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Inquiries?

Established Member

Re: Inquiries?

Okay, so this is weird.  Maybe something in the background changed that wasn't part of the alert or something, but an inquiry showed on my report for today (that was the only thing reported) and the score went up by 6 points!  FTW???
Message 11 of 29
Moderator Emeritus

Re: Inquiries?



Brammy wrote:
Basically as far as the CAs knowing when you apply for new credit, they are either basically soft pulling your file every month or three and when they see new activity they go for you. That or they have a trigger set up which some do to be notified whenever there is a new application for credit.


It happens all the time with credit card but usually those triggers are alerts for when a credit score falls below or rises above a certain number so that they can offer better rates or rate jack you. The universal default clause in many CC T&Cs operate on a trigger of any new derogs being reported that info is sent immediately to your card company.


The CRAs are not working in conjunction with the crediotors beyond what the creditor has paid for.


HTH





Sorry to disagree with a mod.
BUT
http://www.experian.com/products/collection_triggers.html

Experian launched a product in January called "Collection Triggers"
Message 12 of 29
Moderator Emeritus

Re: Inquiries?

Also
http://www.experian.com/esolutions/pdf/CollectionAdvantage_ProductSheet.pdf
Message 13 of 29
Moderator Emeritus

Re: Inquiries?



Timothy wrote:


Brammy wrote:
Basically as far as the CAs knowing when you apply for new credit, they are either basically soft pulling your file every month or three and when they see new activity they go for you. That or they have a trigger set up which some do to be notified whenever there is a new application for credit.


It happens all the time with credit card but usually those triggers are alerts for when a credit score falls below or rises above a certain number so that they can offer better rates or rate jack you. The universal default clause in many CC T&Cs operate on a trigger of any new derogs being reported that info is sent immediately to your card company.


The CRAs are not working in conjunction with the crediotors beyond what the creditor has paid for.


HTH





Sorry to disagree with a mod.
BUT
http://www.experian.com/products/collection_triggers.html

Experian launched a product in January called "Collection Triggers"

Hi Timothy! Brammy is nice so don't worry if you disagree with her or even me ( neither of us are all knowing), not so sure about the other two silverbacks, TNWM and Tuscani.Smiley Very Happy


Message Edited by fused111 on 08-17-2007 07:15 PM
Message 14 of 29
Senior Contributor

Re: Inquiries?



Brammy wrote:
 
The CRAs are not working in conjunction with the crediotors beyond what the creditor has paid for.


Horsefeathers! The CRAs are engaged in collections because there ain't a danged thing about skip tracing that was one wit to do with reporting.
 
 
Message 15 of 29
Senior Contributor

Re: Inquiries?



phillippbo wrote:

The date on the letter the creditor sent me was 07/26/07, so they definitely haven't exhausted the initial 30 days. I have sent the validation request letter, but do they have to wait the first 30 days before they can report it, or can they just pretty much do whatever the heck they want?



 
Message 16 of 29
Established Member

Re: Inquiries?

Well, poo. I just love the age we live in where, even in the guise of assisting consumers, nearly everything is still geared towards big business. Oh, well, I guess I should take solice in the fact that it isn't 1977 and I at least have *some* recourse...

Smiley Sad
Message 17 of 29
Moderator Emeritus

Re: Inquiries?



Timothy wrote:


Brammy wrote:
Basically as far as the CAs knowing when you apply for new credit, they are either basically soft pulling your file every month or three and when they see new activity they go for you. That or they have a trigger set up which some do to be notified whenever there is a new application for credit.


It happens all the time with credit card but usually those triggers are alerts for when a credit score falls below or rises above a certain number so that they can offer better rates or rate jack you. The universal default clause in many CC T&Cs operate on a trigger of any new derogs being reported that info is sent immediately to your card company.


The CRAs are not working in conjunction with the crediotors beyond what the creditor has paid for.


HTH





Sorry to disagree with a mod.
BUT
http://www.experian.com/products/collection_triggers.html

Experian launched a product in January called "Collection Triggers"

I think we are talking about the same thing. Those are the triggers I'm talking about and the product that are sold to various creditor.  Its not that the 'Bureaus are working in conjunction with the creditors'.  The creditor is the mainstay of the financial backbone of any agency.  Consumers only recently had acces, for free or fee based to this info . Sorry didn't make that clearer.  The collectors pay for triggers on certain customers acounts. Anyone you have done business with has access to your credit profile through triggers or soft pulls as long as they pay for it.
 
Thanks for the direct links.  I have GOT to learn better english


Just to clarify, a collection agency falls into the category of creditor oncethe account is sold becuase you owe them money.

Message Edited by Brammy on 08-18-2007 10:21 AM
Message 18 of 29
Moderator Emeritus

Re: Inquiries?



Noah_Bodie wrote:


Brammy wrote:
 
The CRAs are not working in conjunction with the crediotors beyond what the creditor has paid for.


Horsefeathers! The CRAs are engaged in collections because there ain't a danged thing about skip tracing that was one wit to do with reporting.
 
 


Ok it is not skip tracing. Used to work that before I got into the IT side.  Skiptracing is a bunch of people sitting in a room looking up your last info in online databases, calling your relatives and the neighbors closest to your last known address.
 
Once an account is sold good or bad the new account owner becomes the creditor.  A creditor can soft you or set up triggers due to PP for any customer. As I said it is nothing beyond what they have PAID for. Depending on the triggers requested the creditor gets a report which they are entitled o if you owe them money.  We pay for services like scorewatch.  Same sort of trigger. 'Send me an alert when my score goes up by X number of points so I can start house shopping'  On a creditors end or collector in this case, 'Send me a report when, address info is updated, credit score goes up, new inquiry hits reports......' and on and on ad nauseum.


Message Edited by Brammy on 08-18-2007 10:38 AM
Message 19 of 29
Moderator Emeritus

Re: Inquiries?

On a side note, do you think these agencies are not entitled to this info? I wish I could set up alerts for a few people who owe me money.  The problem is not trying to figure out how they know where you are, your financial activity...etc. but getting the debts either settled, paid or removed.  If they never find you, the info will remain on your credit profile for the amount of time legislated or if you are successfully found, you may be sued, garnished, etc...  The purpose if not to avoid until you're clear, but to deal with it.
 
Debt will follow you. Period.


Message Edited by Brammy on 08-18-2007 10:36 AM
Message 20 of 29