I'm a banker; and those free credit scores are bogus you know

[Capn Sunshine]

While they are a form of credit rating, they vary wildly from the actual "official" score we use in the banking system. But it annoys me no end to see those ads in MSN and everywhere.

ask me anything.

[toddzilla]

1. is it illegal to charge money to cash a check drawn from the same bank?

i ran into this a few months ago.. i think it was US bank. wanted to charge me ten bucks to cash my check drawn on their bank. grocery store wouldn't cash it as it was over the limit, and due to a bankruptcy in progress i couldn't use my own credit union.

[Capn Sunshine]

4. service charges are legal

but totally suck. what annoys me more is Wells Fargos new idea -"mim Fees" a buck here, .50 there ;they get more this way than charging 7.95 a month

[SOteric]

2. However,

One can get 1 (one) free copy of one's credit report from each of the three major credit-reporting agecies once per year. -And that's not bogus.

[Capn Sunshine]

3. yes, and I recommend you do

you'd be amazed how much time we spend cleaning bad info off those darn things

[SOteric]

5. Nope, not amazed.

My stunning lack of amazement has a great deal to do with how it is I know that.

*sigh*

[Capn Sunshine]

6. I hope you've resolved that.

It can be extremely frustrating to the max.

PM Me if you need help or have a question...:)

[liberalhistorian]

12. Oh, believe me, I don't doubt that for a second!

I recently discovered that two credit cards that I had paid off IN FULL to the tune of a couple thousand bucks EACH over TWO YEARS AGO were BOTH still listed as unpaid collections! In fact, one was even listed as a "profit and loss writeup!" And this was the company that was hounding me day and night for payment when I was unemployed, and who were so quick to put it on my credit. GGRRRRRRR, I cannot describe just how angry I was to see that! And one collection agency had not reported TWO separate medical bills that I had paid over FOUR YEARS AGO as paid in full!!! GGGGRRRRRRRRR!!!!!!

[Capn Sunshine]

24. If possible get a copy of that erroneous reporting

the law stipulates that if you are denied credit a letter must be generated explaining why within 30 days. This letter in turn can be submitted to the credit agencies to receive your report , the REAL one.Free. Note the adresses and phone numbers above.

[terrya]

7. Stupid question, please forgive me, but....

I see those ads saying that you can repair your credit. Some companies charge money. Some don't.

Do those plans actually work?

Like I said, it's a dumb question.

[Capn Sunshine]

10. some do , most don't

Its an intricate process, involving continual updating to counter the "looping" that the agencies do. "Looping" means every 90 -180 days they run an old program and anything that is not one one ( or just removed from one) agency gets put back on.

So you have to make surethese guys aren't fly by night dudes. IF you have a relationship with any brokers in Real estate or mortgage industry, or have a personal relationship with a banker, ask them for a recommendation. Usually they know the good guys from the bad.

[Snow]

8. You're a banker, Cap'n?

The things one doesn't find out at wild DU parties.....

[Capn Sunshine]

11. I thought I mentioned that

in between Hornitos shots Snow. remember I had a long conversation with DavidZephr I think about hedgeing capital and oil futures and Elliot Wave theory? Maybe by the time I got to your end of the table I was talked out.

[Snow]

17. *chuckle* Is _that_ what you were talking about?

no wonder it didn't make sense. here I thought it was those el coyote double margaritas.......

[Capn Sunshine]

22. Hey Snow, got a link to those pics?

I can't find them no matter how I frame my search.

[Snow]

31. No, I don't, sorrry - and I tried some searches that should've

worked too - maybe it's gone? We should PM Booberdawg.

[Capn Sunshine]

9. btw the addresses of the three agencies

EFX EQUIFAX INFORMATION SVCS [phone]
P.O. BOX 740243, ATLANTA, GA 30374

XPN EXPERIAN INFORMATION SVCS [phone]
P.O. BOX 2002, ALLEN, TX 75013-3742


TUC TRANS UNION INFORMATION SVCS [phone]
P.O. BOX 1000, CHESTER, PA 19022
---------------------------------------------------------------------

[bleedingheart]

23. Thanks for the reminder...I have been meaning to do this

hubby and I have good credit but it doesn't hurt to make sure all is in order...

[liberalhistorian]

13. Why are medical bills even allowed on credit reports?

And is it true, as I've been told by some credit unions and banks, that negative info involving medical bills isn't given the same weight as other info like credit card payments, mortgages, etc.? That would seem to me to be only fair, why should someone lose their house, etc., because they or a family member had the nerve to become ill? And why are the medical collectors the most ruthless and vicious and hounding of all of them?

[Capn Sunshine]

18. You can't lose your house to medical bills

unless they get a judgement and you go completelly unrepresented in court. Like any other form of "credit" medical bills report to credit agencies.

YES, many institutions look the other way when considering home loans but you are still on the hook for the bill.

Due to this "relaxed" status of medical bills, they employ the most aggresive agencies they can find.

It is this situation that bankruptcy laws are written for, and to protect your house, if you have significant bills that exceed your ability to repay, and do not want to spend the equity in your home as it is the only asset you own, you should contact a bankruptcy attorney.

[YNGW]

25. Banker here too

Good Questions.

>Why are medical bills even allowed on credit reports?

A potential lender is entitled to know your payment history in order to judge your risk. Your ability to pay your bills on time, including your medical bills, show your ability to budget.

>And is it true, as I've been told by some credit unions and banks, that negative info involving medical bills isn't given the same weight as other info like credit card payments, mortgages, etc.?

Secondary lenders, many times, will not consider medical collections. However, Fannie Mae and Freddie Mac do.

>That would seem to me to be only fair, why should someone lose their house, etc., because they or a family member had the nerve to become ill?

I've never heard of anyone losing their home over unpaid medical bills. But, unpaid bills could prevent you from obtaining a more favorable interest rate or could lower the lenders willingness to provide for you the maximum amount of Loan-To-Value (LTV).

[SoCalDem]

14. I have a life insurance check for $15k sitting on my kitchen counter

What should I do with it.. Interest rates are so sucky.. I wish I had let AmEx keep it.. They kept pestering me to file my claim..(My mother died Sept2002, and I just never got around to filing the claim)..

They actually paid me almost $700 extra on interest..

[Capn Sunshine]

20. I'm afarid I can't advise you directly on investing

its a violation of my charter.

However if I found myself with a significant chunk of money at this juncture I think I'd keep it in the bank in a CD until a democrat is in the White House because until then it's just too volatile out there and the arena seems even more rife with thieves than ever.

Start reading the stock market thread in LBN here every day.

[Capn Sunshine]

21. I'm afarid I can't advise you directly on investing

its a violation of my charter.

However if I found myself with a significant chunk of money at this juncture I think I'd keep it in the bank in a CD until a democrat is in the White House because until then it's just too volatile out there and the arena seems even more rife with thieves than ever.

Start reading the stock market thread in LBN here every day.

[YNGW]

26. answer

CD's aren't paying anything. You might as well keep it in checking if you're going to go the CD route. I would suggest a proven Mutual Fund.

[Capn Sunshine]

27. sadly you can lose capital in a mutual fund

a CD is a guarantee that you wont.

[YNGW]

28. Nothings Perfect

I just like the long term return of the stock market over current CD rates. You gotta go with what you feel comfortable with, that's a certainty.

Capn Sunshine: Noticed you're in Thousand Oaks. Got a friend who a rep for Aames out there, which I believe is in your area.

[Capn Sunshine]

29. Yeah, I can't argue your logic

just IMO I would sit tight until the Bush based coming meltdown is over.

Better to get in at the bottom :)

I am aware of Aames but that's all; they are c-d paper guys right?

[YNGW]

30. reply

Yeah, Aames will do 'A' paper, but they'll rape you for it. They're mainly B-C-D paper. My buddy was with a company called "Quality Mortage" who then branched off and became "One Stop Mortgage" before Aames bought them out. You know how these holding companies are.

Good thread. So many people don't know about how their credit report can get botched up, and what a hassle it is to try and correct it later.

The only other suggestion I would make to the readers of this thread is if you are going to acquire a credit report, make sure you get what is called a "tri-merge" report. It essentially combines all 3 reporting agencies into one report, because just because Equifax shows you with 0x30 on your mortgage, TRW may have 1x30, and then you're fighting the red tape.

Also, always pay your mortgage, credit card bills, and any rent or lease payments by check. If there are any questions about your payment history, your check can be your saving grace. You can document checks. You can't document cash. Any goober can go down to Wal-Mart and buy a receipt book and make out receipts, therefore lenders won't take them.

[camero]

15. yep

And every time you get one of them to check your credit, your score goes down.

[LTR]

16. Not entirely true

I've been told that checking your own score does not count against your credit score. At least not on Equifax. I went through this this summer when trying to get a house loan and clean up some ancient black marks.

Same with pre-approval notices from credit card companies, car dealers, etc.

If you actually apply for any of these, or a loan or line of credit, etc., this will be a hit on your score.

BTW: If you have any kind of negative stuff on your credit report, contact the collection agencies directly. If you owe any money, chances are they will settle with you for as low as pennies on the dollar. Also get in writing that they will forward the updated information to any agencies they report to. I had some credit issues years ago, and cleaned them up quite easily.

This site is a great resource for information:

http://www.debtwizards.com/

[Capn Sunshine]

19. Debtwizards is a great site

. It is important to remember when applying for credit that every "inquiry" lowers your score (albeit temporarily) by 3-5 points.

This may be important as there are no-exception "cutoffs" with certain programs, and if you are borderline, you might dq yourself with too many inquiries. So dont give permission when "shopping" for them to pull your credit, except to one guy.