Credit Reports
Question: Um, I was watching the “Internet Cafe” on PBS (it’s a half hour show about different companies/websites) and they did a segment on Qspace.com where you can order a copy of your credit report. Looks like they will sell you a report for $7.95 for the short version and $29.95 for the complete version (from three credit bureaus). My question is this–aren’t the credit bureaus who keep information on you supposed to give you one free report every year upon request? And if so, does anyone know where to write to? Just wanting to save $29.95 . . .
Answer: [[But don't denials of credit add a negative to your report?] [Yes, but they don't carry nearly the weight of a charge-off or late-pay. If your report is full of bad credit, a denial will be the least of your worries. And if the bad credit is erroneous, you should be able to get the denial removed along with the errors.]
I suspect that changes in the credit-application process are making denials less of a negative. It’s gotten almost too easy to apply for credit, what with all these instant-approval online offers. With the application process made so easy, it’s likely that many people will make long-shot applications just to see what happens. As a result, there might be more denials than before. Certainly this has happened with inquiries; lenders are more forgiving of people with many inquiries on their credit reports, knowing how easy it is to apply.
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Filed under: Bad Credit Loan
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