Opt out question

[Anonymous]

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@Katheryne88 wrote:
Norman - you're my hero and I have a lot of respect for you in this board, but p-lease elaborate.. You're confusing me lol

So, being opdted in CAN in fact help ghost CA's (which isn't my concern at all) appear out of the woodworks and ruin your process, but the fact that being opted out is the best option is a myth?

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No, it can't.

I'm simply saying that being opted out (or opted in) does not effect the ability of ghost debtors to pop up. RobertEG explained the opting in/out process - it really has nothing to do with soft pulls and debt collectors by definition are excluded from those that can get those opt in lists.

[Anonymous]

I understand your suspiscion - a lot of people have it. I'm just saying that its unfounded. There is a very REAL and documented mechanism that allows these 'ghost debtors' to pop up at the very worst moment - its called the "collection score", or in Experians language, "The Priority Score":
http://www.experian.com/consumer-information/debt-collections-strategies.html

Opting out does not effect the ability of the CRA's to do this, not one tiny bit.

[Katheryne88]

Man did I hate reading the "optimize your chances of - getting money from people-"

[Anonymous]

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@Katheryne88 wrote:
Man did I hate reading the "optimize your chances of - getting money from people-"

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Yeah, its pretty disgusting this racket that the CRA's have built for themselves. They charge for the CA's and OC to report the data, then they charge the OC and CA's for the data, then they charge the consumer just to see their OWN data. Nowhere in their business model have they actually PAID for any of the data they sell.

SMH.

[RobertEG]

There is always one sure-fire way to prevent a debt collector from making ANY inquries.

Pay the debt, thus removing their continued permisible purpose of collecting on a debt of the consumer.

Until then, the debt colector is conducting their legitimate business.

[Anonymous]

Thanks NormanFH!

It never occurred to me to look under the 'business section' tabs in EXperian or the others.

Gee whiz, wow, those guys are really good at data mining.  Now I really feel like I am not alone anywhere.

I read about ways EX helps businesses collect on debts.  The one titled 'Delinquincy Notification Services' offers that EX will send out letters using their letterhead, on your behalf (as a business), to encourage a business to pay their debts faster.  I know that doesnt apply to me as a consumer, but it shows they use lots of ways to use their data (and clout) to enhance profits for the CRB.  I'll be devoting some reading time to those areas for a little while now.

You're right, my suspicions are unfounded about CAs fabricating debts, but I still only buy gum from that one side of the street.

[Katheryne88]

Regardless of weather the "ghost debt" are legit or not. I truly don't believe that 100% of all the people who have being a victim of them have intentionally not paid their debt.

People miss out on stuff all the time. I for instance had a Paypal credit line that I completely forgot I owed $40 to since 2010, when I was naive about credit and thought they'd automatically debt the account I had linked to my paypal.
Because 1- they never sent me a letter , 2 they never reported me to collections.. I only realized what I owed because I opened a tab on my paypal account I had never looked at. So I immediately called them and they took my payment.

Had they come out of the darkness to ruin my mortgage application I'd be justifiably upset because I definitely didn't pay them because I didn't feel like it.

[XxRaVeNxX1]

After being gone since 2012 and rebuilding my credit.

I find it upsetting that I've been opted out for no reason the past four years....

Every rebuilding credit advice starts out with...'make sure you opt out'