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     | Wednesday, December 15, 1999 - 12:12 pm  I applied for a credit card yesterday and got approved. So why am I so upset? Simple. They pulled my credit report from Experian not from Equifax. Not that I have anything against Experian. I kind of like them, in fact. My Experian credit is moderately good/acceptable. Unfortunately it also has 18 inquiries (now 19) in the past two years and (now) 6 in the past 12. I had applied for credit with this company before and gotten turned down due to the information on my Equifax report. I have my Equifax report and it's now flawless. Only one inquiry. High credit available and low balances. Never late. I don't really have as long a length of credit history as I'd like, but there's little I can do about that. I even asked the person I was applying with which credit reporting agency they would query and she said, "We usually use Equifax and if we can't find anything there, we go to Experian." This is not the only whammy. The inquiry code on the company shows FF -- consumer finance. Just what I always wanted, a consumer finance account. Shouldn't they have to disclose that they're a consumer finance account and might have a negative impact on my credit report?
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| | Thursday, December 16, 1999 - 12:52 pm And another thing....I financed a car in July, and they shotgunned me (three inquiries)...no problem, right? Because Fair Isaac has said for a couple of years that the scoring stuff takes into account the multiple inquires generated by mortgage and auto loan. Not to worry, they say, because the FICO only counts them as "one" inquiry. That might work, except for one little thing: the inquiries are sent through by the lendors as "unspecified purpose". Even FORD MOTOR CREDIT did it that way! I called Experian and yelled at them, but they said it happens almost all the time. Well, I didn't believe that so I checked some old reports (had financed another care a year prior to this one), and sure enough, they were for unspecified purpose. So, how can FICO lump them together if they are not coded as AUTO related?!?!?! This sucks. And, here is another thing, concerning the Finance Companies hit: After working feverishly for 2 years, I've finally got my credit in good shape (chins up, out there, folks, if you will just stick with it, you CAN make things a LOT better! I'm living proof...and this site has been a MAJOR source of help!). Anyway, My T/U is the best looking one, and due to that, GE Capital (A major front-line finance arm of GE) offered me a $20K UNSECURED loan (11.5%) for credit card consolidation, which I took instead of going for an equity loan on the house (which would have been 12.5 %). The GE folks said that the offers only went to the top 5% of FICO scores (wow, was that good to hear). So here's the thing: My TU showed so well that I got this loan, and NOW, because GE is considered a finance company, I suppose I'm going to have a "ding" due to FICO having a bad "view" of finance companies. All this sh*t just does NOT add up.
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| | Saturday, December 18, 1999 - 05:16 pm You're absolutely right. I've had mortgage inquiries show up on my credit report as though they were a credit check in response to a request to have utilities turned on at my house. Wouldn't Experian update the inquiries to all show for the purpose of a real estate loan?
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| | Tuesday, December 28, 1999 - 05:06 pm Is there any way to update the classifications of the inquiries to make the reports more accurate?
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| | Tuesday, December 28, 1999 - 07:38 pm I tried and was confronted by the classic finger pointing by the CRA's and potential lender. The CRA says it is up to the inquirer to update their "purpose", and the inquirer says that the CRA has to do it. On top of that, Experian says they don't dispute inquiries, which is a load of horse puckey, as I did so a few months prior and they deleted a bad inquiry. The supervisor I spoke to adamantly denied that they EVER did that, even in the face of my offer to fax them the update they sent me. It's just one more maddening thing that these bastards do, apparently for no reason other than to create more frustration for us.
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| | Wednesday, December 29, 1999 - 03:33 am Tip for dealing with Experian on the hard ones -- ask for the "experts group." They know what they're doing. And yes, Experian reclassified an inquiry for me away from consumer-initiated to promotional. Inquiries can be corrected and should -- they have potentially damaging effects on your credit profile, especially when inquiries are shotgunned onto your profile during purchasing cars, etc.
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| | Thursday, December 30, 1999 - 03:56 am Well, Sean, you applied for a credit account and they can pull from whomever they want, it's totally legit. I'm not surprised your Experian account has the most inquiries. Most creditors pull from Experian, they are the "granddaddy" of all CRA, seem to be the favorite (for whatever reason) of most creditors. You can't dictate from whom they will pull your report. It would be nice, but oh well.
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| | Thursday, December 30, 1999 - 04:27 am Experian is esteemed to be the most accurate credit reporting agency for my zipcode. But when I called up and applied over the phone I specifically asked the person who was handling my order what credit reporting agency they used and she said they use Equifax and that the only reason they wouldn't use Equifax would be if Equifax had no information on me. I relied on that information to be materially accurate. I was deceived. Additionally I had applied for them in the past and they had queried my Equifax profile. It's just not fair that no one will check my Equifax profile to determine my creditworthiness.
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| | Thursday, December 30, 1999 - 06:42 pm Sean, You're sarcastic again, right?
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| | Friday, December 31, 1999 - 03:14 am No, I'm not being sarcastic at all. The person disclosed to me that they would be accessing my Equifax credit report and they didn't. I believe that their action was deception resulting in injury to [me]. As such it is fraud.
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