New Member
mwcreditexp
Posts: 5
Registered: ‎02-09-2013
Re: Credit Agencies Overhaul

I know there are free options out there such as Credit Sesame and Credit Karma.  There is not one for Equifax that I have found yet.

 

To your point about risk.  There is this system called E-Oscar it is an electronic system that reports data and removes data from all four credit agencies.  Let's say if you apply for a credit card and you are approved.  That account could be reported to your credit bureaus in minutes they same exact way an inquiry is.  If you go to purchase a house that is a totally different set of circumstances.  Maybe if you look at buying a car and you decided to go with Ford Motor Credit the Finance manager is going to tell Ford that you have taken there approval in ADP/Dealer Trac.  Furthermore, have you ever looked at an actual copy of your Credit?  Soft pulls are still listed but not shown publicly.  This is how all inquires should be treated.  It should not effect your credit ratting when talking to multiple financial institutions to gain a better interest rate.  

 

Please explain the imposed risk to any financial institution if the system worked like this.