show as a "hard" inquiry which dings your score...you are the only one who can see it when you pull a consumer report.
2007-09-19 14:24:12 · answer #1 · answered by YSIC 7 · 0⤊ 0⤋
Anyone can run a credit report, even you. Just type "credit report" into any search engine & you will get pages of web sites that will be happy to run a check for you, it only cost a few bucks. These are called "soft" hits, it does not calculate a credit score & makes no changes to your history and no permission is required. This is where those credit card offers you get in the mail get the information from. Don't read anything into it, they were just trying to make a sale.
2007-09-19 12:04:42 · answer #2 · answered by rpf5 7 · 0⤊ 1⤋
Most of the time when you give a company permission to run a credit report the fine print allows them to run future credit reports.
I am a landlord and in my application it states that I am given permission to run a credit report now and in the future as necessary. I have this in there just in case someone tried to leave owing me money. I can periodically run the credit report to see if there is a new address listed for them.
2007-09-19 12:25:28 · answer #3 · answered by Patrick 5 · 1⤊ 0⤋
Why were they pulling your credit? Do you owe them anything? What was the purpose of the phone call? Were they trying to talk you into taking a loan from them?
I suggest sending the company a certified, return receipt, letter asking exactly why they are pulling your credit report and demand they stop. You might even threaten them with the FTC.
2007-09-19 12:00:30 · answer #4 · answered by bdancer222 7 · 0⤊ 1⤋
those mastercard companies do in spite of they desire to do. interior the superb print on the utility which you signed, you probably did supply them permission to drag each time they choose. additionally, be very careful! What the mastercard companies additionally do is see the type you're making use of your available credit with different mastercard companies or being previous due. they attempt to work out while you're having economic problems. as a result, they might additionally improve your fees of interest, besides as shrink your credit limits in keeping with how your habit is with their mastercard or others you will have reporting on your credit checklist. They specially do the credit pulls to ensure which you're no longer in some variety of economic difficulty, and to work out while you're keeping a stable credit and persevering with to be a good credit possibility.
2016-10-19 03:34:20 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you are continuing to do business with them ,
They can check .
Actually it seems , lots of them check frequently ,
But if you did not initiate it ,
Then it will not be in inquiry ding on your FICO .
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2007-09-19 11:53:35 · answer #6 · answered by kate 7 · 0⤊ 1⤋