How to Remove Unauthorized Inquires from Your Credit Report

How to Remove Unauthorized Inquires from Your Credit Report As a consumer, you have a right to ask the credit reporting agencies to delete unauthorized inquiries. Inquiries may have a negative effect on your credit score especially if there a lot of them. An unrecognized inquiry may also indicate your a victim of identity theft. CreditCards.com has published an article that explains the details. In reviewing your inquiries on your credit report, you should first determine if the inquiry is a result of a prescreened inquiry. Lenders are allowed to view your credit report without your permission so long as...

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CFPB to Begin Regulating Credit Bureaus

On September 30, 2012, the Consumer Financial Protection Bureau (CFPB) will begin regulating the largest credit reporting agencies. Speaking for the National Consumer Law Center, Ms Chi Chi Wu said, “The fact that the CFPB will oversee the large credit reporting agencies is a game changer” and the CFPB “could potentially improve the economic lives of millions of Americans by improving the accuracy of the system and its responsiveness to consumers.” The three national credit bureaus have credit information on about 200 million Americans. The reports are the basis for consumers’ all-important credit scores. Credit reports and scores have a...

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Credit Reporting Agency Sues Experian and CoreLogic for Monopolization

Today, a Florida-based credit reporting agency filed a class action against Experian, the national consumer credit data repository, and CoreLogic, Inc., the nation’s largest credit report reseller, alleging they violated the antitrust laws. The plaintiff alleges Experian and CoreLogic acted to deny smaller credit agencies access to Experian’s mortgage credit information for tri-merged mortgage credit reports. Banks and investors require such reports to extend credit for home mortgages. The complaint alleges Experian and CoreLogic were partners in the Credco mortgage credit reporting business some years ago when Experian “agreed to eliminate up to 87% of CoreLogic’s rivals” is exchange for...

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Class Action Alleges Experian Illegal Access to Consumer Files

With exceptions, the Fair Credit Reporting Act requires credit reporting agencies to limit access to consumers credit files to persons with whom the consumer has a credit relationship. A credit relationship is one in which the consumer and a creditor agreed the consumer could defer payment. Persons who do not have a credit relationship with the consumer have no right to look at the consumer’s credit files. If a person’s car is towed and stored off the street without his or her consent, the tow company will typically give the owner a notice to pay the tow and storage bills....

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Consumer Financial Protection Bureau Will Regulate Credit Bureaus

The Consumer Financial Protection Bureau will take over the regulatory authority over the credit reporting agency now held by the Federal Trade Commission. This is good news for consumers because the FTC’s record regulating the credit bureaus is mostly too little and too late. In an interview with the Huffington Post, Elizabeth Warren, the newly appointed director of the bureau, said the agency will rely on interaction with the public in order to accomplish its mission. She said the agency will exponentially expand the manpower it has to review the operations of banks and lenders by hearing from consumers and...

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