Credit Questions & Answers
Why do we need credit reporting?
Credit reporting is needed because it provides the information that helps consumers make
purchases, secure loans, pay for college educations, and manage their personal finances.
Credit reporting makes it possible for stores to accept your checks, banks to offer credit
and debit cards, businesses to market products, and corporations to better manage their
operations to benefit the world's economy.
What is a credit inquiry?
An "inquiry" is a listing of the name of a credit grantor, or authorized user
who has accessed your credit file. Each inquiry is posted to the credit file so you know
who has obtained a copy of it. Credit grantors post an inquiry before offering you a
pre-approval credit card application. These are listed as "promotional"
inquiries on your credit file because only your name and address were accessed, not your
credit history information. They are NOT sent to credit grantors or
businesses for reasons of credit reporting. They are listed for your informational
purposes only.
How does divorce affect consumer credit?
A divorce decree does not supersede the original contract with the creditor, and does not
release you from legal responsibility on any accounts. You must contact each creditor
individually and seek their legal binding release of your obligation. Only after that
release can your credit history be updated accordingly.
Should I use one of those companies that promise to help correct my credit?
It's your choice. However, beware of companies that promise to remove accurate information
from your credit file. Accurate information cannot be removed from a credit file. There is
nothing they can do for you that you cannot do for yourself by
contacting the credit reporting agencies directly. Only time will heal a delinquent credit
history. |
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