Regular Contributor
let
Posts: 222
Registered: ‎12-29-2008
Why does a collection agency pull your credit report?
Had a hard pull from RPM? Have no idea why.  Could it be I have a bill/collection that is about to get reported? I'm racking my brain trying to figure out if I have forgotten something.
Established Contributor
gdtobefree
Posts: 536
Registered: ‎01-24-2008
Re: Why does a collection agency pull your credit report?

They do this for one or two reasons.

 

The main reason being that they are doing what is called "fishing", they are checking to see if you are shopping for something BIG such as a mortgage or auto because they KNOW if they threw it on your reports BEFORE you close it will be condtitioned to be paid off before you can close.

 

When this happens they catch unsuspecting consumers by the nads because 1 they know there isn't time for a proper valdiation of the account, 2 you will pay it ASAP so you can close.

 

A JDB pays PENNIES on the dollar for a debt from a creditor and will SUCKER the unsuspecting consumer into paying the FULL amount this making the JDB a profit of 1000%.

 

I would send them an unkown debt letter and head them off at the pass.

 

Do you have any susicion as to WHY or WHAT debt they could have gotten their stinky little hands on?

 

 

New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009
Re: Why does a collection agency pull your credit report?

I didn't even know they could do that.

 

I agree with gdtobefree though - maybe contact them first and see what it is in reference to and if you can deal with it before they report anything - if there is even anything to report...

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
Regular Contributor
let
Posts: 222
Registered: ‎12-29-2008
Re: Why does a collection agency pull your credit report?

thanks for the response..I am a nervous wreck! I just paid sprint $125 yesterday, it was about to go into collections, but I paid before the 30 days, so I don't think it's that one, I have $400 medical bill that I make payments on, but they said as long as I pay them something I was fine. 

 

I am trying to get my EQ (587) to 620 to get us into a home, so I really don't know???  This popped up on my credit check total, but it's not showing on myfico- I just bought my scores today (TU 624) so I am somewhat confused and nervous.

Established Contributor
gdtobefree
Posts: 536
Registered: ‎01-24-2008
Re: Why does a collection agency pull your credit report?

As long as a JDB can prove they hold interest in an account for you they have PP (permissable Purpose) to pull your reports.

 

YES it should be illegal.

 

They also do this to see if you have spotless credit and will add the account to tarnish your reports and scores to make you pay them ASAP as well so you can get your perfect reports back.

 

I wouldn't spit on a CA rep if they were on fire.

Regular Contributor
let
Posts: 222
Registered: ‎12-29-2008
Re: Why does a collection agency pull your credit report?
so should I call them and ask them or send the letter? Is that letter somewhere on myfico?/ TIA
New Contributor
Circe221
Posts: 123
Registered: ‎07-31-2009
Re: Why does a collection agency pull your credit report?

I had to look up JDB in the abbreviations thread...lol

 

So whoever pulled the report must have "interest" in the account? Even if it hasn't been brought to her attention yet???? That s*cks!

 

And yes, it is scary to think that they are "lurking" out there somewhere...

My Credit Rebuilding Journey
8/18/09 - 626 EQ (FICO) 570 TU (FICO)
10/14/09 - 628 EQ (FICO) 563 TU (FICO)
11/10/09 - 631 EQ (FICO) 648 TU (FICO)
1/12/10 - 635 EQ (FICO) 660 TU (FICO)
3/15/10 - 681 EQ (FICO) 684 TU (FICO)
Regular Contributor
let
Posts: 222
Registered: ‎12-29-2008
Re: Why does a collection agency pull your credit report?

Circe221- 

 

Tell me about it! Here I am paying all my bills on time, rebuilding as best as I can and then I get this!!  I thought if I opt'd out they couldn't do this???

Established Contributor
gdtobefree
Posts: 536
Registered: ‎01-24-2008
Re: Why does a collection agency pull your credit report?

this is what they do best, put pressure on you and force you to make them a profit.

They monitor EVERYTHING you do by your credit reports, they get alerted just as you do with a monitoring service.

 

Trust me, head them off at the pass and send them a unknown debt letter.

 

Dear JDB,

I recently obtained a copy of my credit reports and found where you made an inquiry of my credit file, Tell me why you did so or remove your inquiry as you DO NOT have a permissable purpose for doing so.

 

Thank you for your time,

Wiser then you think consumer

Regular Contributor
let
Posts: 222
Registered: ‎12-29-2008
Re: Why does a collection agency pull your credit report?
Thanks gtobefree!! I am  getting started on this right now!