jhize Posted January 31, 2008 Report Share Posted January 31, 2008 1) If a company pulls your credit report, is it in the same format as a report that you can request yourself? Specifically, are judgements and delinquent accounts on the report they pull?2) If this company is a credit monitor, are their reports the same as the one you would receive? Doesn't this create a "hard inquiry" on your report?3) If your credit report was pulled my an authorized agent (Power of Attorney), are the reports the same then? Wouldn't this generate a "soft inquiry"?4) Are their significant risks of Identity theft by companies that pull your report? Is this isk lessened by use of a POA? Link to comment Share on other sites More sharing options...
willingtocope Posted January 31, 2008 Report Share Posted January 31, 2008 1) If a company pulls your credit report, is it in the same format as a report that you can request yourself? Specifically, are judgements and delinquent accounts on the report they pull?No, its not in the same format you see...but, yes they do see all the derogs.2) If this company is a credit monitor, are their reports the same as the one you would receive? Doesn't this create a "hard inquiry" on your report?Are you referring to things like "True Credit"? If so, then, no, again, not in the same format you see. And, no, no inquiry.3) If your credit report was pulled my an authorized agent (Power of Attorney), are the reports the same then? Wouldn't this generate a "soft inquiry"?A PofA sees the same stuff you do...and yes, its a soft pull.4) Are their significant risks of Identity theft by companies that pull your report? Is this isk lessened by use of a POA?Anytime anyone pulls your reports there is a chance they'll do something nasty with it. And, no, a POA doesn't prevent that. Link to comment Share on other sites More sharing options...
jhize Posted January 31, 2008 Author Report Share Posted January 31, 2008 Thank you.Just to recap and ask one further question (for now).Companies can pull your credit report, they can see the derogs but it is not in the same format as the report you would receive.Both Credit Monitors and POA generate only "soft pulls"; while a company running your credit would generate a "hard pull (Inquiry)"Only a POA sees the same report you do. My question then is this, on the report I request, I receive the following fields for each derog. Do "hard pulls" contain the same information?Collection Agency NameCollection Account NumberCollection Agency AddressLoan TypeRemarksDate Placed for CollectionEstimated Removal DateBalance, Date UpdatedOriginal AmountOriginal CreditorPast DuePay StatusAccount TypeResponsibilityDate Closed Link to comment Share on other sites More sharing options...
willingtocope Posted January 31, 2008 Report Share Posted January 31, 2008 I'm not clear on just what it is you're worried about, but, the way things work is...When you (or someone pretending to be you with a POA) pulls your credit reports, you get to see the data formatted as a "consumer" report. All the information is there, it just may be divided into categories that they think would make sense to a consumer.When a creditor or collector pulls your reports, they get the data formatted in a way that makes sense for their business...mortgage brokers format is a little different than junk debt buyer format...etc. But, all the information is there.If you or one of your creditors gets the report from one of the "3-in-1" services or from the "tri-merge" services...the format will be completely different. And, in this case, SOME of the data shown may be incomplete or out of date. For example, getting all 3 reports from one CRA almost certainly gurantees that the other two are out of date.The FCRA (see the link at the top?) does stipulate that all the data shown on your reports must be accurate. It doesn't stipulate that everyone must report. There are also guideline regarding inquiries, but, it doesn stipulate that all inquiries must be shown...that's where the urban myth about "bumpage" comes from...the reports you get to see only show a certain number of inquiries, whereas the law says that ALL inquiries must be kept on file for two years. Link to comment Share on other sites More sharing options...
jhize Posted January 31, 2008 Author Report Share Posted January 31, 2008 Thanks again and no worries at all.I am considering starting a business but I believe it is off-topic here and I don't spam. The purpose of my previous questions are to identify the best method to collect derog info for my clients, specifically the fields listed above.Sure they could do it themselves, I just want to see what my options are. At this point, I'm looking at something similiar to a Credit Monitor model. Link to comment Share on other sites More sharing options...
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