I don't understand why inquiries have to count against a persons credit score . If these credit reporting companies are supposed to report how well someone pays their bills (which shows how responsible they are) why do inquiries matter . It's like if you went to a friend or anyone for that matter and ask for a loan and they turn you down and yet they hold it against you just because you asked. How does this affect their debt to income ratio ? Also how does it affect how they pay back a loan when you didn't get a loan ? If they want to keep a record that alright but I believe it's unfair make it count against them . Ok sometimes people may be a little down and out at some point in their lives and have to ask a few people for a loan to get something done . Why step on them even more by holding the fact that they asked against them for two years? Who made the law that inquiries must stay on someone's report for two years? And what is the purpose for holding someone on down for two years just because they asked for a loan ? I could understand if they received a loan it being reported because it subtract from their debt to loan ratio which would not allow someone to become over extended . (Now that makes sense)
If one of my creditors close down or I pay a creditor off it lowers my score because the length of time my accounts have been open affects my score . WHY SHOULD THE CONSUMER BE PUNISHED BECAUSE A COMPANY CLOSES OR YOU PAY A DEBT OFF ??? This rule forces people not to pay off their bills and stay with maybe unpleasant creditors so that their score won't be affected . Who made that rule and WHY ? If someone have a few loans and pay them always on time and their income is much greater than their debt . WHY SHOULD THEY HAVE A POOR CREDIT SCORE ? That's not fair and it doesn't make muchsense .
I'm 56 years old and on my Trans Union credit report my score is the poor .I have 2 bills which where 30 days late about a year and a few month ago . ( that's only because being on workers comp the lawyers had a disagreement and I didn't get paid )
all the rest of my payments have been on time with them and all other creditors . My debt to income ratio are far apart . I owe much less than my income . YET I HAVE VERY POOR SCORE . I not going to live forever . ARONSON FURNITURE STORES WHICH I HAD GOOD CREDIT WITH ABOUT 20 YEARS WENT BANKRUPT , MY CREDIT UNION WHICH I PAID FAITHFULLY FOR 27YRS DON'T REPORT TO THE CREDIT COMPANIES (I paid for several cars through them no credit to show )
It seem to me that these laws are more beneficial for companies than for the consumers .
All my years I have had a fair shake . When I was younger and just getting started with credit my father's credit was getting mixed up with mine . So I had to wait to get that fixed . Since them if it hasn't been one thing its been another. I have always tried and mostly all the times paid my bills on time . But the way I have been reported over the years and by looking at my score , I'm a low life irresponsible person .
If these are suppose to be credit reporting companies independently owned their are not doing the consumers any justice .