I pit the sad state of U.S. credit reporting, as well as my family (long)

[Li_l_Pluck]

@featherlou

Here in Canada, I was led to believe every time you query your credit report, it slightly reduces your credit score - for example, every time you apply for some credit of any kind or every time you find out what your credit score is. Is that not the same in the U.S.? Or is just such a small hit that you don’t need to worry about it?

I don’t know how it works in Canada, but my understanding is that, here in the U.S., inquiring about your own credit report won’t hurt you. You will, however, hurt your score if you apply for credit too often in a relatively short period of time. I don’t know how big of a hit this is, but the danger with multiple applications for credit is that potential creditors, seeing several attempts at getting credit in too short of a timeframe, will interpret it as desperation on your part, and an indication that you’re not fiscally prudent.

[Projammer]

@Li'l Pluck

Well, I don’t think there’s anything to correct, as I don’t think your IRS payments would be reportable under the circumstances. I don’t know anything about the inner workings of the IRS, but (a) I don’t think your taxes count as consumer debt, and (b) it doesn’t sound as if you declared bankruptcy (which *would * show up on your credit reports). Also, if you’re paying on your '06 taxes, ISTM that you asked for a payment arrangement in pretty quick order instead of dragging things out until you were in danger of being declared a tax deadbeat (and I don’t know if the IRS reports even deadbeats to the credit bureaus).

I’ve had payment plans with the IRS a couple of times, and it never once occurred to me that they might report something like that the Big 3.

I can’t say for sure about the IRS, but the state once listed me as being $36,000 delinquent on a business I had open for about 6 months that never turned anywhere near that in income. Seems that when I closed it down someone didn’t punch the right key on the computer and they kept “estimating” my taxes for me since I wasn’t filing them. I got straightened out with the state when they sent a collection notice, but it never occurred to me to check my credit report. A quick dispute with the agencies resolved that as well.

[straykat23]

I now have to pay a lawyer to change the deed…

The law may be different from state to state, but I was able to add my daughter’s name to my deed by going through the escrow agent that did the final paperwork for my home purchase. There was no charge for this and it was accomplished rather easily. Please check into it!

[tremorviolet]

@Li'l Pluck

I don’t know how it works in Canada, but my understanding is that, here in the U.S., inquiring about your own credit report won’t hurt you. You will, however, hurt your score if you apply for credit too often in a relatively short period of time. I don’t know how big of a hit this is, but the danger with multiple applications for credit is that potential creditors, seeing several attempts at getting credit in too short of a timeframe, will interpret it as desperation on your part, and an indication that you’re not fiscally prudent.

I think Canada might use the FICO scoring model as well but I’m not sure. Anyway, here’s an example I posted in another thread:

Here’s a recent example from my credit report. I checked it yesterday 'cause this thread made me realize I hadn’t in a long while. The only new recent activity is a Discover card I recently opened. I had an inquiry on two out of three credit bureaus. Experian stayed the same, Transunion dropped 13 points, and Equifax (with no inquiry) rose 12 points. Fortunately for me, I’ve gotten my score high enough that a 13 point drop isn’t a huge deal but that’s the result of one new credit card. If I were borderline on the scores necessary for a mortgage or a car loan, that drop would push me down into a higher interest rate.

There are two types in inquiries: “soft” and “hard”. A hard inquiry must be approved by the consumer, gives the company your full credit report, and dings you. That’s what dropped my score above, a hard inquiry from a credit card company. My Transunion score dropped 13 points with one inquiry and you can see how those add up quickly. A soft inquiry is an unsolicited check as to the general state of your credit. They don’t count against your score and I don’t think very much info is given. Checking your score yourself does not ding you at all.

[Cat_Whisperer]

Thanks, tremorviolet and Li’l Pluck - I think that’s cleared up my confusion. I was afraid to check my own credit for fear of damaging it. (I think it’s excellent, but who wants to ding their own credit? And totally off topic, but I think we’ve just discovered another euphemism for masturbating! )

[THespos]

@AuntiePam

I sympathize, but with all that’s at stake – getting your credit in good shape, etc. – did you ever consider just paying the $130? I know, it’d be like rewarding the collection agency for ineptitude, but you’d reach your goal more quickly.

I would do this in about half a second, if I thought it would help.

Paying it off would simply get me a black mark that would last seven years or so. Plus, I think it’s equivalent to an admission of guilt. And that’s to say nothing of the tactics used by collection agencies. They don’t care whose credit they fuck up in their ham-handed attempts to collect. I don’t wish to encourage them.

[Shelf_stable_at_room_temperatu]

The thing I hate most about those credit reports is you correct them and then the errors reappear.
Mine showed several “aliases”, which caused one employer not to hire me.
When I checked, they had simply put in goofy middle names on several accounts.
Like the presidents on Mount Rushmore, I don’t have a middle name, but I know from experience that fools like the car dealer will still write something in that blank, like None or a “dash” that the next fool interprets as an L etc.
So I complained and they were removed from the report, but reappeared the next month when the loans posted another payment.