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what agency private or governmental gave the three credit reporting agencies the right to gather and disseminate information to any insurance or bank that calls up for your info which i believe should only be given with your permission.also there system does not make sense to me.

Hi Leonard,

I had a similar problem with Time Warner... It just so happened that I had to go into their office during that period of time to exchange my router for a new router...so I took my problem to them as well, made an issue of it and they not only resolved it but gave me discounted services for a year...Going into their office is time consuming but worth it...Try it!!

Also, don't other organizations use information in your credit report in ways that affect the services you are offered and how you are otherwise treated by them?

Example -- human resources doing background checks when you apply for a job

Do the immigration agents at the airport tap into credit report info?

I have a credit card balance with Bank of America. I would like to transfer my balance there to a credit card issuer that has more social responsibility such as Working Assets, would this effect my credit score for transferring a balance? please explain. thank you

I froze my credit reports after a fraud problem. Can I get my credit reports without paying to unfreeze them just for the report?

When my husband and I were buying our first home, i learned my husband's first wife appeared on my credit report. You see, her first name is the same as mine. Her address and credit were on my report. It took a couple of letters and phone calls, but it was rectified pretty promptly.

I've read that your address actually does affect your credit rating (and insurance rating). Fifth Ave vs. the Bowery. If that's the case, it does make a difference to get inaccurate addresses off your report.

Doesn't getting your credit report NEGATIVELY impact your credit rating?

Does unpaid Healthcare Bills affect your credit? I have heard they do not is this true?

My wife and I are in the midst of playing the balance transfer game. We currently have 7 credit cards, and am about to wipe out 3 of them to a $0 balance. We heard that closing an account is not a good idea for your credit score. Is that true?

the free credit reports you can get from the 3 major credit agencies do not include the credit scores! is that legal? it says i need to pay in order to get the scores. please clarify this. thanks.

QUESTION FROM STUDENT:

Should I use govt student loan to pay off $6000 in credit card debt?

I am in the middle of refinancing my mortgage. The lender told me my credit score was above 800. I heard you said dept store credit cards hurt my credit score. Will cancelling my Home Depot card and Sears card help to even lower my final interest rate?

If your loan payment is $600 and i pay $1000, shouldn't specifying that the extra is going to principle shorten the life of the loan?

My wife and I never carry a balance. This should be good for our credit scores, but so much is counerintuitive in this business... Please tell me more!

How adversely does filing for bankruptcy affect your credit? What about tax payment problems?

Couldn't the previous caller (with the $40,000 loan) tell her current bank that she will transfer the loan to another bank if they don't lower her interest rate? She should say that she has found a bank that will get her a better rate, can they match it?

Why is it that there is nothing that makes credit rating agencies accountable for getting the information right. Credit reports are notorious for having errors, and yet these errors can have huge consequences for the individual, even precluding them from purchasing a home. The only way to contact these agencies is by mail (you cannot contact them by phone), and clearing up these errors can be very difficult. I was applying for a HELOC and there was an old hospital bill (a large one), which had long ago been cleared, still on my credit report. I couldn't reach the agency. I called the hospital and they said it had been settled and I'd have to deal with the agency. Luckily, my score was good enough to still get the credit line, but I could have been blocked because of this. How can they have so much influence on our lives without having to have responsible reporting?

I heard you guys mention library books. My partner did get 50 points taken off of his credit score because he didn't return two books before we moved back to NYC from MD. I don't know if all libraries report it, but ours in Frederick definitely had.

Leonard: "Houses are cheaper than ever.." Where? Not in NYC? They are still overpriced. I am hoping that prices soften to a sane level.

Hi Leonard, I have 3 credit cards with "0" balance which I have not cancelled because I have heard that closing a credit card account can hurt my FICO (822 as we speak) is this true?
Thanking you in advance Luis Damian Guell

If I have credit cards with department stores but never use them is that still bad? Should I close the accounts?

It seems like more store credit cards are actually issued by banks rather than finance companies. Just two examples I've noticed recently: Sears credit is run by Citibank. Pier 1 credit is run by Chase.

Why is the fact that paying your bills absolutely on-time makes you more "credit-worthy" in the first place? That's just arbitrary and bogus.

And why do people accept wildly usurious late fees? I hope the usury laws are changed to at get rid of these fees, or at least reduce them dramatically.

I try to always pay my bills on time, and in full, and if I call the company, I can usually get the late fees rescinded on the rare occasion that I miss a payment.

When I get information about my credit score they always say my score would be higher if I carried revolving debt. I have two credit cards that I use every month, but I pay the balance in full every month.

Can you block companies/banks from accessing your credit without your permission?

I get a lot of requests for credit cards, and an worried that these requests might lower my credit score.

I requested my three free credit reports in September 08 to discover that Experian had the name, social security number and credit information of another person in my file. It took weeks to sort out.

I would highly recommend that everyone take advantage of their right to receive their three free credit reports each year and take the time to review each for discrepancies.

does canceling cards after you pay them off hurt your credit?

Two questions:

1. If your accounts are cancelled for non-use, does this lower your score?

2. If you have accounts that you would like to cancel because you do not use them, will this lower your score?

I apologize if this has already been addressed. Thanks.

Does it hurt your credit score to close credit cards that you no longer use?

I do not have any credit cards at the moment. I owed an amount which i paid off last year but i am looking into rebuilding my credit and buy a place in the future ...how should i go about rebuilding it? any Advice what to apply for to start credit again?

I found the credit report does not include a credit score. I only described my credit history. On the websites, it said I had to pay $8 to get my score. Did I pay $8 that I didn't have to?

Leonard,

Can you ask your guest if it is bad to constantly sign up for cards and cancel them? Does it have any adverse effect on your credit score, or how your credit might be interpreted?

Love these pls explain segments.

NOTE you can get free credit reports but you have to pay for your credit scores. They are not included in the report.

2 credit cards that I never use just canceled on me because I don’t use them. Will this hurt my credit score?

Consumers are allowed access to free yearly credit reports but not the score. Isn't the score just as important? Why isn't this free, why don't consumers have free access to something that finance companies do.

Wondering if your credit score takes into account - for credit cards - the amount of total available credit aggainst total balance for each card. Is my score worse for having large balances, but up on payments, against a card with low balance?

I opted out of the consumer credit system in my early 20s because I find the entire system corrupt and usurious. (As borne out by recent events.) Now, after 20 years of living on cash only, I'm considering taking a mortgage to mortgage a home. Should I expect that my FICO score is low, because I simply do not exist to the credit card/consumer debt system?

I've heard that the amount of your credit card line of credit is considered outstanding credit in calculating FICO scores. If that's true, will credit card companies willingly reduce your line of credit?

How do contested medicals bills affect credit scores? It seems to have become common for medical providers to make mistakes, bill patients when they were supposed to bill insurance companies, etc. It can take time to straighten this stuff out. Any suggestions on dealing with this sort of thing?

You can get your autom credit score here: http://www.autocreditscores.com/

The only problem is that it goes on your credit score as a hard inquiry. Is this bad?

Also - does American Express NOT use the major credit reporters?

I'm a medical researcher and I encounter privacy issues with our patients everyday. We have very strict legal regulations around what information we have access to (and for good reason). How is it possible that credit agencies have so much more access to individuals information than do health researchers?

Your guest just commented on something that happened to me. I applied for auto financing last year and was surprised by the credit scores that the finance advisor had pulled for me. They were much lower than what I knew they were since I regularly monitor my and my husbands scores and reports. When I checked my own credit scores the very same day, I was shocked to see the scores were as much as 200 points different for one bureau and about 100 points different for another. It's shocking and really frustrating that we try to stay ontop of information, but we don't have all the information.

We are allowed free yearly credit reports but not free credit scores..Isn't the score just as important? Why isn't this free?

I take it that Bank Cards are not included in these credit checks.
If you have never borrowed money and do not have a credit card...how do they rate you?

what is the most secure way to get my credit report?

I also wanted to know how to get one's credit(fico) score for free, without going through hoops to receive it?

Also, can closing an account in good standing hurt one's current score?

Thank You

I'm about to look for a new apartment and a lot of the advertisements I see say that there will be a credit check along with the application. Are they looking for a credit score or a credit report? If I put in applications for multiple apartments and therefore my credit gets checked multiple times, will that hurt my score? Would you suggest that I get my own free credit report and give out copies?

Credit card companies ahve been cancelling my cards, despite excellent credit because I haven't been using them.

Please explain...

I read years ago, your FICO score is influenced not only by paying your bills, but when you pay them. For example, someone who pays their mortgage 1 day early from the due date gets a better score than someone who exploits the grace period by paying 10 days late (on a 15 day grace period). Is this true? I always pay my bills a day or 2 early, hoping it improves my rating.

A mortgage broker told me when they check your fico score to check your worthiness, they will always take the middle score (out of the three). When I asked why, he didn't really have a good answer.
Can you explain why the credit industry is fraught with this kind of willy nilly nonsense?!

I got my credit report for free once; apparently you can ask each of the three agencies one a year. I got the report but creditors always want to know your score. Is there any way to get your score for free without subjecting yourself to endless spam?