Credit report, can it do harm?
Printed From: CanadaStudentDebt.ca
Category: Immediate Attention and Info!
Forum Name: Credit Bureau and Reporting Issues
Forum Description: Find answers to Credit Bureau Issues Here
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=6289
Printed Date: 26/March/2026 at 10:42pm
Software Version: Web Wiz Forums 12.07 - https://www.webwizforums.com
Topic: Credit report, can it do harm?
Posted By: cakebaker
Subject: Credit report, can it do harm?
Date Posted: 23/November/2011 at 4:31pm
|
Hey there, I am not sure if this has been asked before or yet, if so I couldn't find it! I am thinking of getting a credit report, I have some unpaid debt but it has been over 5-6 years and have never done a report I just want to know what my score and what is there and not there so I have an idea where to start. Can it do harm if I do a report and will it make me a target to the collection agencies? Thanks Any help will be appreciated. |
Replies:
Posted By: SolveStudentDebt
Date Posted: 24/November/2011 at 5:18am
|
If you run your won report it is not going to trip off any consumer credit seeking alerts for collection agencies. If you apply for credit, that will prompt certaincollection agencies to single you out and call you to inquire as to why you are seeking credit - and even use it that information againtt you in worse ways. . ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: cakebaker
Date Posted: 24/November/2011 at 4:07pm
|
Can I ask you how would I run my own credit check? Essentially, I cannot get any credit without paying my old debts right? Right now I dont see being able to pay my debts off until I am done school and make more money do you think a lot of people are on this route? |
Posted By: SolveStudentDebt
Date Posted: 25/November/2011 at 11:36am
|
You call the bureau and ask them to send you one in the mail.
------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: cakebaker
Date Posted: 25/November/2011 at 11:41am
|
May I ask you what the bureau name is? Thanks |
Posted By: administrator
Date Posted: 26/November/2011 at 3:47pm
|
Bureau is Equifax http://www.equifax.ca ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |
Posted By: purpleplatypus
Date Posted: 21/January/2012 at 8:35am
|
There are three main credit bureaus that service Canada - Equifax, TransUnion, and Experian. Personally I've only dealt with TU. Each will calculate your rating slightly differently, but should have essentially the same information about you. (Key word, should. Errors are surprisingly common.) Getting your own credit report is a "soft inquiry" that won't show up on the report or hurt you in any other way. When you're asking someone for credit, they do a "hard inquiry" (this can only happen with your permission), and too many of those can actually worsen your credit rating. If you are going to trigger several hard inquiries, say by shopping around for a loan, try to do it over as short a time period as possible - the credit agencies know people do this and their formulas allow for it, so several inquiries over a period of say two to three weeks, should hurt you only as much as if there'd been only one such inquiry. In terms of making you a target, getting your own credit report won't do that either. New hard inquiries might. |
Posted By: Madmorrigan
Date Posted: 23/January/2012 at 2:05pm
|
FYI...if a credit grantor has EVER had permission to do a hard inquiry, they may continue to do so in perpetuity. I get hit about once a year from a very old collection agency on a debt long since buried. And paying off a bunch of stuff at once will temporarily LOWER your rating....it will come back up, but it goes down all the same. I order my report once a year...sometimes you have to correct things multiple times before they get it right. |
Posted By: purpleplatypus
Date Posted: 30/January/2012 at 8:31am
I'm not an expert on this subject but have been reading up on it a fair bit, and I can't find any reason why this would be true.
|
Madmorrigan wrote:Posted By: administrator
Date Posted: 31/January/2012 at 9:47am
|
Purple, good point..... The reasoning is as follows: If you get laid off and get severance, you get a lump sum payment. Many people use this to pay off their debt. The credit agencies flag this as a major event and may lower your score because they think your risk has gone up. Its done by a computer, not by a human being... so you can see how making big payments that are out of the ordinary, in their logic signify a majpr departure from your regular patterns, indicating higher risk. Hope this explains it... ------------- Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024 |