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Re: Re: Netkat,+you+really+don't+know+ANYTHING+about+credit? (Reply to this comment)
by bayhouse
The dates of late payments SHOULD be on the reports. The dates for collections/chargeoffs are often INCORRECT and seriously hurting consumers.
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Sep 28 '01
1:49 pm PDT
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Re: Netkat,+you+really+don't+know+ANYTHING+about+credit? (Reply to this comment)
by Arthur.Rubin,  in Personal Finance
bayhouse -- do the dates of negative entries still appear in the report? Again, not having any seriously negative items in my report since a disputed charge-off in which the creditor closed the account in 1984 (or was it '74?), and significantly late payments on 2 accounts in the past 10 years (one where the creditor changed the billing address on their own, and one where the check was apparently lost in the mail -- neither of which currently appears in my CR's, if they ever did), I can't confirm or deny.
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Sep 07 '01
6:52 am PDT
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Netkat, you really don't know ANYTHING about credit? (Reply to this comment)
by bayhouse
As I was linking to your review, I noticed one more piece of outrageous misinformation:
"0: Approved, not used, too new to rate
1: Paid as agreed
2: 30+ days past due
3: 60+ days past due
4: 90+ days past due
5: 120+ days past due or in collection
7: Making regular payments under special arrangements
8: Repossession
9: Charged off
Obviously, the higher the number, the worse off your credit rating will be."
No, Netkat. WRONG again. A 30 late payment last month is MUCH worse than a collection that's CORRECTLY dated as having occurred several years ago.
It's the DATES!!!!
And then you wrote:
"Before you ask, I don't know why there is no number 6. :)"
If you had the intelligence to do just a LITTLE more than copy and paste, you wouldn't have to ask this question.
Netkat, I urge you to edit or delete ALL your credit related reviews. I WILL be rating and commenting.
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Aug 28 '01
5:57 pm PDT
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CCCS and your AWFUL Equifax review (Reply to this comment)
by bayhouse
I can't believe I'm reading that you're recommending the CCCS. Well, it's off topic and I want to talk about your Equifax review here, but my documentation (including the scanned credit report) on credit counseling are at http://www.bayhouse.com/credit-counseling.shtml
On to your Equifax review:
"California residents: $8.00
Connecticut residents: $5.00
Maine & Minnesota residents: $3.00"
You're missing a few States.
"• Home phone number"
Why on earth would you recommend that readers who possibly have unpaid collections send their home phone number to Equifax?
"What is on the Equifax Credit Report?
On mine, not much! Compared to the size and information contained on my credit reports from Trans Union and Experian (both coming in at close to 20 pages) my skimpy Equifax report is basically a one pager with very little information."
What makes you think 20 pages is better than one? You don't like trees?
You LIKE to see people confused by 20+ pages of bla bla bla???
Do you think information is missing? WHAT information?
And, what did you do to get Equifax to comply with the FCRA? After all, by law the consumer disclosure has to be complete.
Then you go on to repost a bunch of stuff from the Equifax site. Oh so helpful, why can't we just read that there?
"Now that you have the Credit Report, what are we looking for?"
Do you really think that people are too stupid to figure out to look for late payments and collections?
Why aren't you talking about the re-dating of charge-offs and collections, about creditors literally EXTORTING payments through credit reporting in VIOLATION of the FCRA?
"Something Worth Considering
When a creditor looks at your reports, it's not just current debt they're looking at, but the potential debt that exists as well. So, if you have any accounts you don't really use, you may want to consider closing them."
This is some of the all time WORST advice!
It is next to impossible to have too much ESTABLISHED credit. Many of my clients have literally SEVERAL HUNDRED THOUSAND dollars in available credit, AND 720 + FICO scores. Many NEW accounts will lower credit scores, but I'd have a long hard look at ALL THREE credit reports before ** I ** recommend closing accounts.
Netkat, you do NOT know that one of the most important score factors is the balance/limit ratio?
You do NOT know that closing accounts will reduce your available credit and most likely LOWER the credit scores for people who carry balances?
The worst part is that the people who follow your terrible advice are most likely the ones who already have financial problems, and you're sending them straight to credit hell.
"You can have the Last Word
Even if you can't get that negative item removed from your credit file, you can have a consumer statement attached to your credit file that will be included each and every time your report is accessed by a creditor. Will this do any good? Well, it can't hurt. If you have adverse items on your credit report due to extenuating circumstances, you might as well take advantage of this option."
Unbelievable! How can you recommend that people waste their time on this and risk lowering their credit rating with this consumer statement?
Credit scoring software does NOT read those statements, and neither do 99.99% of creditors.
And yes, there is the potential for having a mortgage underwriter read the excuse for a collection that is NO LONGER on the report! THAT'll help you get approval!
The rest of the review sounds like you're on the Equifax pay roll.
Then you go on to self promotion:
"Rebuild, Re-establish, & Improve Your Credit: sure fire ways from an Industry Insider"
How can you be a Industry Insider and write an Equifax review that mostly contains pastes from their web site?
It looks to me like you get paid by the credit industry to distribute their propaganda and lies.
We've already been through the trust slut and propaganda discussion at BayHouse at http://www.bayhouse.com/discus/messages/4/999.html
I truly regret that it took me so long to get back to Epinions. I simple didn't have the stomach to read and deal with your reviews. I'll definitely try to get back here more often.
Now that I went through your review in detail, I'm re-rating to "NOT helpful" until you update your review to be more factual. And if all you can do is paste the Equifax site, please DO delete those "industry insider" references.
Christine Baker
"The Truth is out there ... just follow the Money!"
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Aug 28 '01
5:10 pm PDT
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Excellent! (Reply to this comment)
by kgrady
Great Epinion! I live in Massachusetts, so I've been requesting credit reports for me and my husband for the past 3 years. We were once rejected for a credit card and it turns out my husband's report had many of his father's credit cards listed (they have the same name). Each year we correct and each year there's something new to correct. You would think the credit agencies would realize that in 1975 no one was issuing credit cards to 10 year olds!
Kathy
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Jun 22 '01
1:39 pm PDT
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Great tips! (Reply to this comment)
by lawrierl
We are building a house and I was interested to find open accounts, duplicate entries and medical collections from when I was under my dad's insurance. None of this caused us any problems getting financed, but it was nice to see what was there and get it remedied. I would recommend everyone take a look at their credit reports. Thanks!
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May 08 '01
9:06 am PDT
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Re: Re:+Close+the+accounts+huh? (Reply to this comment)
by Penguinlady
Amen, sister. I can't count the number of times I've been advised to close out old accounts, because potential creditors get nervous when they see large amounts of unused credit just sitting there, waiting for you to go on a spree.
Whether or not a reader agrees with you is irrelevant, but there is no excuse for either making unsubstantiated and unsupported statements as s/he does, or for being rude and accusatory. This person gives no information to back up his/her accusations, or verification of his/her own authority.
I thought this was an excellent review, and I'll be sure to read more. Thanks!
Margaret
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Apr 10 '01
11:30 am PDT
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Credit Reports (Reply to this comment)
by glomarrone
I sent away for a copy of mine a couple of years back when free ones were offered in NY. I found several credit card accounts still left opened even though I had closed them & notified the companies. Good thing I check because we then later needed a loan and these accounts could have counted against us. Great epinion. It was very thorough.
I plan on stopping by again and reading more of your epinions.
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Feb 12 '01
4:06 pm PST
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this is the first... (Reply to this comment)
by mnehr
...review I will actuall print out and file...
thanks for the plethora of information..
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Feb 06 '01
3:01 pm PST
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Thanks! (Reply to this comment)
by MARIEROY
This was EXTREMELY helpful!
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Feb 02 '01
4:34 am PST
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Info at a Price (Reply to this comment)
by Hard_To_Please
Kat-
I was surprised to receive an unsolicited letter from a mortgage company last week in which they outlined my current mortgage payment info, along with all of my credit card balances. When I called and spoke with the manager, he told me that they bought the info from Experian. It's pretty creepy that all of my info can be sold for the right price!...Mark
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Jan 30 '01
4:56 am PST
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Re: Close the accounts huh? (Reply to this comment)
by netKat
CCCS is there to help people who are at the end of their rope. When faced with the emotional and financial hardships of unmanageable debt, CCCS is a good option and preferable to bankruptcy.
In regards to closing accounts, many people (including me) have had old accounts open that they have forgotten all about and have not used. It's something worth looking into when examining a credit report.
Thanks for your feedback,
Kat
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Jan 29 '01
5:31 pm PST
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Close the accounts huh? (Reply to this comment)
by dtretola
For the most part, I found your review quite informative. Now, I happened to know most of it already, but this doesn't have to deal with my complaint.
My complaint is about your advice regarding old accounts. You state the following:
When a creditor looks at your reports, it's not just current debt they're looking at, but the potential debt that exists as well. So, if you have any accounts you don't really use, you may want to consider closing them. If you do, be sure to tell the creditor you want them listed as "closed at the consumer's request". Having an account listed as "closed by the creditor" can negatively impact your score.
This is not a hard fast rule! It depends on the circumstance, and in most cases you'd be better off NOT closing the account. The problem I have with you posting this information is that you claim to be an expert in the field. Then you go ahead and write information that is mostly true, spread with some falsities. Looking at people's opinions of you on this site, I think it's safe to say people trust you and your credentials. This is abuse of power in my opinion. Another example of the abuse you use:
In a review on how to improve your credit rating you state that going to CCS is a good way to improve your credit rating. WRONG in fact short of bankruptcy, it's the worst thing you can do. People trust what you have to say, and it would be one thing if you didn't claim to be an expert, but you do, and you are spreading lies. This is totally irresponsible.
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Jan 26 '01
3:32 pm PST
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I quit there back in '79 (Reply to this comment)
by Mrsfitts
It sounds like the process to get your report is much simpler now (probably due to the Internet) than it was when I worked there. And yes, even back then, anyone and everyone that subscribed to Equifax was eligible to pull up your credit report -whether you approved it or not -the company requesting paid the fee... Unfortunately then, as well as today you can be denied for simply having too many people check your credit (the hits are logged and number supplied to all that ask)
Great report, Kat.
pam
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Jan 09 '01
8:45 pm PST
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Nice review! (Reply to this comment)
by pipet
A couple of months ago my husband & I went over all our reports, and Equifax was the most detailed in our case (like Jeremy above)... Odd, huh? Anyway, I guess it just shows that you better take a look at all 3 or you could be in for a bad surprise on one of them (we found an error on Trans Union).
Anyway, great info here!
pipet
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Jan 09 '01
9:25 am PST
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Terrific (Reply to this comment)
by Suzer
job, Kat. This will be of benefit to many, many people. Thank you.
Suzi
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Jan 08 '01
6:34 pm PST
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Once again, another superlative review... (Reply to this comment)
by tanster
I have learned so much from reading your reviews! And the info on how to opt out of those unsolicited credit card offers was worth its weight in gold....
:) tanster
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Jan 08 '01
4:17 pm PST
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Hmmm...wonder if "6" is an unlucky number? (Reply to this comment)
by Dr_Steph
Great review, Kat! Lots of good, detailed, and useful information - as usual! :)
Steph
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Jan 07 '01
3:07 pm PST
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Re: Thanks for that (Reply to this comment)
by netKat
You are sure going to have a lot less junk mail now! Thanks for reading! :)
Kat
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Jan 07 '01
1:48 pm PST
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Re: Interesting... (Reply to this comment)
by netKat
Pretty strange, huh? Actually, I did not have all that many hard inquiries on my other two reports either, but none?
I asked around and the general consensus is that less creditors use Equifax, hence less data. This was very evident in my report. I had very few accounts reporting on my Equifax bureau whereas Trans Union and Experian had a lot of information in common.
Kat
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Jan 07 '01
1:44 pm PST
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Interesting... (Reply to this comment)
by control-cancel
You have NO inquiries on your Equifax report?? My Equifax report several times as many inquiries as Experian and Trans Union combined. Almost all of them are promotional, or periodic from existing creditors, but of the accounts I've applied for in the past two years, all but one of them were on Equifax. From my reports, I was led to believe that everyone uses Equifax, a few people use Experian, and no one uses Trans Union.
-Jeremy
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Jan 07 '01
12:47 pm PST
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Thanks for that (Reply to this comment)
by KateTPZ
very comprehensive epinion. Especially for the 888-5-OPTOUT information. I just called and am thrilled at how simple that was.
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Jan 07 '01
12:12 pm PST
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