ndbilly

Concernimg Bumping

Recommended Posts

SPOILER ALERT: There will be people who jump into this that claim that I somehow have something to gain by what I'm about to say. If someone could tell me how I could possible make money off this, I'd be glad to listen.

Now...

Bumping is an "urban myth". The "credit monitoring" sites...all of them...specifically state in their Terms and Conditions of Use that the reports you see online or order through their web site do not conform to the FCRA. This is because the FCRA specifically states that ALL hard inquiries stay available on your reports for at least two years. Anyone who pays for a complete report gets to see the last years worth of hard inquiries...anyone who pays for an employment report gets to see the last two years worth of hard inquiries.

Anyone who is going to grant you credit (as opposed to mortgage brokers who only want you to pay them money for a "service") will spend the money to get an actual FCRA compliant report...with the appropriate hard inquiries listed.

Therefore, if you are spending your money on a credit monitoring site with the intent of doing daily pulls to bump hard inquiries off your reports...save your money. If you're using the credit monitoring site to watch for identity theft, or to get notified when someone else pulls your reports...you may be spending your money wisely, depending upon your particular circumstances.

Share this post


Link to post
Share on other sites

That bumping stuff doesn't actually work does it? Even if it did, I would think that using the money to pay down a credit card would improve your credit score much more.

Share this post


Link to post
Share on other sites
That bumping stuff doesn't actually work does it?
The problem is that it appears to work under a variety of circumstances. First, since the online reports are not FCRA compliant, the CRAs are free to let the data they send you "time out". You only get a partial list of the inquiries on your reports. Second, many people lose track of the timing of things. They bump their reports and thing fall off...because they've reached the 1 year time limit, not because of the bumps.

The CRAs like people spending money on their credit monitoring services. If they can somehow allow the bumpage myth to encourage people to keep doing that, they'll design their systems to foster this misconception.

After all, why would anybody spend $10,20,or 30 bucks a month on to simply monitor their reports when they can accomplish the same thing for free through www.annualcreditreport.com (e.g., get a free report, dispute an item, get another copy of the freebie).

Share this post


Link to post
Share on other sites
The actual reports I have do show that hard INQs get *B* away.
Actual hard copy reports ordered by calling the CRAs directly or formal request in writing sent to the special address? And the hard INQs are within one year of the date on the report? And, there is no disclaimer on the reports saying "non FCRA compliant"?

If so, you have an FCRA case against the CRAs for providing you with an incomplete report...

Share this post


Link to post
Share on other sites
Actual hard copy reports ordered by calling the CRAs directly or formal request in writing sent to the special address? And the hard INQs are within one year of the date on the report? And, there is no disclaimer on the reports saying "non FCRA compliant"?

If so, you have an FCRA case against the CRAs for providing you with an incomplete report...

Yeah, I'm so gonna sue over them loosing INQs.

:roll:

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.