Credit Check Facts

Question by 1st year: Are those credit "watching" agencies worth it?
I opened a new credit card and they have a credit watching program that they monitor my credit and all that and let me know if something goes on with it. $ 50,000 in fraud insurance for $ 13 a month. is this worth it or are their better deals out there?

Best answer:

Answer by Reena
You are getting insurance for something that is covered.

Read the fine print on your CC agreement. What are the steps you need to take when you find fraudulent charges on your statement?
Immediately contact the CC company and dispute the charge.
You are not liable if you do it in a timely manner...

What do you need this insurance for?
They give you $ 50,000 in fraud insurance when the most they would have to cover is your credit card's limit? Can you spend 50K on your credit card? No? Neither can the thief that is using your card....

Under what circumstances would you be paid $ 50,000? Ask them that question...

P.S. Letting you know that something is going on with it... Nice.. and then what? You will have to call the CC company and report it, right?
You would have done that anyway as soon as you opened the bill and saw charges that aren't yours.
And you are paying $ 13 a month, billed to your credit card, for that service?

Not worth it.... the fraud protection is built-in in every credit card agreement... by law.

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Question by ceharris81: Has anyone used those "credit repair" agencies?
I just want to no if they work and has anyone tried them. My fiance jus spent 600 dollars to get a collections off his credit report so we can buy a house. I think its a scam and a waste of money but he doesnt. Am I wrong ?

Best answer:

Answer by CatDad
You can't pay anyone to remove accurate negative info......don't waste your money.

It is virtually impossible to have a charged-off credit card account deleted from your credit reports because even if the collection agency removes the item from your credit report, the original credit card company will still continue to report the charge-off for the 7 years and you'll be stuck with bad credit after all the effort.

You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. with a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this....all they want is your money and their commission and they could not care less about your credit rating....Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:

I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.
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Again, they are not going to want to do this...if they simply refuse to remove it, then you want to negotiate that they will update your credit report to "Paid in Full.” . You DO NOT want them to put “settled” on your credit report, as that’s a negative factor.....If they refuse to remove the item from your credit report, then be sure to get the lowest, rock bottom settlement you can get...like 25%....Remember, get all terms IN WRITING PRIOR to paying....not after. Never give debt collectors your checking account numbers for payment.

Give your answer to this question below!

Question by Dave K: Credit Agencies and FICO Score?
Someone clear this up for me. I know there are 3 credit reporting agencies (Experian, Transunion, Equifax) and all 3 agencies have their own credit scores. So when one refers to the "FICO" score, which agency's score is it referring to?

Best answer:

Answer by Reggie
the only bureau that actually works with FICO is equifax. The other two use some other two crappy scoring systems. The ranges are so much different. I go by my FICO because the majority of companies that check your score (not just credit report) will prolly check your FICO score.

Add your own answer in the comments!

Question by ceharris81: Has anyone used those "credit repair" agencies?
I just want to no if they work and has anyone tried them. My fiance jus spent 600 dollars to get a collections off his credit report so we can buy a house. I think its a scam and a waste of money but he doesnt. Am I wrong ?

Best answer:

Answer by CatDad
You can't pay anyone to remove accurate negative info......don't waste your money.

It is virtually impossible to have a charged-off credit card account deleted from your credit reports because even if the collection agency removes the item from your credit report, the original credit card company will still continue to report the charge-off for the 7 years and you'll be stuck with bad credit after all the effort.

You may be able to negotiate the complete removal of non credit card debts like defaulted cell, medical, utility bills etc. with a Pay for Delete agreement. This is a written agreement where you get a signed agreement from the debt collector (PRIOR to making any payment) where they offer to remove the negative items from your credit files after an agreed-to amount is paid. They will NOT want to do this....all they want is your money and their commission and they could not care less about your credit rating....Still, you have something they want (money) and that puts you in a position to negotiate on this issue. Example letter:

I am willing to resolve this issue if your firm sends me a written agreement that you will remove all negative notations from my credit report after the agreed-to amount is paid to you. Upon receipt of this letter I will mail you a USPS money order for this amount.
----------------------------------
Again, they are not going to want to do this...if they simply refuse to remove it, then you want to negotiate that they will update your credit report to "Paid in Full.” . You DO NOT want them to put “settled” on your credit report, as that’s a negative factor.....If they refuse to remove the item from your credit report, then be sure to get the lowest, rock bottom settlement you can get...like 25%....Remember, get all terms IN WRITING PRIOR to paying....not after. Never give debt collectors your checking account numbers for payment.

What do you think? Answer below!

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Question by Dave K: Credit Agencies and FICO Score?
Someone clear this up for me. I know there are 3 credit reporting agencies (Experian, Transunion, Equifax) and all 3 agencies have their own credit scores. So when one refers to the "FICO" score, which agency's score is it referring to?

Best answer:

Answer by Reggie
the only bureau that actually works with FICO is equifax. The other two use some other two crappy scoring systems. The ranges are so much different. I go by my FICO because the majority of companies that check your score (not just credit report) will prolly check your FICO score.

Know better? Leave your own answer in the comments!

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