topic Re: effect of credit report 'locking' on periodic reviews by banks/lenders in General Credit Topics

effect of credit report 'locking' on periodic reviews by banks/lenders

Anonymous — Sat, 30 Jan 2010 19:42:48 GMT

Sorry if this question has been answered before, i did a search but I couldn't find specifically what I was looking for...

I recently had what appeared from research to be some scam corporation put a collection on my credit report. The dispute process has since resolved/deleted this, but unfortunately not in time to prevent further damage to my report. One bank happened to have done a 'periodic review' of my credit (not sure if the timing was coincidence or not?..) and drastically reduced my card limit, resulting in an even further drop in my score since it altered my credit/debt ratio by a lot. Then a LOC from my primary bank was dropped because of negative effect of THAT, which of course changes the score even more (probably not by much, it was a very low limit LOC the bank set up for me for things like emergency bill paying etc)

Anyway, to get to my question- I only now found out the ability to instantly lock/unlock your transunion (and others?) credit report, and how it stops institutions from pulling your report. I'm wondering what effect this has when a bank decides to do a periodic review of your credit score/report for purposes like those mentioned above. Might they see a locked report, consider it potentially negative, and just lower a limit or close a card altogether because they can't get the information they need? Or could it have saved me the trouble of that domino effect and caused them not to lower my limit because they wouldn't have seen the change?

Any information on how locking ones credit report affects this or other decisions would be extremely helpful and appreciated! (And for the record, I do know the basics about how it would affect applying for NEW credit/loans etc, I'm more interested in the potential effects on existing accounts.

Thanks

Re: effect of credit report 'locking' on periodic reviews by banks/lenders

haulingthescoreup — Sat, 30 Jan 2010 21:59:38 GMT

You can't freeze your reports against pulls by existing creditors, as far as I am aware.

I would pull fresh copies of your reports and get on the phone with all the creditors who took AA (adverse action) against you due to the false collection and ask them to reconsider their decision. Since they based their decision on incorrect info, they ought to have the courtesy to give things another look. I'd start with the first one and then follow the trail of falling dominoes.

eta: to clarify, existing creditors can soft your reports to see how well you're handling credit, both with them and with others.

Message Edited by haulingthescoreup on 01-30-2010 01:59 PM

Re: effect of credit report 'locking' on periodic reviews by banks/lenders

Anonymous — Sat, 30 Jan 2010 20:31:37 GMT

oh, I didn't realize you were posting in here too, I repeated some of this info in the other thread where you replied to me about the FICO scores... Thanks for the advice though, I will give it a shot

Re: effect of credit report 'locking' on periodic reviews by banks/lenders

haulingthescoreup — Sat, 30 Jan 2010 21:58:44 GMT

No prob --I'm getting a bit cross-eyed in fact. I thought your name looked familiar!