TIME IS MONEY, WEATHERFORD!
Or at least that’s the saying. In this case, it’s true. That is, if you take the time to review your credit score.
If you find an error on your report, you could be due for:
- Monetary Damages
- An improved credit score*
*Credit score is not the same thing as your credit report, but the two are linked inextricably.
Go to www.annualcreditreport.com as soon as humanly possible, and review the entire document. In this blog, I’ll be talking about a section toward the bottom, CREDIT PULLS.
TWO TYPES OF CREDIT PULLS
- The “Soft” Pull - NOT DAMAGING
Any company from Honda of Weatherford to Chase Bank can get access to a soft credit pull. This is where those annoying PRE-APPROVED offers come from. The good news? These cannot affect your credit score. - The “Hard” Pull - POTENTIALLY DAMAGING
Hard credit pulls must be done with your consent, so if you see something you don’t remember applying to, an alarm should go off. Hard credit pulls WILL change your credit score, and may damage it.
But they could be fraudulent, and it happens with plenty frequency.
REVIEW THOSE CREDIT PULLS, WEATHERFORD:
Let’s say in the past year, you’ve applied for a new credit card, moved apartments, or leased a motor vehicle.
Any of the above will merit a hard pull on your credit, and these are common practice, and acceptable.
It’s when you notice something like a utility company, or a credit card company, and so on, which can do damage to your report.
It’s possible that you may be the victim of an unauthorized hard pull, like many others across North Texas, especially in Weatherford, Mineral Wells, and Decatur. Companies are not legally allowed to perform hard pulls on your credit, but many still do anyway, because they know they can get away with the practice.
You have rights, and I will fight for them.
AGAINST THE LAW
We’ve seen it before and we’ll see it again. Whether it’s a big bank, a government agency, or someone else, companies repeatedly disobey federal law because they know they can get away with it. Or even worse, federal penalties will be so little that the average company takes a calculated risk in breaking the law.
THE LAW IS IN YOUR HANDS - THE FCRA
You’ll begin by disputing the portion of the credit report, which you may do, or I am happy to do so for the price of postage. Your credit report will provide a schedule of process for disputing a credit pull.
This is possible thanks to the Fair Credit Reporting Act (FCRA). For all that Congress fails to do, they have passed some helpful laws in the past 200+ years. Whether or not companies follow those laws is left to the consumer to police, unfortunately.
Under the FCRA, if you have been victimized by an unauthorized credit pull, you may sue and are eligible for damages in the hundreds, if not thousand(s), of dollars, in addition to attorney fees and costs.
So, whether you’re in Weatherford, Decatur, Burleson, Alliance, Aledo, or Parker County, give me a call.
If everyone in our country took the time to hold businesses and credit reporting agencies accountable, we’d all be a lot safer and a lot richer. Until then, it’s up to you to stand up to them. And soon, maybe more will join us.